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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 14 SOURCES

Smalt Capital

management company backed by the bank since October 2019 (80% stake per Gomet’, 9 Jul 2020) Caisse d’Epargne CEPAC

Also known as ACG Management, Smalt Capital SA, SMALT CAPITAL

Marseille private equity manager (ex-ACG Management, AMF GP00-046) backed by Caisse d’Epargne CEPAC; €345m under management in SMEs of southern France, Corsica and La Réunion and renewables debt.

HEADQUARTERS
Marseille, France
FOUNDED
2000
AUM
€345M (2025)
OUTSIDE CAPITAL
Yes
TEAM LISTED
10 people

Focus

STAGES
SeedGrowthBuyout
SECTORS
Industrial & ManufacturingConsumer & E-commerceClimate & EnergyHealthTechSoftware & SaaS
ASSET MIX
Private equityPrivate credit
GEOGRAPHY
France

Overview

Smalt Capital is a Marseille management company created in 2000 as ACG Management that provides equity and quasi-equity to unlisted French SMEs at all stages, from seed to development and transmission, mainly in the Région Sud, Corsica and La Réunion. Since 2022 it also runs a renewable-energy infrastructure financing unit. It raises retail funds (FIP Néoveris, FCPR) and professional FPCI funds, and advises Région Sud Investissement. In October 2019 its managers and Caisse d’Epargne CEPAC acquired the firm, and it was renamed Smalt Capital in June 2020.

Investment thesis

Proximity investor in unlisted French SMEs of all sectors with growth plans, chiefly in southern France, Corsica and the overseas territories, plus bond financing of renewable-energy developers.

PORTFOLIO (15)

  • CrosscallNOTABLE
    Consumer & E-commerce · Exited
  • Octo TechnologyNOTABLE
    Software & SaaS · Exited
  • Friendly Hotels
    Consumer & E-commerce · since 2026
  • Silosun
    Climate & Energy
  • Groupe Quadrimex
    Industrial & Manufacturing
  • Valgo
    Industrial & Manufacturing
  • Elements
    Climate & Energy
  • Idélia Santé
    HealthTech
  • Villages Clubs du Soleil
    Consumer & E-commerce
  • Ecoat
    Industrial & Manufacturing
  • Groupe Cahors
    Industrial & Manufacturing · Exited
  • Altagna Leasing
    Fintech · Exited
  • Ekstend Group
  • Enovacom
    HealthTech · Exited
  • Domaine de Murtoli
    Consumer & E-commerce · Exited

People

  • Arnaud Chiocca
    Chief Executive Officer & Chief Investment Officer, Partner · source
  • Frédéric Conenna
    Chief Financial Officer, Partner · source
  • Julien Jorge
    Head of Retail · source
  • Pierre-Antoine Bonifet
    Director, Corsica · source
  • Stéphane Poupault
    Director, Overseas Territories · source
  • Marguerite Pappalardo
    Head of RSI Capital · source
  • François De Fautereau
    Head of Energy Transition · source
  • Raïssa Brian
    Head of Business Development · source
  • Antoine Kraus
    Fund Manager · source
  • Fatim Alaoui-Zuccarelli
    Fund Manager · source

Links

Frequently asked questions

Smalt Capital is a private equity fund based in Marseille, France, founded in 2000.

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

Smalt Capital invests at Seed, Growth and Buyout stages in Industrial & Manufacturing, Consumer & E-commerce, Climate & Energy, HealthTech and Software & SaaS.

Key people at Smalt Capital include Arnaud Chiocca (Chief Executive Officer & Chief Investment Officer, Partner), Frédéric Conenna (Chief Financial Officer, Partner), Julien Jorge (Head of Retail) and Pierre-Antoine Bonifet (Director, Corsica).

Smalt Capital's investments include Crosscall, Octo Technology, Friendly Hotels, Silosun, Groupe Quadrimex, Valgo, Elements and Idélia Santé, among others.

The most recent publicly reported investment by Smalt Capital is Friendly Hotels (Co-investment with 123 Investment Managers and Bpifrance (hotel acquisitions)), announced in Mar 2026.

Yes. Smalt Capital manages capital from outside investors.