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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 10 SOURCES

Galiena Capital

Also known as Galiena

Independent Paris small-cap private equity manager founded in 2009; €10M–€30M tickets as majority or lead-minority shareholder in French B2B SMEs valued €10M–€50M. Galiena III closed at €162M.

HEADQUARTERS
Paris, France
FOUNDED
2009
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
5 people

Focus

STAGES
GrowthBuyout
SECTORS
Industrial & ManufacturingHealthTechEducationMedia & Entertainment
ASSET MIX
Private equityPrivate credit
GEOGRAPHY
France

Overview

Galiena Capital is an independent Paris management company founded in 2009 by Benoît Panhard and Pascal Noguera. It invests €10M–€30M in French small caps with enterprise values of roughly €10M–€50M, as majority or lead-minority shareholder, with a generalist B2B focus on industry, services and healthcare, in transfers, organic and external growth and transformation. About 150 investors — business owners, industrial families, family offices and institutions — back its funds. Its latest fund, Galiena III, is shown at €162M in its 2025 ESG report.

Investment thesis

French SMEs (enterprise value about €10M–€50M; Europe for add-ons), generalist with B2B focus (industry, services, healthcare); majority or lead-minority positions; primary deals, transformation and strong growth, buy-and-build and owner transfers; systematic team co-investment.

PORTFOLIO (18)

  • ERTF
    Education · since 2025
  • Ediser
    Education · since 2024
  • 3DISC
    HealthTech
  • DOMUSA
    Industrial & Manufacturing
  • Extruflex
    Industrial & Manufacturing
  • FLORE
    Food & Agriculture
  • GENEX
    Industrial & Manufacturing
  • Groupe Transatlantic
    Media & Entertainment
  • Leankco
    Industrial & Manufacturing
  • HACARE
    HealthTech
  • SATEB
    Climate & Energy
  • SCT Telecom
  • TOPIA
  • I-4S
    Industrial & Manufacturing · since 2021 · Control sold to WCP Eiréné (Sept 2026); Galiena reinvested
  • Proengin
    Industrial & Manufacturing · Exited
  • Scaff Holding
    Industrial & Manufacturing · Exited
  • Legal2Digital
    Software & SaaS · Exited
  • Aserti
    Industrial & Manufacturing · Exited

People

  • Pascal Noguera
    Associé-gérant / Président (co-founder) · source
  • Benoît Panhard
    Associé fondateur / Directeur Général · source
  • Anne-Laure Mougenot
    Associée · source
  • Yuan Bian
    Directeur · source
  • Alexis Bretxa
    Directeur · source

Links

Frequently asked questions

Galiena Capital is a private equity fund based in Paris, France, founded in 2009.

Yes. Galiena Capital invests its own capital in private companies.

Galiena Capital invests at Growth and Buyout stages in Industrial & Manufacturing, HealthTech, Education and Media & Entertainment.

Galiena Capital's stated ticket size is €10M–€30M.

Key people at Galiena Capital include Pascal Noguera (Associé-gérant / Président (co-founder)), Benoît Panhard (Associé fondateur / Directeur Général), Anne-Laure Mougenot (Associée) and Yuan Bian (Directeur).

Galiena Capital's investments include ERTF, Ediser, 3DISC, DOMUSA, Extruflex, FLORE, GENEX and Groupe Transatlantic, among others.

The most recent publicly reported investment by Galiena Capital is ERTF (Majority stake), announced in Sep 2025.

Yes. Galiena Capital manages capital from outside investors.