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Private Equity FundAllocates capital directlyActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 18 SOURCES

Ciclad

Also known as Ciclad Gestion

Paris small-cap private equity manager founded in 1988; invests €1–20M, mostly as majority shareholder, in French SME transfers and growth deals; offices in Paris, Lyon and Bordeaux.

HEADQUARTERS
Paris, France
FOUNDED
1988
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
11 people

FOCUS

STAGES
GrowthBuyout
SECTORS
Industrial & ManufacturingSoftware & SaaSConsumer & E-commerce
ASSET MIX
Private equity
GEOGRAPHY
France

WHAT IT IS

Private Equity Fund. A fund manager investing limited-partner capital into mature private companies.

ABOUT

Ciclad is an independent French private equity manager founded in 1988 by Lionel Lambert, owned and run by its partners, with offices in Paris, Lyon and Bordeaux. It invests €1–20M in companies valued at €2–60M in all sectors, mainly through primary, majority transactions in family successions, group carve-outs, MBOs, OBOs and MBIs, and supports build-up strategies. It reports more than 190 investments since inception across eight funds. Current vehicles include Ciclad 7, Ciclad Entreprise 2 (first close June 2026) and Si Vis Pacem, a fund for SMEs in the French defence industrial base.

INVESTMENT THESIS

French small caps (enterprise value €2–60M) in all sectors; primary transactions in transfer contexts (family shareholders, carve-outs, MBO/OBO/MBI) with about 70% majority positions; 5–7 year holds; growth through structured external acquisitions; team co-invests about 5–6% of the amounts invested. Si Vis Pacem targets SMEs of the French defence industrial and technological base (BITD).

PORTFOLIO (7)

  • SafeScore
    Software & SaaS · since 2026
  • CGM (Comptoir Général des Métaux)
    Industrial & Manufacturing · since 2026
  • Glénan Concept Cars
    Consumer & E-commerce · since 2026
  • Capelec
    Industrial & Manufacturing · since 2025
  • Episod
    Consumer & E-commerce · since 2025
  • Human Design Group
    since 2018
  • Harry Développement
    Consumer & E-commerce · since 2021

TEAM

  • Lionel Lambert
    Founding Partner (Associé Fondateur) · source
  • Didier Genoud
    Managing Partner (Associé Gérant) · source
  • Eric Bruguière
    Managing Partner (Associé Gérant) · source
  • Nicolas Rostand
    Managing Partner (Associé Gérant) · source
  • Thomas Roudil
    Managing Partner (Associé Gérant), Lyon · source
  • Stéphane Billon
    Partner (Associé) · source
  • Muriel Fabre
    Partner (Associée), Bordeaux · source
  • Hugues de Gastines
    Partner (Associé) · source
  • Annabelle Wephre
    Secrétaire Générale, Associée · source
  • Ying Xiao
    Directrice Associée · source
  • Thomas Galloro
    Senior Advisor · source

LINKS

FAQ

Ciclad is a private equity fund based in Paris, France, founded in 1988.

Yes. Ciclad invests directly in private companies.

Ciclad invests at Growth and Buyout stages in Industrial & Manufacturing, Software & SaaS and Consumer & E-commerce.

Ciclad's stated ticket size is €1M–€20M.

Key people at Ciclad include Lionel Lambert (Founding Partner (Associé Fondateur)), Didier Genoud (Managing Partner (Associé Gérant)), Eric Bruguière (Managing Partner (Associé Gérant)) and Nicolas Rostand (Managing Partner (Associé Gérant)).

Ciclad's investments include SafeScore, CGM (Comptoir Général des Métaux), Glénan Concept Cars, Capelec, Episod, Human Design Group and Harry Développement.

The most recent publicly reported investment by Ciclad is SafeScore (Majority primary MBO), announced in Jun 2026.

Yes. Ciclad manages capital from outside investors.