Private Equity FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 15 SOURCES

LBO France

Also known as LBO France Gestion

Paris multi-strategy investment manager (small- and mid-cap private equity, digital-health and proptech venture, real estate, listed equities) in France, Italy and Africa; €2.5bn+ AUM (end-2024).

HEADQUARTERS: Paris, France
FOUNDED: —
AUM: €2.5B (2024)
OUTSIDE CAPITAL: Yes
TEAM LISTED: 12 people

Focus

STAGES: Series ASeries BGrowthBuyout
SECTORS: HealthTech Real Estate & PropTech Industrial & Manufacturing Consumer & E-commerce
ASSET MIX: Private equityVenture capitalReal estatePublic equities
GEOGRAPHY: FranceItalyAfrica

Investment arms & vehicles

Polis SGR
Italian subsidiary (Milan) running LBO France's Italian small-cap private equity and other strategies
CGF Bourse
African subsidiary (Dakar, with an Abidjan office)

Overview

LBO France is a Paris investment platform that started in mid-cap LBOs and expanded into small-cap private equity, real estate, venture capital and listed equities. Its private equity teams take minority or majority stakes in companies valued between €20M and €300M in France and Italy; its venture funds focus on digital health, proptech and African start-ups (Seedstars Africa Ventures). It reports more than €2.5bn under management and more than 130 professionals at 31 December 2024, with subsidiaries Polis SGR in Milan and CGF Bourse in Dakar. The firm states it is 100% owned by its managers.

Investment thesis

Private equity: minority or majority stakes in French and Italian SMEs and mid-caps valued €20M–€300M, with an in-house operating team assigned to each holding. Venture: digital health (rethinking care pathways and access to health), proptech (energy and environmental transition in real estate and construction) and impact-oriented African start-ups in telecoms, energy, payments and agribusiness.

PORTFOLIO (12)

DiabeloopNOTABLE
HealthTech · since 2022
BIOSerenityNOTABLE
HealthTech · since 2017
WandercraftNOTABLE
Deep Tech · since 2015
Amahorse
Consumer & E-commerce · since 2025
Hemodia
since 2025
Siteflow
Software & SaaS · since 2025
Mediaire
HealthTech · since 2025
Rouquette
since 2024
Leasecorp
since 2024
ERE
since 2024
Mazarine
since 2023
Moustache Bikes
Mobility & Logistics · since 2019

People

Robert Daussun
President · source
Stéphanie Casciola
CEO, Head of Real Estate and Proptech · source
Marie-Astrid Auriol
Partner, CFO · source
Jacques Franchi
Partner, CIO, Head of Operating team · source
Valery Huot
Partner, Head of Venture Digital Health · source
Jean-Marie Leroy
Partner, Head of Small Cap · source
Arthur Bernardin
Chief Private Equity Officer, Polis SGR · source
Pierre Nebout
Head of Public Equity · source
Emmanuel Fiorentino
Managing Director, Private Equity · source
Eva Hoël
Managing Director, Private Equity · source
Simon Couturier
Managing Director, Private Equity · source
Julien Rouillon
Managing Director, Real Estate · source

Frequently asked questions

LBO France is a private equity fund based in Paris, France.

Yes. LBO France invests its own capital in private companies.

LBO France invests at Series A, Series B, Growth and Buyout stages in HealthTech, Real Estate & PropTech, Industrial & Manufacturing and Consumer & E-commerce.

Key people at LBO France include Robert Daussun (President), Stéphanie Casciola (CEO, Head of Real Estate and Proptech), Marie-Astrid Auriol (Partner, CFO) and Jacques Franchi (Partner, CIO, Head of Operating team).

LBO France's investments include Diabeloop, BIOSerenity, Wandercraft, Amahorse, Hemodia, Siteflow, Mediaire and Rouquette, among others.

The most recent publicly reported investment by LBO France is Amahorse (Majority stake (Small Caps Opportunities II, via Polis SGR)), announced in Mar 2025.

Yes. LBO France manages capital from outside investors.