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

Initiative & Finance

Also known as I&F, Initiative & Finance Gestion, INITIATIVE & FINANCE GESTION

Paris/Lyon partner-owned private equity firm (AMF GP-10000043), active since 1984: small-cap PME funds (€3–20M tickets) and the SFDR Article 9 TOMORROW mid-market fund (€20–80M).

HEADQUARTERS
Paris, France
FOUNDED
1984
AUM
—
OUTSIDE CAPITAL
Yes
TEAM LISTED
9 people

Focus

STAGES
GrowthBuyout
SECTORS
Industrial & ManufacturingClimate & EnergyEducationFintechSoftware & SaaS
ASSET MIX
Private equityImpactDirect investments
GEOGRAPHY
FranceBelgiumSwitzerlandEurope

Overview

Initiative & Finance is an independent private equity firm owned by its partners, with offices in Paris and Lyon. Created in 1984, it was listed in 1988, acquired by Natixis Private Equity in 1992 and bought back by its partners in 2010, since when it has invested for French and European institutional investors. Its PME team invests €3–20M in profitable small caps of all sectors in France, Belgium and Switzerland (fund IV raised 2024), and its TOMORROW team, launched in 2022 with more than €300M, invests €20–80M in mid-sized companies with environmental-transition objectives. It reports 350 investments since 1984 and 35 current holdings.

Investment thesis

Majority or minority stakes in profitable, growing companies (PME: revenue €5–100M, EV €10–75M; TOMORROW: revenue €50–250M) through MBO/MBI, OBO, growth capital, carve-outs and spin-offs, with about five-year holding periods; TOMORROW backs “Solveurs” and “Pèlerins” contributing to environmental SDGs.

PORTFOLIO (7)

  • Airess
    Industrial & Manufacturing · since 2026
  • Opus Formation
    Education · since 2026
  • Financiale Gestion Privée
    Fintech · since 2025
  • Datashake
    Media & Entertainment · since 2025
  • Ocellis
    Industrial & Manufacturing · since 2024
  • Eukleed (Syscom Prorep)
    Industrial & Manufacturing · since 2024
  • Aktid
    Climate & Energy · since 2023

People

  • Arnaud Mendelsohn
    Président & Directeur Associé, PME · source
  • Jean-Michel Laveu
    Directeur Général & Directeur Associé, PME (Lyon) · source
  • Thierry Giron
    Directeur Général & Directeur Associé, PME · source
  • Jean-Bernard Meurisse
    Directeur Associé, PME (outgoing Président, July 2026) · source
  • Philippe Dilasser
    Directeur Associé, PME · source
  • Baudouin d’Hérouville
    Directeur Associé, Head of Tomorrow · source
  • Caroline Pihan
    Directrice Associée, Tomorrow · source
  • François-Xavier Oliveau
    Directeur Associé, Transformation · source
  • Hélène Messager
    Responsable Relations Investisseurs · source

Links

Frequently asked questions

Initiative & Finance is a private equity fund based in Paris, France, founded in 1984.

Yes. Initiative & Finance invests its own capital in private companies.

Initiative & Finance invests at Growth and Buyout stages in Industrial & Manufacturing, Climate & Energy, Education, Fintech and Software & SaaS.

Initiative & Finance's stated ticket size is €3M–€80M.

Key people at Initiative & Finance include Arnaud Mendelsohn (Président & Directeur Associé, PME), Jean-Michel Laveu (Directeur Général & Directeur Associé, PME (Lyon)), Thierry Giron (Directeur Général & Directeur Associé, PME) and Jean-Bernard Meurisse (Directeur Associé, PME (outgoing Président, July 2026)).

Initiative & Finance's investments include Airess, Opus Formation, Financiale Gestion Privée, Datashake, Ocellis, Eukleed (Syscom Prorep) and Aktid.

The most recent publicly reported investment by Initiative & Finance is Airess (MBO (TOMORROW fund), succeeding Trajan), announced in Jun 2026.

Yes. Initiative & Finance manages capital from outside investors.