Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 13 SOURCES

Sparring Capital

Also known as Pragma Capital, SPARRING CAPITAL, Sparring Opportunities

Paris independent private equity manager (ex-Pragma Capital, AMF GP02025) taking majority stakes in French B2B industrial and services SMEs; small-cap fund run by subsidiary Sparring Opportunities.

HEADQUARTERS: Paris, France
FOUNDED: 2002
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 11 people

Focus

STAGES: GrowthBuyout
SECTORS: Industrial & Manufacturing Consumer & E-commerce HealthTech Climate & Energy Software & SaaS
ASSET MIX: Private equity
GEOGRAPHY: France

Overview

Sparring Capital is an independent Paris management company created in 2002 within a banking group, which became independent and raised several buyout funds from French and international investors; its capital was sold to the current management team in 2015. Formerly Pragma Capital, it rebranded in 2018. Its Transmission strategy takes majority stakes of €15–30m in lower mid-cap SMEs, and its Croissance strategy, run by subsidiary Sparring Opportunities (acquired in 2021), invests €3–8m in small caps. Since inception it has invested in more than seventy companies.

Investment thesis

Majority investments in French B2B industrial and services SMEs facing a specific situation such as founder succession, with operational-excellence support, buy-and-build and ESG/decarbonisation plans; small-cap themes: ecological transition, Made in France, inclusive society.

PORTFOLIO (20)

Elec44
Consumer & E-commerce · since 2025
Intech Group
Industrial & Manufacturing · since 2025
MADEnR
Climate & Energy · since 2025
Groupe CAN
Industrial & Manufacturing · since 2025
Opterm
Industrial & Manufacturing · since 2024
Iridis
Industrial & Manufacturing · since 2024
SMM
Industrial & Manufacturing · since 2023
Kit Utilitaire
Mobility & Logistics · since 2023
Afitexinov
Industrial & Manufacturing · since 2022
Génie Flexion
Industrial & Manufacturing · since 2022
Praticima
HealthTech · since 2022
Ulysse
Mobility & Logistics · since 2022
Louis Tellier
Consumer & E-commerce · since 2022
Cubik
Education · since 2021
Nalys
Industrial & Manufacturing · since 2019
Intermèdes
Consumer & E-commerce · since 2019
Propriété-privées.com
Real Estate & PropTech · since 2016
Novakamp
Industrial & Manufacturing · since 2020 · Exited
Weetec
Industrial & Manufacturing · since 2019 · Exited
TVH Group
Software & SaaS · since 2016 · Exited

People

Arnaud Leclercq
President, Partner · source
Denis Catz
Partner · source
Johann Le Duigou
Partner · source
Alexandre Beau
Partner (Directeur Associé) · source
Adrien de La Bouillerie
Director · source
Anne-Sophie Sainte-Cluque
Director – Head of Origination · source
Bastien Labry
Senior Investment Director · source
Tancrède Colas
Senior Investment Director · source
Raphaël Campion
Investment Director · source
Arthur Dorado
Chief Financial Officer · source
Charlotte Allard
Head of Sustainability & Climate · source

Frequently asked questions

Sparring Capital is a private equity fund based in Paris, France, founded in 2002.

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

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

Sparring Capital's stated ticket size is €15M–€30M.

Key people at Sparring Capital include Arnaud Leclercq (President, Partner), Denis Catz (Partner), Johann Le Duigou (Partner) and Alexandre Beau (Partner (Directeur Associé)).

Sparring Capital's investments include Elec44, Intech Group, MADEnR, Groupe CAN, Opterm, Iridis, SMM and Kit Utilitaire, among others.

The most recent publicly reported investment by Sparring Capital is Elec44 (Majority buyout), announced in Dec 2025.

Yes. Sparring Capital manages capital from outside investors.