Net performance of French private equity players (France Invest)

Summary

• French private equity achieved a net annual IRR from inception of 12.1%.p.7
• Over 10 years, French private equity delivered an average annual net IRR of 14.2%.p.8
• Private equity outperformed the CAC 40 index return of 10.4% over a 10-year period.p.8
• Total capital called across all private equity segments reached €130,598 M since inception.p.13
• Buyout capital represented €75,547 M of total called capital since inception.p.13

Key insights

1. Short-term 3-year net IRR for French private equity reached 15.2% at the end of 2022.p.7
2. Private equity 10-year performance of 14.2% outperformed real estate at 5.6% and hedge funds at 2.7%.p.8
3. The median 10-year net IRR increased to 10.4% in 2022 from 9.5% in 2021.p.9
4. Infrastructure funds achieved a 10-year net IRR of 16.5% with a multiple of 1.60x.p.14
5. Venture & Growth funds achieved a 10-year net IRR of 14.3%.p.14
6. Capital calls generating a net IRR above 6.0% account for 75% of total called capital.p.17
7. Top quartile funds achieved an average net IRR of 25.7% and a multiple of 2.4x.p.17
8. Funds with a multiple under 1.0x account for 15% of total capital called.p.19