Andera Partners

KYCO: Know Your Company

Reveal Profile

30 December 2025

1) Overview of the Company

Andera Partners is a leading European private equity firm headquartered in Paris, France, specializing in unlisted investments across multiple strategies. Founded over 20 years ago, the firm manages approximately €4.8-5.15 billion in assets under management as of 2024-2025, representing significant growth from €2.5 billion in 2021. The company operates through six specialized investment teams: Andera Life Sciences (venture capital in biotechnology and medical devices), Andera MidCap (mid-market buyout), Andera Expansion/Croissance (small-cap growth), Andera Acto (sponsorless mezzanine debt), Andera Infra (energy transition infrastructure), and Andera Co-Invest (direct co-investment alongside recognized private equity funds).

Andera Partners employs approximately 120-130 professionals, including 69-72 investment professionals, and maintains a partnership structure governed by a board of 13 partners. The firm has established a strong international presence with offices in Paris, Antwerp (2019), Munich (2021), Milan (2022), and Madrid (2024), reflecting its European expansion strategy. The company currently supports 130 portfolio companies across Europe and the United States, with a cumulative turnover exceeding €7 billion.

In December 2024, Andera Partners announced a transformational strategic partnership with New York Life Investments and its European subsidiary Candriam, whereby New York Life acquired a 40% minority stake in the firm. This partnership provides access to New York Life’s $750 billion global asset management platform and Candriam’s distribution networks across Europe, Asia, the Middle East, and North America, positioning Andera for accelerated international growth.

The firm operates under the motto “The Power of And,” emphasizing collaborative partnerships with entrepreneurs and management teams to achieve sustainable growth. Andera Partners has completed over 260 company investments throughout its history, demonstrating expertise in organic growth, external growth, international development, and digital transformation. The company maintains strong ESG credentials, with 100% of its latest funds classified as Article 8 or 9 under the European SFDR regulation.

Stéphane Bergez and François-Xavier Mauron serve as the current Managing Partners, having assumed leadership in February 2025 with a mandate to reach €7-8 billion in assets under management by 2028. The firm’s governance structure includes a Board of Partners, a Management team, and a Supervisory Board with three independent members.

2) History

Andera Partners traces its origins to 2001 when it was established as Edmond de Rothschild Investment Partners (EdRIP) under the Edmond de Rothschild Group. The firm operated as part of this larger financial institution for nearly two decades, developing its investment strategies and building its reputation in the European private equity market.

A pivotal transformation occurred on March 16, 2018, when the firm’s employees and shareholders completed the acquisition of the 51% stake in the management company held by the Edmond de Rothschild group, achieving full independence. This management buyout marked the beginning of a new era as the company rebranded to Andera Partners, with the name symbolizing partnership through “And” and renewal through “Era”. The independence came at a strategic time when private equity was establishing itself as an essential asset class across multiple economic sectors.

Following independence, Andera Partners renewed its governance structure in July 2018 through the election of ten new Board of Partners members and the appointment of a two-person management team for a two-year term. The firm maintained its partnership structure while professionalizing its internal operations by internalizing compliance, internal control, development, communication, and HR functions.

Laurent Tourtois and Raphaël Wisniewski served as Managing Partners from the independence period through February 2025, when leadership transitioned to Stéphane Bergez (joined 2016) and François-Xavier Mauron (joined 2010). This management succession represented a natural evolution as the firm pursued its ambitious growth targets.

The firm underwent systematic fund renewal between 2016-2018, doubling the size of its investment vehicles. Key milestones included the €170 million Cabestan Capital 2 fundraising in 2016, the €315 million ActoMezz 3 completion in 2017, and the €345 million BioDiscovery 5 closure in February 2018, which became one of Europe’s largest venture capital funds dedicated to life sciences.

Andera Partners achieved significant international expansion through strategic office openings: Antwerp in 2019, Munich in 2021, Milan in December 2022, and Madrid in November 2024. The Milan office was established with Maurizio Bottinelli joining as Senior Advisor alongside Francesco Gonzaga as Investment Director to consolidate the firm’s ten-year presence in Italy.

The firm demonstrated consistent growth in assets under management, rising from €2.3 billion at independence in 2018 to €2.5 billion in 2021, reaching €4.1 billion by 2023, and achieving approximately €4.5-5.15 billion by 2024-2025. This trajectory culminated in December 2024 with the announcement of a transformational strategic partnership where New York Life Investments acquired a 40% minority stake in Andera Partners.

Throughout its evolution, Andera Partners maintained its focus on supporting portfolio company transformation through the creation of the Andera Partners Transformation platform in February 2022, offering specialized support across strategic advice, digital transformation, CSR strategy, international expansion, and M&A activities. The firm has completed over 260 company investments since its founding, supporting growth across France, Europe, and North America.

In October 2024, Andera Partners launched an innovative financial product called Andera Dette Privée in partnership with MACSF, creating a unit-linked mezzanine private debt vehicle incorporated in life insurance contracts, which secured over €160 million in subscriptions within three months of launch.

3) Key Executives

Stéphane Bergez serves as Managing Partner of Andera Partners, having assumed this role in February 2025 alongside François-Xavier Mauron. He concurrently holds the position of Partner and Head of Andera Acto, the firm’s sponsorless mezzanine investment team. Bergez joined Andera Partners in 2016 and has been instrumental in developing the firm’s international mezzanine strategy, recently overseeing the appointment of senior advisors in Germany, Italy, and Belgium to expand Andera Acto’s European presence.

François-Xavier Mauron serves as Managing Partner of Andera Partners since February 2025, sharing leadership responsibilities with Stéphane Bergez. He is also a Partner within the Andera MidCap team, specializing in mid-market buyout investments. Mauron joined the firm in 2010 and has extensive experience in carve-out transactions and supporting ambitious growth plans, having led notable investments including the 2018 carve-out of Conduent’s off-street parking business.

Andrei Buzdugan serves as Chief Financial Officer of Andera Partners, having joined the firm in 2007 as Deputy Financial Director before being promoted to his current role in 2018. He supervises the accounting, tax, and financial management of the funds and the management company. Prior to joining Andera Partners, Buzdugan spent six years at PWC and graduated from ENS Cachan and Université Paris XII.

Hawa Dème-Kuwan serves as Chief Compliance Officer of Andera Partners, having joined the firm in 2024 to oversee the company’s compliance and internal control framework. She began her career in 2007 at consulting firm OTC Conseil One Point, later working at regulatory consulting firms including Marker Management Consulting (2008-2012) and 99 Advisory Group Finegan (2020-2022). From 2012 to 2018, she worked at Primonial Group, initially as Group Head of Compliance for their asset management subsidiaries before becoming Head of Internal Audit. Dème-Kuwan holds a Master’s degree in International Finance from IAE de Metz, a Bachelor’s degree in Economic Sciences from the University of Metz, and the Certificate Leading with Finance from Harvard Business School.

Vanessa Favier-Klak serves as Chief Operating Officer of Andera Partners. She joined the firm in September 2020 and previously held senior legal and compliance roles at Cathay Capital PE as Head of Legal (March 2019 to September 2020), Demeter for 13 years as Head of Compliance and General Counsel then Chief Legal Officer, and Sofinnova for 8 years as Legal Officer.

Sophie Elkrief serves as Partner and Head of Business Development, having joined Andera Partners in 2024. She joined the Board of Partners, the body establishing policies and guidelines for the management company. Elkrief worked her entire career in the financial sector, starting in project finance and investment banking (1995-2001) in London and New York at Salomon Smith Barney and JP Morgan. She then moved to asset management, first with Candriam Investors Group (2001-2013) as Chief Investment Officer, then with Meeschaert Asset Management as Deputy CEO (2013-2016). In 2017, she joined MAIF as Chief Investment Officer managing a €20 billion investment portfolio, and later integrated Aéma Group (2020-2023) as CEO of AESIO mutuelle and UMG AESIO-MACIF. She is a graduate of the Ecole des Ponts et Chaussées, holds an MBA from INSEAD, and is a graduate of the Centre des Hautes Études de l’Assurance.

Noëlla De Bermingham serves as Chief Sustainability Officer of Andera Partners, having joined the firm in April 2021. She was recently appointed Chair of France Invest’s Sustainability Commission and brings expertise in ESG integration and responsible investment practices. Under her leadership, Andera Partners has strengthened its CSR strategy and achieved 100% SFDR Article 8 or 9 classification for its latest funds.

Mickael Clavier serves as Chief Digital & Data Officer of Andera Partners, having recently joined the firm to accelerate its digital and data transformation. His appointment reflects the firm’s ambition to strengthen its data-driven culture and develop high-impact analytical tools to support investment teams as artificial intelligence and advanced analytics reshape the private equity industry.

Gladys Grolier serves as Legal Advisor within Andera Partners’ Operations, Compliance, HR and Communication team. She has spent two years abroad during her career and supports the firm’s legal advisory functions.

Laetitia Guetta serves as Head of HR for Andera Partners, overseeing the firm’s human resources strategy and operations. She works within the Operations, Compliance, HR and Communication team to support the firm’s 120-130 professionals across multiple European offices.

4) Ownership

Andera Partners operates as a privately-held partnership structure that underwent a fundamental ownership transformation in March 2018, when the firm’s employees and shareholders completed a management buyout to acquire the 51% stake previously held by the Edmond de Rothschild Group, achieving full independence. The firm is now 100% owned by its employees, with 44% of staff holding equity stakes in the company as of 2021.

The company maintains a collective governance structure managed by a Board of Partners consisting of 13 members elected from among the firm’s partners, representing the main investment activities across Andera Partners’ six specialized teams. This partnership model reflects the firm’s “Power of And” philosophy, emphasizing collaborative decision-making and shared ownership among investment professionals.

In December 2024, Andera Partners announced a transformational strategic partnership that will significantly reshape its ownership structure. New York Life Investments, through its global affiliate network, will acquire a 40% minority equity interest in Andera Partners, while the existing employee-owners will retain a 60% majority stake. This transaction, valued at an undisclosed amount, positions New York Life Investments as the largest external shareholder while preserving the firm’s partnership-driven culture and employee ownership model.

The partnership with New York Life Investments and its European subsidiary Candriam represents a strategic evolution rather than a traditional acquisition, as the transaction specifically maintains Andera Partners’ operational independence and existing management structure. The deal provides Andera Partners with access to New York Life’s $750 billion global asset management platform and Candriam’s extensive distribution networks across Europe, Asia, the Middle East, and North America.

The transaction structure reflects careful consideration of preserving Andera Partners’ entrepreneurial culture while gaining access to institutional resources for international expansion. Laurent Tourtois and Raphaël Wisniewski, the firm’s co-Managing Partners at the time of announcement, emphasized that the partnership aligns with Andera’s strategic ambitions for international growth while maintaining the firm’s commitment to supporting European SMEs, medical innovation, and energy transition.

The ownership evolution from complete independence in 2018 to strategic partnership in 2024 demonstrates Andera Partners’ ability to balance entrepreneurial autonomy with institutional backing. The firm’s governance remains anchored by its partnership structure, with current Managing Partners Stéphane Bergez and François-Xavier Mauron leading the organization as of February 2025, following the management transition that positioned the firm for its next growth phase.

This strategic partnership transaction is expected to close during the first half of 2025, subject to customary employee consultations and regulatory approvals. The deal represents a significant milestone in private equity consolidation trends while preserving the independent investment decision-making and partnership culture that has defined Andera Partners since its independence from the Edmond de Rothschild Group.

5) Financial Position

Andera Partners demonstrates robust financial health as evidenced by extraordinary asset under management growth, expanding from approximately €2.5 billion in 2021 to €4.5-5.15 billion by 2024-2025, representing a doubling in size over five years and achieving the firm’s initial 2025 target two years ahead of schedule. This growth trajectory positions the firm to reach its ambitious target of €7-8 billion in assets under management by 2028, representing another potential doubling within a four-year period.

The firm’s operational health indicators reflect strong momentum across multiple metrics. Andera Partners maintained consistent investment activity with €683 million deployed in 2024 (10% increase from 2023) and €627 million deployed in 2023 (25% increase from 2022), demonstrating sustained capital deployment capabilities even in challenging market conditions. The firm completed 24 new investment operations and 50 reinvestment operations in 2024, compared to 29 new investments in 2023, indicating selective but active deal origination.

Liquidity generation serves as a cornerstone of Andera Partners’ financial stability, with the firm distributing €436 million in disposal proceeds in 2024 at an average multiple of 2.3x, and €790 million in sales proceeds in 2023 at an average multiple of 3.6x. This consistent liquidity flow across market cycles reflects the firm’s multi-strategy model, where different investment teams reach maturity at different times, ensuring continuous distributions to investors regardless of market downturns.

The firm’s fundraising capabilities remain strong, securing €650 million in new commitments during 2024 through various fund vehicles, including the successful closing of the Andera Smart Infra I fund at €233 million in February 2024 and ongoing fundraising for Acto V with a target of €1 billion. The firm achieved record fundraising in 2023 with €680 million raised, highlighted by the €750 million final closing of Andera MidCap 5, which reached two hard caps.

Headcount expansion serves as a proxy for operational growth, with Andera Partners increasing from 85 employees in 2021 to 112 professionals by 2023 and reaching 120-130 employees by 2024-2025, including 69-74 investment professionals. This 40-50% workforce growth over four years indicates strong revenue generation capacity and business expansion across the firm’s six specialized investment teams.

The firm’s portfolio scale demonstrates significant asset concentration, currently supporting 130 portfolio companies with cumulative turnover exceeding €7 billion and employing approximately 40,000 people. Portfolio companies created close to 4,000 new jobs in 2024 and 1,600 new jobs in 2023, reflecting the economic impact and growth momentum of Andera Partners’ investment strategies.

Facility expansion signals continued growth investment, with Andera Partners establishing five European offices across Paris, Antwerp (2019), Munich (2021), Milan (2022), and Madrid (2024), representing systematic international expansion that requires significant capital commitment and reflects confidence in long-term growth prospects. Each office opening coincided with senior-level appointments and local market development initiatives.

Financial stability indicators include the firm’s ability to launch innovative financial products, such as the Andera Dette Privée unit-linked mezzanine vehicle launched in October 2024 in partnership with MACSF, which secured over €160 million in subscriptions within three months, demonstrating market confidence and product innovation capabilities.

The December 2024 strategic partnership with New York Life Investments, involving a 40% minority stake acquisition, provides significant validation of Andera Partners’ financial position and growth prospects while offering access to a $750 billion global asset management platform for accelerated international expansion. This transaction structure preserves the firm’s independence while providing institutional backing for the next growth phase.

6) Market Position

Andera Partners has established itself as a leading European multi-specialist private equity firm with approximately €4.8-5.15 billion in assets under management, positioning it among the top 15 private equity firms in France according to industry rankings. The firm operates in a competitive landscape that includes major European players such as Ardian (€180 billion AUM), Eurazeo (€40 billion AUM), PAI Partners (€27 billion AUM), and Naxicap Partners (€7.5 billion AUM), with Andera Partners distinguished by its multi-strategy approach across six specialized investment teams.

The firm’s market positioning reflects its strategic focus on small-to-medium enterprises and mid-cap companies, operating primarily in the €50-500 million revenue segment for its MidCap investments and €10-35 million investment tickets for life sciences ventures. This positioning allows Andera Partners to capture opportunities in a market segment where 25% of new investments in 2024 were international, demonstrating the firm’s ability to compete effectively for cross-border transactions.

Geographic market presence spans five European offices established systematically over recent years: Paris (headquarters), Antwerp (2019), Munich (2021), Milan (2022), and Madrid (2024), providing direct access to key European markets including France, Germany, Italy, Belgium, Netherlands, and Spain. The firm has completed over 20 investments including add-ons in Spain and maintains active operations across 13 countries through its portfolio companies, reflecting significant international reach relative to its size.

Sector specialization creates competitive differentiation through six distinct investment strategies: Andera Life Sciences (venture capital in biotechnology/medical devices with €10-35 million tickets), Andera MidCap (mid-market buyouts with €25-100 million tickets), Andera Expansion/Croissance (small-cap growth), Andera Acto (sponsorless mezzanine debt), Andera Infra (energy transition infrastructure), and Andera Co-Invest (direct co-investment). The life sciences team alone manages 34 portfolio companies with 40 clinical trials in progress and 30 products on the market, positioning Andera as a significant player in European biotech venture capital.

Client relationships demonstrate institutional credibility with a diversified investor base including insurance companies (26% of private equity funds), funds of funds (17%), public sector (15%), individuals and family offices (13%), banks (10%), and pension funds (9%). The firm maintains long-term partnerships with major French institutions including Société Générale Assurances, BNP Paribas Cardif, Bpifrance, MACSF, and CNP Assurances, while attracting new French and international investors.

Competitive advantages include the firm’s multi-strategy liquidity model, where different investment teams reach maturity at different times, ensuring continuous distributions to investors regardless of market downturns—a key differentiator during the challenging 2024 private equity environment. The firm distributed €436 million in disposal proceeds in 2024 at an average multiple of 2.3x and €790 million in 2023 at 3.6x, demonstrating consistent exit capabilities.

Technology and innovation capabilities are enhanced through the Andera Partners Transformation platform launched in February 2022, offering portfolio companies specialized support across strategic advice, digital transformation, CSR strategy, international expansion, and M&A activities through exclusive partnerships with CEO2CEO strategic consulting network and a proprietary Digital Advisory Board. Recent appointments include Mickael Clavier as Chief Digital & Data Officer to accelerate digital transformation as artificial intelligence reshapes private equity.

ESG and sustainability positioning provides regulatory advantages with 100% of latest funds classified as Article 8 or 9 under SFDR regulation, Science-Based Targets validation, and recognition as one of Real Deals’ 40 Climate Champions. The firm achieved maximum scores in UN PRI assessment modules (100/100, 99/100, 100/100), demonstrating best-in-class ESG integration.

Distribution network strength was significantly enhanced through the December 2024 strategic partnership with New York Life Investments and Candriam, providing access to $750 billion global asset management platform and distribution networks across Europe, Asia, Middle East, and North America. This partnership positions Andera to compete with larger global private equity firms while maintaining its European focus and entrepreneurial culture.

Portfolio concentration demonstrates scale with 130 portfolio companies generating cumulative turnover exceeding €7 billion and employing approximately 40,000 people, providing significant market influence relative to the firm’s size. Portfolio companies created close to 4,000 new jobs in 2024, reflecting the economic impact and growth trajectory of Andera’s investment strategies.

7) Legal Claims and Actions

Based on comprehensive searches across regulatory databases and legal records, no material legal claims, regulatory actions, or criminal proceedings have been identified involving Andera Partners or its subsidiary Andera Partners SAS during the ten-year review period from 2015 to 2025.

The absence of identified regulatory sanctions, enforcement actions, or significant litigation suggests that Andera Partners has maintained a compliant operational framework since its independence from the Edmond de Rothschild Group in March 2018. The firm’s clean regulatory record aligns with its systematic approach to compliance infrastructure, including the internalization of compliance and internal control functions following independence and the appointment of dedicated compliance leadership.

No SEC enforcement actions, FINRA sanctions, or other major regulatory penalties appear in available regulatory databases for Andera Partners or its executives. Similarly, no employment litigation, discrimination claims, or workplace disputes of material significance have been identified through public records searches.

The firm’s regulatory standing appears consistent with its professional governance structure, including the establishment of a Supervisory Board with independent members and the appointment of Hawa Dème-Kuwan as Chief Compliance Officer in 2024 to oversee the company’s compliance framework across its six specialized investment teams and multiple European jurisdictions.

No criminal convictions or prosecutions involving current or former executives have been identified, and no significant civil litigation or commercial disputes appear in available court records. This clean legal profile supports the firm’s institutional credibility with major French and international investors, including insurance companies, pension funds, and sovereign wealth entities.

The absence of material legal issues during Andera Partners’ expansion phase, including the establishment of offices in Antwerp (2019), Munich (2021), Milan (2022), and Madrid (2024), suggests effective cross-jurisdictional compliance management as the firm expanded across multiple European regulatory frameworks.

8) Recent Media

Media coverage of Andera Partners from 2023 to 2025 highlights a period of transformative corporate transactions, significant fundraising, international expansion, and numerous portfolio company milestones. In December 2025, Andera Partners announced the combination of its portfolio company Spherea with Averna, creating a global test and quality engineering group with over $305 million in revenue. The transaction was supported by a €200 million continuation vehicle, Andera MidCap Continuation Fund 1 SLP, capitalized by lead investor Ardian and a €60 million investment from the Andera MidCap 5 fund, which allowed Andera Partners to retain majority ownership. In November 2025, Austrian competition authorities were notified of Ardian’s plan to acquire a 41% non-controlling stake in the continuation fund. Also in late 2025, portfolio company Evommune successfully listed on the New York Stock Exchange, with a November 2025 SEC filing confirming Andera’s 6% stake. The same month, the firm was noted as a finalist for two 2025 Real Deals Private Equity Awards: “ESG Champion of the Year” and “France & Benelux Mid-Cap Deal of the Year”.

The firm’s strategic direction was significantly reshaped in December 2024 through a partnership with New York Life Investments and its European affiliate, Candriam, which acquired a 40% minority interest in Andera Partners. The transaction, expected to close in the first half of 2025, expands New York Life Investments’ $65 billion private markets offering and is intended to accelerate Andera’s international growth by leveraging the global distribution network. In a March 2025 letter, Andera’s new co-Managing Partners, Stéphane Bergez and François-Xavier Mauron, who formally assumed their roles in February 2025, reiterated the importance of this alliance in their strategy to strengthen the firm’s international footprint. The firm’s 2024 performance review noted €683 million was deployed in 24 new investments and 50 reinvestments, with €436 million returned to investors. In October 2024, the firm launched an innovative unit-linked mezzanine private debt vehicle, Andera Dette Privée, which secured over €160 million in subscriptions within three months.

International expansion and team growth were prominent themes. In November 2024, Andera Partners opened a new office in Madrid, appointing Gonzalo Boada from H.I.G. Capital as Director to lead its Spanish private equity strategy. This followed the opening of its Milan office in December 2022, where Maurizio Bottinelli was appointed as a Senior Advisor. Key executive appointments included Sophie Elkrief as Business Development Partner in January 2024, Bruno Bonnin as a Partner in the Andera Acto team in September 2024, and Stefan Keitel as a Senior Advisor for the DACH region in May 2023.

Andera Partners achieved significant fundraising milestones and conducted numerous transactions. In October 2025, Real Deals reported the firm was preparing to launch fundraising for its Andera MidCap 6 fund, while Bioworld reported the first close of BioDiscovery Fund 7 at over €300 million. The firm’s first investment from BioDiscovery 7 was co-leading a €105 million Series A round for Adcytherix in October 2025. In September 2023, the firm announced the final close of its Andera MidCap 5 fund at €750 million, exceeding two hard caps and making it the firm’s largest-ever fundraise. Earlier, in June 2023, it was reported that the Andera Acto team was targeting €1 billion for its fifth fund. Major investments included acquiring a majority stake in consulting firm Ayming in January 2025 and investing in business travel platform CDS Group in February 2025. Notable exits included the sale of the firm’s stake in Prenax Group to Triton in July 2025, the full exit from Travelsoft Group to CAPZA in October 2023, and remaining a minority investor in Infra Group after its majority acquisition by PAI Partners in July 2023.

The firm’s Life Sciences division was particularly active with portfolio company milestones. In October 2025, Andera reinvested in portfolio company Tubulis’s €308 million Series C financing, the largest ever for a private European ADC developer. Also in October 2025, Ipsen announced an agreement to acquire portfolio company ImCheck Therapeutics. In July 2024, Andera co-led a $196 million financing for Kestra Medical, and portfolio companies Amolyt Pharma and JenaValve Technology were acquired by AstraZeneca and Edwards Lifesciences, respectively. In February 2025, the team co-led a €27 million Series B for gene therapy company EG 427. Other notable events included portfolio company Mineralys Therapeutics completing a $192 million IPO on Nasdaq in February 2023 and MMI raising a $110 million Series C in February 2024. The firm also participated in financings for Nouscom (€67.5M Series C, November 2023), Ingenostrum (€25M, December 2023), BioVentrix ($48.5M Series A, April 2023), and Inventiva (multi-tranche financing, December 2024).

9) Strengths

Multi-Strategy Investment Platform

Andera Partners operates a distinctive six-strategy investment platform spanning venture capital, mid-market buyouts, growth capital, sponsorless mezzanine debt, energy transition infrastructure, and direct co-investment. This diversified approach provides continuous liquidity flow to investors, as different investment teams reach maturity at different times, ensuring regular distributions regardless of market downturns—a key competitive advantage demonstrated through €436 million in disposal proceeds in 2024 and €790 million in 2023.

Experienced Leadership Team with Strong Track Record

The firm’s leadership demonstrates exceptional continuity and expertise, with current Managing Partners Stéphane Bergez (joined 2016) and François-Xavier Mauron (joined 2010) bringing deep institutional knowledge and proven investment capabilities. The partnership structure includes 13 Board of Partners members representing the firm’s main investment activities, providing collaborative governance that has delivered consistent performance through multiple market cycles.

Specialized Sector Expertise and Innovation Focus

Andera Partners has developed deep sector specialization across high-growth markets, particularly in life sciences where the firm manages 34 portfolio companies with 40 clinical trials in progress and 30 products on the market. The Andera Life Sciences team has been active in Germany for over 20 years and oversees investments in 20 biotechnology and medical technology companies, establishing the firm as a significant player in European biotech venture capital.

Strong European Market Presence and International Expansion

The firm maintains five strategically located European offices in Paris, Antwerp (2019), Munich (2021), Milan (2022), and Madrid (2024), providing direct access to key European markets and supporting 25% of new investments internationally in 2024. This geographic expansion demonstrates systematic market development and provides platform for supporting portfolio companies’ cross-border growth initiatives.

Proprietary Value Creation Platform

The Andera Partners Transformation platform launched in February 2022 provides portfolio companies with specialized support across strategic advice, digital transformation, CSR strategy, international expansion, and M&A activities. This platform includes exclusive partnerships with CEO2CEO strategic consulting network and a proprietary Digital Advisory Board, offering competitive advantages through access to former CAC 40 executives and digital transformation experts.

Exceptional ESG Leadership and Regulatory Compliance

Andera Partners achieved 100% SFDR Article 8 or 9 classification for its latest funds and earned maximum scores in UN PRI assessment modules (100/100, 99/100, 100/100), demonstrating best-in-class ESG integration. The firm was selected as one of Real Deals’ 40 Climate Champions and achieved Science-Based Targets validation for its decarbonization trajectory, positioning it as an ESG leader in European private equity.

Strong Capital Raising Capabilities and Investor Confidence

The firm demonstrates exceptional fundraising capacity, securing €680 million in 2023 with the €750 million final closing of Andera MidCap 5 reaching two hard caps, and €650 million in 2024 through various fund vehicles. Investor re-up rates exceeding 110% for ActoMezz funds and diversified investor base including insurance companies (26%), funds of funds (17%), and pension funds (9%) reflect strong institutional confidence.

Innovative Product Development and Financial Engineering

The firm launched Andera Dette Privée in October 2024, an innovative unit-linked mezzanine private debt vehicle that secured over €160 million in subscriptions within three months, demonstrating product innovation capabilities and market responsiveness. This first Unit-Linked Fund eligible under France’s Green Industry Law represents pioneering financial product development in the European private equity market.

Strategic Partnership with Global Institution

The December 2024 strategic partnership with New York Life Investments and Candriam, involving a 40% minority stake acquisition, provides access to a $750 billion global asset management platform and distribution networks across Europe, Asia, Middle East, and North America while preserving operational independence. This partnership validates Andera’s business model and provides institutional backing for accelerated international expansion.

10) Potential Risk Areas for Further Diligence

Rapid International Expansion Risk

Andera Partners’ aggressive international expansion strategy, with offices opened in Antwerp (2019), Munich (2021), Milan (2022), and Madrid (2024), presents significant operational and compliance risks. Each new jurisdiction brings distinct regulatory frameworks, cultural business practices, and legal requirements that must be navigated effectively. The firm’s rapid geographic expansion from one country to five European markets within five years may strain management oversight capabilities and create potential gaps in compliance monitoring across different regulatory environments. The complexity of managing cross-border operations while maintaining consistent investment standards and risk management protocols across multiple time zones and legal systems requires substantial operational infrastructure that may be stretched during periods of rapid growth.

Key Person Dependency and Management Transition Risk

The February 2025 management transition from Laurent Tourtois and Raphaël Wisniewski to Stéphane Bergez and François-Xavier Mauron represents a significant key person risk, particularly given the firm’s rapid growth trajectory and ambitious targets to reach €7-8 billion in assets under management by 2028. While both new Managing Partners have extensive tenure with the firm (Bergez since 2016, Mauron since 2010), the leadership change occurs during a critical period of international expansion and following the transformational New York Life Investments partnership. The firm’s partnership structure, while promoting collective decision-making, may create potential succession planning challenges if other senior partners depart, particularly given the specialized nature of each investment team and their distinct market relationships.

Complex Ownership Structure and Governance Risk

The December 2024 strategic partnership with New York Life Investments, whereby the latter acquired a 40% minority stake, fundamentally alters Andera Partners’ governance dynamics and introduces potential conflicts between employee-owners (60% stake) and the institutional minority shareholder. While the transaction preserves operational independence, the presence of a large institutional minority shareholder with different return expectations and time horizons may create strategic tensions. The firm’s transition from 100% employee ownership to a hybrid structure could impact decision-making processes, compensation arrangements, and long-term strategic direction. Additionally, the complexity of managing relationships across New York Life’s $750 billion global platform while maintaining Andera’s entrepreneurial culture presents ongoing governance challenges.

Cybersecurity and Data Protection Risk

As a multi-jurisdictional private equity firm managing sensitive financial data across five European offices and operating in highly regulated sectors including life sciences and financial services, Andera Partners faces significant cybersecurity risks. The firm’s rapid digitalization efforts, including the appointment of Chief Digital & Data Officer Mickael Clavier to accelerate digital transformation, while beneficial for operational efficiency, also expands the firm’s cyber attack surface. The increasing reliance on digital platforms for deal sourcing, portfolio monitoring, and investor communications creates vulnerabilities to data breaches, ransomware attacks, and intellectual property theft that could compromise confidential investment strategies and portfolio company information.

Market Concentration and Economic Cycle Risk

Andera Partners’ concentration in European small-to-medium enterprises and mid-cap companies creates exposure to regional economic downturns and SME-specific market risks. The firm’s strategy of supporting companies through external growth operations (55 build-ups in 2024) increases correlation risk during economic contractions when acquisition financing becomes scarce and target companies face valuation pressures. The firm’s ambitious growth targets, including doubling assets under management by 2028, may create pressure to deploy capital in less favorable market conditions or accept lower-quality investment opportunities to meet volume commitments.

Regulatory Compliance and ESG Implementation Risk

Andera Partners’ commitment to achieving 100% SFDR Article 8 or 9 classification across its funds creates ongoing compliance risks related to evolving European sustainability regulations. The firm’s ambitious ESG targets, including 100% Science-Based Targets certification for portfolio companies by 2033 and comprehensive biodiversity impact assessments, require substantial compliance infrastructure and monitoring capabilities. Failure to meet these commitments could result in regulatory penalties, fund reclassification, and investor redemptions. The complexity of implementing consistent ESG standards across diverse portfolio companies in multiple jurisdictions, particularly smaller enterprises with limited sustainability expertise, presents ongoing execution challenges.

Liquidity and Fundraising Risk

While Andera Partners demonstrated strong liquidity generation with €436 million in distributions in 2024, the firm’s ability to maintain consistent exit activity depends on favorable market conditions and buyer demand. The current challenging exit environment for private equity, particularly in Europe, may impact the firm’s historical distribution patterns and investor satisfaction. The firm’s ongoing fundraising efforts, including targets of €1 billion for Acto V and multiple other funds, face competitive pressure in a constrained capital raising environment where investors are increasingly selective and demanding improved terms.

Currency and Cross-Border Transaction Risk

Operating across multiple European currencies while conducting international transactions exposes Andera Partners to foreign exchange risks that could impact fund performance and investor returns. The firm’s increasing focus on cross-border deals, with 25% of new investments in 2024 made internationally, creates exposure to currency fluctuations, cross-border tax complications, and varying regulatory approval processes that could delay transactions or increase costs.

Standard Emerging Private Equity Market Risks

The evolving private equity landscape presents standard industry risks including increased competition for quality assets, rising purchase price multiples, and potential market corrections that could impact portfolio valuations. Regulatory changes affecting private equity taxation, fund structures, or investment restrictions could materially impact the firm’s business model and investor returns.

General European Economic and Political Risk

Broader macroeconomic uncertainties including inflation, interest rate volatility, and potential recession risks in European markets could adversely affect portfolio company performance and exit opportunities. Political developments affecting European integration, trade relationships, and financial services regulation may impact the firm’s pan-European expansion strategy and cross-border investment activities.

Sources

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