Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

CAPZA

Part of BNP Paribas Asset Management Alts (via AXA IM Alts, acquired by BNP Paribas Cardif on 1 July 2025) BNP Paribas Asset Management

Also known as Capza, Atalante SAS, Artemid

Paris private equity and private debt manager for European SMEs and mid-caps, founded in 2004, part of BNP Paribas AM Alts; €10bn+ AUM (March 2026).

HEADQUARTERS: Paris, France
FOUNDED: 2004
AUM: €10B (2026)
OUTSIDE CAPITAL: Yes
TEAM LISTED: 12 people

Focus

STAGES: GrowthBuyout
SECTORS: HealthTech Software & SaaS
ASSET MIX: Private equityPrivate credit
GEOGRAPHY: Europe

Overview

CAPZA is the commercial name of Atalante SAS, a Paris portfolio management company created in 2004 that invests in small and mid-cap companies in continental Europe through equity, hybrid instruments and private debt. It runs six areas of expertise: Flex Equity, Flex Equity Mid-Market, Growth Tech, Transition, Private Debt and Artemid Senior Loans. It reports more than €10bn of assets under management and 77 investment professionals, with offices in Paris, Milan, Madrid, Munich and Amsterdam, and is part of BNP Paribas Asset Management Alts. It is generalist, with particular expertise in healthcare, technology and B2B services.

Investment thesis

Flex Equity: majority or minority reference-shareholder stakes of €20M–€80M (incl. build-ups) in SMEs with €5M–€20M EBITDA. Flex Equity Mid-Market: €50M–€150M in mid-caps with EBITDA above €20M. Growth Tech: €7M–€30M in profitable high-growth tech companies. Transition: buyout, balance-sheet and acquisition financing for companies in shareholder or management transition. Private Debt: senior and unitranche financing for sponsor-backed companies with EBITDA above €12M; Artemid: senior loans for companies with EBITDA above €8M.

PORTFOLIO (12)

Respire
Consumer & E-commerce · since 2026
APL Data Center
since 2026
UUDS
Industrial & Manufacturing · since 2026
Myrium
since 2025
Beetween
Software & SaaS · since 2025
INAXE
since 2025
Magellan Partners
Mecadaq
Industrial & Manufacturing
NEO2
Asys
Software & SaaS
Simplifia
Software & SaaS
Novarc
since 2021 · Exited

People

Olivier Thoral
CEO · source
Christophe Karvelis Senn
Senior Advisor · source
Aurore Gauffre
COO and Head of Sustainability & Impact · source
Fabien Bernez
Co-Head Flex Equity · source
Benoit Choppin
Co-Head Flex Equity · source
Guillaume Basquin
Co-Head of Flex Equity Mid-Market · source
Antoine Druais
Co-Head of Flex Equity Mid-Market · source
Matthieu Dordolo
Partner, Head of CAPZA Growth Tech · source
Christophe Vulliez
Head of Private Debt · source
Annie-Laure Servel
Head of Senior Loans · source
David Schulte
Partner, Head of DACH · source
Stefano Zavattaro
Partner, Head of Italy · source

Frequently asked questions

CAPZA is a private equity fund based in Paris, France, founded in 2004.

Yes. CAPZA invests its own capital in private companies.

CAPZA invests at Growth and Buyout stages in HealthTech and Software & SaaS.

CAPZA's stated ticket size is €7M–€150M.

Key people at CAPZA include Olivier Thoral (CEO), Christophe Karvelis Senn (Senior Advisor), Aurore Gauffre (COO and Head of Sustainability & Impact) and Fabien Bernez (Co-Head Flex Equity).

CAPZA's investments include Respire, APL Data Center, UUDS, Myrium, Beetween, INAXE, Magellan Partners and Mecadaq, among others.

The most recent publicly reported investment by CAPZA is Respire (Minority stake (Flex Equity)), announced in Jul 2026.

Yes. CAPZA manages capital from outside investors.