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Institutional LPAllocates capital directlyLAST VERIFIED Oct 2026 · 5 SOURCES

MACSF

Also known as Groupe MACSF, Mutuelle d’assurance du corps de santé français, MACSF SGAM

Mutual insurer of French health professionals (Puteaux). €40.1B of investments (2025); invested in unlisted firms directly and via LBO, tech and infrastructure funds (2020); Tibi partner.

HEADQUARTERS
Puteaux, France
FOUNDED
—
AUM
€40.1B (2025)
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
4 people

FOCUS

STAGES
—
SECTORS
HealthTech
ASSET MIX
Direct investmentsPrivate equityVenture capital
GEOGRAPHY
France

WHAT IT IS

Institutional LP. Pension funds, endowments, foundations and sovereign funds that commit capital to funds and, sometimes, directly.

ABOUT

MACSF is the mutual insurance group of French health professionals, combining MACSF assurances, MACSF prévoyance, MACSF épargne retraite and MACSF Libéa under the SGAM MACSF; its combined investments, including equity-accounted stakes, were €40,070M at end 2025. In 2020 it said it had invested in unlisted assets for more than ten years, then €1.7B or 7% of its €24B life-insurance euro fund, through direct and co-investment stakes (mainly healthcare) and through funds: mid-market LBO, French and European technology funds and infrastructure equity funds. It has invested in 19 health start-ups since 2018 and joined the Treasury-led Tibi initiative, which channels institutional money into qualified tech funds, in May 2024.

PORTFOLIO (9)

  • Tikehau Capital (reference shareholder)
    Holding named in Sept 2020 press release; current status not verified
  • Vivalto Santé
    HealthTech · Holding named in Sept 2020 press release; current status not verified
  • Vivalto Vie
    Holding named in Sept 2020 press release; current status not verified
  • Verso Healthcare
    Holding named in Sept 2020 press release; current status not verified
  • Doc City
    Holding named in Sept 2020 press release; current status not verified
  • Laboratoires Delbert
    since 2020 · Holding named in Sept 2020 press release; current status not verified
  • Château Lascombes
    Food & Agriculture · Holding named in Sept 2020 press release; current status not verified
  • Champagne Taittinger
    Food & Agriculture · Holding named in Sept 2020 press release; current status not verified
  • Star Service
    Holding named in Sept 2020 press release; current status not verified

TEAM

  • Stéphane Dessirier
    Directeur général du groupe MACSF · source
  • Roger Caniard
    Directeur financier · source
  • Dr. Catherine Vinikoff
    Présidente de MACSF SGAM, MACSF assurances, MACSF Libéa et MACSF financement · source
  • Guillaume Rosenwald
    Directeur général MACSF épargne retraite; directeur général adjoint MACSF SGAM · source

LINKS

FAQ

MACSF is a institutional investor based in Puteaux, France.

Yes. MACSF invests directly in private companies. It also commits capital to third-party funds as an LP.

MACSF invests in HealthTech.

Key people at MACSF include Stéphane Dessirier (Directeur général du groupe MACSF), Roger Caniard (Directeur financier), Dr. Catherine Vinikoff (Présidente de MACSF SGAM, MACSF assurances, MACSF Libéa et MACSF financement) and Guillaume Rosenwald (Directeur général MACSF épargne retraite; directeur général adjoint MACSF SGAM).

MACSF's investments include Tikehau Capital (reference shareholder), Vivalto Santé, Vivalto Vie, Verso Healthcare, Doc City, Laboratoires Delbert, Château Lascombes and Champagne Taittinger, among others.

No. MACSF invests its own capital and does not raise money from outside investors.