ISALT

Focus

STAGES

GrowthBuyout

SECTORS

Industrial & ManufacturingClimate & EnergyDeep TechHealthTechSpaceSoftware & SaaS

ASSET MIX

Private equityPublic equities

GEOGRAPHY

France

Investment arms & vehicles

• Fonds Stratégique de Participations (FSP)
  Managed fund: long-term strategic stakes in French listed mid-caps, owned by seven French insurers (€2.1bn, 31 Dec 2023)
• Fonds Stratégique des Transitions (FST)
  Managed fund: growth equity and LBOs in innovative French industrial SMEs/mid-caps (close to €300m raised, 2025)
• Stratégie Horizon Dual (SHD)
  Strategy: growth capital for French and European dual-use (civil/defence) technology companies

Overview

ISALT is an independent portfolio management company that invests long term in the equity of French mid-caps and industrial or technology companies and sits on their boards. It manages the Fonds Stratégique de Participations, set up in 2013 by seven French insurers to take 4–10% strategic stakes in listed companies such as SEB, Arkema and Valeo (€2.1bn at end-2023). In 2023 it launched the Fonds Stratégique des Transitions, which raised close to €300m from more than 20 institutions for innovative industrial SMEs and mid-caps, and it has since added a dual-use technology strategy. It is 39% owned by the Caisse des Dépôts and 61% by its management team.

Investment thesis

Patient, board-level minority or majority equity in French industrial and technology companies: strategic stakes in listed mid-caps (FSP), scale-up and LBO capital for innovative SMEs/mid-caps in energy, decarbonised industry, health/food and technology (FST), and dual-use tech growth companies (SHD).

PORTFOLIO (20)

• DentalMonitoringNOTABLE
  HealthTech · since 2026
• UnseenlabsNOTABLE
  Space · since 2024
• Groupe SEB (FSP)NOTABLE
  Consumer & E-commerce · since 2013
• Arkema (FSP)NOTABLE
  Industrial & Manufacturing · since 2013
• Pearltrees
  Education · since 2026
• Oury Medical
  HealthTech · since 2026
• Meelo
  Fintech · since 2025
• Groupe Sources
  Climate & Energy · since 2025
• Via Sana
  HealthTech · since 2025
• Epsor
  Fintech · since 2025
• Energies de Loire
  Climate & Energy · since 2024
• Intact
  Food & Agriculture · since 2023
• Tissium
  Biotech & Life Sciences · since 2023
• Eutelsat Communications (FSP)
  Space · since 2016
• Tikehau Capital (FSP)
  Fintech · since 2017
• Valeo (FSP)
  Mobility & Logistics · since 2019
• Soitec (FSP)
  Deep Tech · since 2022
• Verkor (FSP)
  Mobility & Logistics · since 2023
• Robertet (FSP)
  Consumer & E-commerce · since 2024
• Groupe ADIT (FSP)
  since 2025

People

• Nicolas Dubourg
  President, Investment Committee member · source
• Patricia Salomon
  Chief Executive (Directrice Générale), Investment Committee member · source
• Andrea Beneventi
  Partner (Directeur Associé), Investment Committee member · source
• Claude Hériard Dubreuil
  Partner (Directeur Associé), Investment Committee member · source
• Laurent Piccoli
  Partner (Directeur Associé), Investment Committee member · source
• Giulia Marini
  Partner (Directrice Associée), Investment Committee member · source
• Grégoire Duverne
  Partner (Directeur Associé), Investment Committee member · source
• Daniel Rayot
  Head of Development, Investment Committee member · source
• Ilan Rozenkopf
  Partner (Directeur Associé) · source
• Xavier Poitevineau
  Partner (Directeur Associé) · source
• Jean-Hervé Lorenzi
  Special Adviser · source

Links

• Website
• Official contact page

Frequently asked questions