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Private Equity FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 9 SOURCES

Zencap AM

Private-debt management subsidiary of Ofi Invest (Aéma Groupe)

Also known as Zencap Asset Management

Paris private debt manager in the Ofi Invest group (Aéma), active since 2009 in corporate, infrastructure and real-estate debt for small and mid-caps; about €3.1bn committed at end-2025.

HEADQUARTERS
Paris, France
FOUNDED
2009
AUM
€3.1B (2025)
OUTSIDE CAPITAL
Yes
TEAM LISTED
9 people

Focus

STAGES
—
SECTORS
Climate & EnergyIndustrial & ManufacturingReal Estate & PropTech
ASSET MIX
Private credit
GEOGRAPHY
FranceEurope

Overview

Zencap Asset Management is a French portfolio management company specialised in unlisted debt of small and mid-cap companies and assets, active in private debt since 2009. It is a majority-owned subsidiary of Ofi Invest, the asset management arm of Aéma Groupe (Macif, Abeille Assurances, AÉSIO mutuelle), with 35% of the capital held by its founding partners. Its strategies cover corporate debt (unitranche), junior infrastructure debt for the energy transition, real-estate debt and specialised financing, offered to professional investors. It reported nearly €3.1bn of committed assets under management and advisory at 31 December 2025.

PORTFOLIO (12)

  • GreenYellowNOTABLE
    Climate & Energy · since 2024
  • Big MammaNOTABLE
    Consumer & E-commerce · since 2021
  • Groupe Volta
    Climate & Energy · since 2024
  • Enersweet
    Climate & Energy · since 2025
  • Demeco
    since 2022
  • Rocamed
    since 2024
  • SERAPID
    Industrial & Manufacturing · since 2024
  • Residential Group
    since 2024
  • Locala
    Software & SaaS · since 2024
  • Léa et Léo
    since 2024
  • MATCHevent
    since 2024
  • Châteauform
    since 2015

People

  • Richard Jacquet
    President, Founding Partner · source
  • Victoire Blazsin
    Co-Managing Director (Co-Directrice Générale), Founding Partner · source
  • Thomas Piget
    Co-Managing Director (Co-Directeur Général), Founding Partner · source
  • Guillaume Boucher
    Investment Director · source
  • François Caulry
    Investment Director · source
  • Avi Corcos
    Investment Director · source
  • Hervé Goigoux-Becker
    Investment Director · source
  • Christophe Milliez
    Investment Director · source
  • Guillaume Richier
    Investment Director · source

Links

Frequently asked questions

Zencap AM is a private equity fund based in Paris, France, founded in 2009.

Yes. Zencap AM invests its own capital in private companies.

Zencap AM invests in Climate & Energy, Industrial & Manufacturing and Real Estate & PropTech.

Key people at Zencap AM include Richard Jacquet (President, Founding Partner), Victoire Blazsin (Co-Managing Director (Co-Directrice Générale), Founding Partner), Thomas Piget (Co-Managing Director (Co-Directeur Général), Founding Partner) and Guillaume Boucher (Investment Director).

Zencap AM's investments include GreenYellow, Big Mamma, Groupe Volta, Enersweet, Demeco, Rocamed, SERAPID and Residential Group, among others.

The most recent publicly reported investment by Zencap AM is Groupe Volta (Mezzanine debt (€15.6M)), announced in May 2026.

Yes. Zencap AM manages capital from outside investors.