InsIghts - Idinvest Partners · JULY 2016 Idinvest Insight | 5 be invested in three or four...

ENERGIES AND CITIES

Electranova shapes the energy and cities of the future

PRIVATE DEBT“We want to promote a local approach”

FooDTECh Frichti, an innovative model in the burgeoning FoodTech sector

NEWSA new industrial milestone for Withings

ThE CASE FoR EURoPEA pivotal and fertile ground for innovation and businesses

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InsIghtsIdinvest Partners’ news magazine | Issue 1 | July 2016

2 | Idinvest Insight JULY 2016

CoNTENTS

06/0706/07PRIVATE DEBTIdinvest, a leader in financing Europe’s SMEs

MEZZANINE DEBT2015 – a record year

10 INNOVATIONFrichti, an innovative model in the burgeoning FoodTech sector

11 ENTREPRENEUR’S CORNERPeakon creates hR 2.0

20 ENTREPRENEURIAL MOTIVATION SURVEY

16IDINVEST’S COMMITMENTS“More and more young entrepreneurs want part of their success to be shared with society”

21IDINVEST ONLINE

22/23RECRUITMENT

18/19NEWSWithings/Chance program/Forsee Power/BoAo Forum/SEES/Créative France/ Born2Global

20IDINVEST IN THE PRESS

12/15INVESTMENTSNovi 2Private debtGrowth Capital, Idinvest’s DNA

Newsletter published by Idinvest Partners117, avenue des Champs-Élysées75008 Paris - France+33 1 58 18 56 56www.idinvest.com

Editor Marie-Claire Martin

Graphic Design Blossom Créationwww.blossom-creation.com

Photo creditsFotolia, iStock, Arnaud, C. Guez, Sindbad-Gillain, Botify, Destia, Groupe Bertrand, Peakon, Planday, Présidence de la République, Withings

Address any questions to:[email protected]

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THE CASE FOR EUROPE

INVESTMENTS

08/09ENERGIES AND CITIES

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JULY 2016 Idinvest Insight | 3

There was a time, until quite recently, when all it took was to invest in European private debt to profit from the slump hewed by the market’s inefficiency.

Of course this strategy did require irrefutable skill. Above all it needed a sense of timing, a drop of opportunism and, let’s be honest, a good dose of courage to invest at a time when the euro zone’s economy was in its darkest hour. But this directional strategy offered an almost certain return, coupled with the satisfaction of providing Europe’s small and mid caps with the capital they so sorely lacked.

That time has passed. The recovery of the European economy, albeit fledgling, and the central banks’ colossal cash injection have gradually filled the market’s slump. This has, however, brought with it several well-known side-effects: sky-high valuations, particularly in venture capital, ultra-competitive

investors and growing complacency. The European landscape sometimes looks a little like America…

This forceful swing of the pendulum towards newfound optimism is being felt in all areas where Idinvest Partners operates. The nagging question of European venture capital performance has been forgotten. Covenant-lite loans, those requiring fewer guarantees for the lender, are back. In the funds of funds sector new vehicles are being raised hastily and for considerable sums.

In this context, and with the European economy still showing some risks, the question is: is the asset class still dynamic? We are convinced it is. Medium and small -sized European firms still need equity and credit for their developments. Their needs are sophisticated. Our investment environment now has richer pickings. Venture capital is a striking example of

this. We are now active in the “energies & cities”, health and digital sectors. The depth of our field is substantial.

Market vitality has not disappeared. It has simply shifted. Deadweight loss created by market inefficiency has made room for the virtues of hard work and know-how. Private debt and venture capital are not indexed asset classes. This restores meaning to what is essential: providing value to companies and entrepreneurs, giving them more time, more coaching, more support, more assistance, more strategic insight. Idinvest Partners, convinced these values are crucial for company managers, will remain the flagship for European SMEs it has always been, coupled with the drive to provide its investors with sustained performance.

Christophe BavièreCEO and Managing Partner

A FRESh KICK-START

EDITORIAL

GRoW, ThRIVE AND EXPAND GEoGRAPhICALLY.

Idinvest Partners’s catchphrase for the European entrepreneurs it supports holds all the more meaning in the wake of the Brexit shock. Of course, the British people’s wish to leave the European Union sends a very poor signal, one that unfortunately confirms, with deafening

magnitude, other signs of inward thinking that have been cropping up since the start of the crisis nearly ten years ago.Yet, the turmoil may just spawn a brood of investment opportunities. Disturbance and volatility inevitably create inefficiency. Idinvest knows how to benefit from exceptional situations and has shown this over the past few years. Brexit has not wiped out the asset class of European companies dear to us. It simply creates a complex environment that requires more involvement and know-how.Idinvest has made continental Europe its new playing field over the past few years. This project remains a priority as European businesses still need to reach beyond their borders, move into new markets and expand so that they can operate on equal terms in a globalized economic world.

Disclaimer – Written as of 30/06/2016. This publication has been prepared by Idinvest Partners for the exclusive use of the party to whom Idinvest Partners delivers this publication (the “Company”). The valuations, forecasts and projections contained herein involve elements and analysis of subjective judgment and shall not be relied upon as a promise or rep-resentation as to the past or future. This publication does not purport to contain all the information the Company may require. This publication has been prepared for informational purposes only and is not to be construed as a solicitation or an offer to buy or sell. The Company should not construe the contents of this publication as advice or recommendation. Idinvest Partners expressly disclaims all liability relating or resulting from the use of this publication, and prohibits its redistribution. No investment, divestment or other financial decisions or actions should be based solely on the information in this presentation. Past performance is no guarantee of future results.


What are the impacts of Brexit on Europe? Brexit came as a shock to most observers. Logically, volatility has been as violent as the surprise was big. The short term consequences of Brexit have mostly hit financial and FX markets. In the medium to long term, the impacts are less obvious to anticipate. The effective exit of the UK will take time and will depend on political negotiations. However, it is pretty much predictable that European economic growth will take a hit: Moody’s has revised its GDP forecast to 1.5% in 2016 down from 1.7% for the Eurozone, and to 1.5% for the UK down from 1.8%. However, there will be losers as well as winners. It can be expected that the main European capitals will benefit from Brexit, with UK-based companies relocating to Paris, Berlin or Dublin.

Two things in particular which are important to highlight: firstly, Brexit does not entail a systemic risk. Contrary to the Grexit issue which stressed markets between 2011 and 2015, Brexit has no systemic impact as the UK does not belong to the Eurozone. Secondly, without spillover to the political arena, the economic aftermath will remain limited. With or without the UK, the European Union is still an economic giant of 500 million people, producing ¼ of world GDP. Trade within the EU has doubled over the past ten years and now accounts for 22% of the region’s GDP, creating almost 3 million jobs between 1992 and 20081. Last but not least, the euro has become one of the main reserve currencies.

As far as Idinvest is concerned, our investment philosophy relies on innovative companies with a diversified client base and solid international growth perspectives. As a consequence, our portfolios are structurally diversified and not dependent on one single country. Very few companies are directly exposed and negatively impacted by Brexit. Fundamentally, all of our portfolio companies were selected due to the flexibility of their business models, their capacity for (or actual) internationalization and the quality of their management. For these companies, we trust that there will be more opportunities to capitalize on than detrimental effects to fix.

Is Europe still an attractive region to invest in?Europe is without doubt a major destination for foreign investment. The EU was created on a free-trade and cross-border exchanges paradigm and has always been known for its investor-friendly policies. This free-trade zone has created world giants like L’Oréal, Nestlé, Air Liquide, Total, Danone, Volkswagen, Sanofi, Siemens, Bayer, EDF, BASF, Unilever, Ikea, BMW - to state only a few.

What makes Europe unique is the fact that it comprises a highly diversified range of countries with distinct economic structures, some of them having GDP growth of 7.8% (Ireland), 6.3% (Malta), 4.8% (Luxemburg), 4.1% (Sweden) or 3.7% (Romania)2. After the euro crisis recovery, growth has picked up, driven by exports and consumption, and is now above its long-term average. The European Central Bank is still injecting

€80bn every month into the economy and Mario Draghi has repeatedly insisted on his willingness to do “whatever it takes” to keep the Eurozone afloat. This Quantitative Easing facilitates the development of European companies by making funding easier and cheaper, and is set to continue for the next couple of years. In addition, the Eurozone members have designed a unique crisis resolution mechanism. The European Stability Mechanism issues debt instruments to finance loans and other forms of financial assistance to Eurozone member states, providing a safety net should another financial crisis occur.

Countries with low natality rates like Singapore or Korea know this too well: a major driver for long-term economic dynamism is demography. Immigration into Europe is often presented as a threat to Europe’s stability and economic growth. Here are some facts: in 2015, migrants to Europe amounted to 1.3 million people3. If that number can be a substantial additional workforce to the economy, it is hard to believe that 1.3 million people can destabilize a region of 500 million. On the contrary, the IMF assesses that the overall EU GDP could win between 0.2% and 0.25% by 2020 if this immigration workforce is properly integrated.

Why is Private Equity an attractive asset class in these times of uncertainty?Private Equity is by nature a long-term investment with low correlation with traditional asset classes. For example, if an Idinvest fund-of-funds were to commit to a UK GP tomorrow, that capital would

Old, boring, tired, unable to come to an agreement… Europe is often looked at as this old sleeping beauty that rests on its past glory. This is to overlook a few fundamentals, not least the fact that Europe hosts and breeds some of the most innovative companies in the world, sometimes well-hidden but ready to blossom.

ThE CASE FoR EURoPE: A PIVoTAL AND FERTILE GRoUND FoR INNoVATIoN AND BUSINESSES

BREXIT


be invested in three or four years’ time – by that point the timing might even be perfect to buy, and the same can be said when the asset is eventually divested five to eight years down the line.

Allocation to Private Equity enhances the risk-return profile of an overall portfolio. Firstly, PE volatility is lower than traditional asset classes: between 2001 and 2011, European Buyout volatility was 11% vs. 18% for S&P or 20% for MSCI indices4. Secondly, Private Equity regularly outperforms other asset classes: an investment in French Private Equity returned an annualized performance of 10%, vs. 4% for stocks (CAC 40 index), 5.1% for fixed income or 6% for real-estate5 between 2006 and 2015. Let us stress that such outperformance was generated despite the period being characterized by recurrent tension (subprimes, Lehman Brothers and the euro crisis).

Though Private Equity is more isolated from market volatility, it is not a risk-free investment, of course. There is indeed high dispersion in Private Equity average performance figures. A recent survey by French PE Association AFIC shows that the top-quartile funds have generated a net IRR of 18.8%, while the bottom-quartile funds have a negative return of -9.2%6.

Why such a dispersion? Because European Private Equity is a job for professionals. One of the key assets of Europe is its diversification, be it in terms of education, legal framework, tax incentives, culture… all these drivers are ground for different types of entrepreneurship. Indeed, some “brands” are already well-known: French Tech and lifestyle, German industrial SMEs, gaming and fintechs in the Nordics. But the downside of this diversification is its

complexity. Europe is indeed a patchwork region.

Why invest in European small and medium sized companies?To put it simply, there are two main reasons for investing in European SMEs. First, for financial reasons: European SMEs deliver regular outperformance with lower volatility. Valuations are attractive. There is much more information asymmetry in the small to mid-market segment than in the larger one. The learning curve and productivity gains are much faster and bigger in smaller companies while they are easier targets for acquisitions/ buyouts, hence facilitating exit strategies at higher prices.

But let’s look beyond the purely quantitative risk-return trade-off. Investing in Private Equity is not a financial-only move. Countries like China, Korea and Singapore have focused much of their economic policies on innovation. Korea invests close to 5% of its GDP in R&D. China is moving from world manufacturer to top innovator through acquisition of foreign know-how. But where can innovation be found? Most often in smaller companies. And Europe has the answer.

To unlock the full potential of European SMEs, investors need to master perfectly the local background, the business models and the management teams. What matters is the capacity for selection. This is not something that one can improvise. On the contrary, it takes time and engagement to generate successes. An established player like Idinvest Partners has built its own network over 20 years now, picking and accompanying unknown startups that everybody now knows as Criteo, Deezer or Meetic, and providing investors with

top-quartile performances. Idinvest’s core philosophy is not to be a mere financial investor, but to support and accompany its portfolio companies and turn them into micro-multinationals. For that, Idinvest breeds nimble and tech-savvy SMEs, driven by leaders with a global mindset, as well as leverages on its expertise, experience, network and dedicated tools to create new opportunities for them.

Doesn’t the US offer pretty much the same advantages?Of course, Private Equity in general is an excellent asset class to invest in, and the US market is no exception. However, we believe there are both fundamental and opportunistic reasons why European PE is more attractive. Europe is not only a diversification strategy; it is also a core investment conviction.

Firstly, on a macro level: the ECB is com-mitted to a long-lasting accommodative monetary policy, flooding the market with liquidity, the US Federal Reserve has start-ed raising interest rates. With the unem-ployment rate at 5.5% and inflation getting close to the Fed’s target of 2%, there is no doubt that even the most dovish will end up agreeing to a hike. When that will be is still uncertain, but consensus says that the worst case is 2017.

The regulatory environment in Europe also creates opportunities that the US does not provide, most notably in the form of debt instruments. With more stringent regulatory constraints on their solvency ratios (Basel III), European banks have disengaged with some lending activities that are now taken on by private players. This is true for private debt and explains why the Unitranche market has grown at such an accelerated rate, similarly for PP&E financing through asset-based instruments.

Second, on the micro level: many US unicorns have hit the headlines in recent years and contributed to the “ American dream” – everybody wants to be part of the $1bn+ venture. The other way of reading it is that valuations have become more than excessive. This is not the case in Europe. In addition, there are more hidden champions in Europe, due to the fact that it is a patchwork region but also because it is less observed than the US market where there are more players, more competition and hence less room for outperformance.

1 European Commission : 20 Years of the European Single Market, 20122 World Bank, data as of 20153 International Monetary Fund, https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp0617164 Thomson One, data as at 30/06/20135 AFIC / EY, Preqin, Credit Suisse, Thomson Reuters6 AFIC/ EYPast performance is no guarantee of future results.


DEBT

Idinvest Partners, after helping the disintermediation movement by financing over 100 European SMEs over the past few years, is preparing its fourth generation senior debt and direct lending (mezzanine and unitranche) funds. Has this financing model become an alternative to bank loans?Large companies have had access to disintermediation for a long time. The recent financial crisis and pressing credit

shortage have forced smaller companies to also seek out new types of lenders. While there is currently an initial large pricing difference between this alternative financing and classic bank loans due to the structure of the offer, the gap has closed considerably. Private debt may still be more expensive but it has its advantages (quick decision-making, swift execution, and flexible structure in particular) over bank loans, which justifies the additional

cost. For these companies, private debt has become an excellent add-on or substitute to bank loans, especially for financing development projects (external growth or large investment financing).

With the economic recovery, these companies’ financing needs are increasing. What makes a good investment?Even though more investors are taking an interest, the target market we focus on, European SMEs, is not an easy market. It requires real skill to adeptly manage risk related to this type of transaction in this market segment. This is where the management team has a determining role by working closely and building trust with company managers. Personal relationships are vital in this market segment and often means spending more time than on larger operations. Managers also need to be given time and instruction to understand our approach, particularly to discern whether we are able to accompany the company’s growth by financing potential acquisitions or other development projects and how we are likely to respond to hurdles. Idinvest Partners also has the advantage of coming from the world of entrepreneurship. This culture means we are better suited to understanding a company’s needs and can support them through their various phases of growth. We recently financed the merger in early 2016 between French firm Chéreau and Spanish SOR to found The Reefer Group, a European leader in custom-built refrigerated semi-trailers. This new group, with a turnover of €220 million, is planning to generate several synergies (commercial and pricing in particular) and to have these consolidate the market.

After moving into Europe’s main markets, Idinvest prepares its fourth generation of private debt (senior and direct lending, unitranche and mezzanine) while emphasizing its culture of working closely with entrepreneurs.

PRIVATE DEBT

Idinvest, a leader in financing Europe’s SMEs

François LacostePartner,

in charge of the Private Debt activity


DEBT

MEZZANINE DEBT

2015 – a record year 2015 was a particularly rich year in mezzanine debt for Idinvest. The asset class generated a record overall IRR of more than 15%. Full divestment of six portfolio companies and the partial sales of seven others generated €170 million in revenue. French groups Paprec, CEBTP and Delpharm all contributed to this performance.

NoVI 2, A NEW GENERATIoN TooLAlongside its senior debt (€1.2 billion) and direct lending (€800 million) funds, in July 2015, Idinvest Partners added a new financing tool for small caps, Novi 2, which it manages on behalf of 24 institutional investors. This fund, an initiative of the Caisse des Dépôts et Consignations, plays a pivotal role in reviving investment. Endowed with €290 million, it has the particularity of being able to comfortably offer access to debt, quasi-equity financing and equity financing. This means it is able to meet the needs of innovative and growing companies with a long-term vision given its 21-year lifespan. To date, Novi 2 has made seven investments with five issuers for a total of approximately €60 million. Companies financed include Green & Biz (remanufacturing of smartphones), UNITe (renewable energies), Residalya (retirement homes), AM Trust (document digitalization) and Izac (menswear).

Are there any priority markets?In addition to our French base, we have gradually moved into Germany, Spain and Benelux. We are not trying to expand at all costs. The idea is to handpick markets

where we can build a legitimate hold. We want to promote a local approach which is vital for establishing a close relationship with company managers, financial shareholders and banking partners. This is achieved by hiring local teams that share our philosophy and investment standards.

Given the liquidity glut and active

competition, isn’t there a risk of rushing in?Idinvest Partners is at its fourth generation of funds, which confirms our solid track record and market history over relatively

long periods. Also, each of our key senior team members has over 15 years experience in this market, giving them highly useful hindsight and familiarity with this type of investment. This experience means we can be picky without setting a predefined investment schedule. We remain flexible and proactive while deftly managing our level of risk.

“ Idinvest Partners also has the advantage of coming from the world of entrepreneurship. This culture means we are better suited to understanding a company’s needs and can support them through their various phases of growth.”

OVERALL IRR1

+15%DIsPOsALs

OF InVEstMEnts

6PARtIAL sALEs

OF InVEstMEnts

7REVEnUE

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€170 M

Le restaurant Au Bureau du groupe Bertrand

1 Past performance is no guarantee of future results


Even the plunge in fossil fuel prices over the past year has not deterred investment vitality in the “Energies

& Cities” sector. On the contrary, the phenomenon, amplified by the success of the COP21, has revived questions about the sustainability of manufacturers’ operations and oil and gas-dependent economies, adding further legitimacy to a hunt for alternative avenues.

Idinvest Partners took this stance back in 2011 with the launch of Electranova, a fund

dedicated to investing in start-ups with the drive to shape the energies and cities of the future. Drawing on EDF’s world-renowned technological and industrial expertise, Electranova has invested €90 million in 10 companies. The fund’s gross IRR reached 20%, illustrating the capacity of the sector, one that had been misguidedly denounced by many as a passing trend, to create value.

This success is also down to the structure of the fund. The support of a first-rate

industrial sponsor – EDF – allows the fund’s portfolio companies to form business and industrial partnerships. Electranova brings technological and industrial value to the financing operation, allowing these companies to open out onto and better understand the specific features of the European market.

Above all, this has given the fund international reach beyond the European borders initially targeted. Out of the ten investments made by Electranova, four were in France, three

Nicolas ChaudronPartner,

in charge of investments in “Energies & Cities” and Health sectors

The cleantech fund launched by Idinvest and EDF in 2011 has financed ten companies with a gross IRR of 20%1. The second generation structure will capitalize off this success.

Electranova shapes the energies and cities of the future

ENERGIES AND CITIES

1 Past performance is no guarantee of future results


ENERGIES AND CITIES

in Europe and three in the United States, where the cleantech sector is booming much in the same way as in the digital world. EDF’s active presence gives the fund legitimacy to approach the best startups in the sector, whereas before, few European funds had access to the Facebook or Twitter of their time. Electranova’s companies have just as much resolve to change the way we consume resources and how we interact with our cities.

Some will one day become as indispensable as the Internet giants are today.

This sector also benefits from the maturity of the entrepreneurs, who in increasing numbers are able to draw on the success of their first experiences. The most talented digital entrepreneurs are also showing an

interest in this field. This creates healthy competition and helps professionalize new entrepreneurs.

Idinvest Partners, convinced of the relevance of this strategy and encouraged by the success of Electranova Capital-1, has launched a second generation fund, once again with the support of EDF, while also looking to open itself to other complementary industry players. Final

closing is expected by the year-end for a projected €100 million. Electranova will expand on the trend seen in the inaugural fund with a stronger presence in the United States as well as in the digital market. One third of the Fund 1 companies have a digital business line, a figure that will reach 60% for the Fund 2.

“Drawing on EDF’s world-renowned technological and industrial expertise, Electranova has invested €90 million in 10 companies.”

IDINVEST, ThE hIGhEST AWARD-WINNING VENTURE CAPITAL FIRM IN EURoPEIn keeping with the digital and health sectors, the cleantech sector (Energies & Cities) has become a strategic focal point for Idinvest, in particular through the Electranova fund sponsored by EDF. The latest Global Cleantech 100 list of the companies in the sector that are the most likely to have a strong commercial impact over the next 5 to 10 years has recognized the priority Idinvest has given to this sector.

55% of Idinvest’s cleantech portfolio companies, seven out of eleven, are on this list. This makes Idinvest the highest award-winning venture capital fund in Europe in terms of absolute value and one of the better ranked globally ranked funds by percentage.

The Global Cleantech 100 rewards the positions of FirstFuel, Leosphere, Enlighted, Sigfox, Sunfire, Organica and Off Grid in their respective markets. The latter is a good illustration of the strategy taken by Idinvest and Electranova. Off Grid Electric is already a world leader in solar leasing in Africa. It supplies rural clients with innovative, stand-alone systems at lower costs than traditional kerosene lighting. The system was selected by the Tanzanian government to provide electricity to one million homes in the country by 2017. The potential and needs are to scale with the size of the African continent. Today, 1.5 billion people do not have access to grid electricity.


FoodTEch. Until a few months ago the word didn’t exist. Straddled between

technology and agribusiness, it has become one of the most thriv-ing sectors both in the United States and Europe. Startups and funding rounds are cropping up everywhere. In Europe alone, ac-cording to tech.eu, no less than €1.1 billion has been invested in 86 companies. British firm Deliveroo, a specialist in ordering and delivering food from restaurants, has raised $200 million.

This sheer abundance speaks for the size of the hospitality and agribusiness market. Competition is incredibly dynamic but the market is huge, leaving room for a host of different models. Unlike some sectors where user community size matters, such as with tourism (Airbnb) or ridesharing services (BlaBlaCar), the Food-Tech sector leader is not going to gobble up the entire market leav-ing only crumbs for its competitors. What’s more, the underlying European FoodTech market has not yet tuned it, as it has in the United States, where a large offer has been in place for a long time and the ordering and home delivery of food is much deeper ingrained into the culture.

Always on the lookout for innovative models, Idinvest Partners couldn’t stand by and watch all this from the sidelines. We chose to invest in Frichti with a €12 million round of funding. Unlike meal booking, ordering or delivery sites, the Frichti model is fully inte-grated. Meals are designed and made by Frichti chefs before being delivered to the client.

This full integration of the chain means Frichti is able to retain the restaurant’s margin, which order or delivery specialists see little, if no none of. Whereas other models use technology to fit into part of the chain, Frichti aims for further integration.

In seeking out this additional value, the Frichti model has to be demanding. It requires impeccable organization and logistics. It calls for efficiency and perfect execution. It also needs its share-holders’ full trust.

As with any investment in an innovative company, things also fall into place when we meet with the management team. This is not a test run for founders, Julia Bijaoui and Quentin Vacher. JolieBox, their previous company, was bought by American BirchBox to be-come a leader in online subscription beauty boxes. Julia Bijaoui and Quentin Vacher were able to create a brand in a mass con-sumer sector much like the food industry. Frichti’s experience will help them double their success.

Benoist GrossmannManaging Partner,

Idinvest

In the space of a few months, hospitality food services and technologies have spun off into a separate sector. Frichti is banking on a full integration of the value chain.

Frichti, an innovative model in the bubbling FoodTech sector

INNoVATIoN


ENTREPRENEUR’S CoRNER

Experienced entrepreneurs. Innovative technology. Global ambitions. Peakon ticks all the boxes for an Idinvest Partners investment. “Right from our first

meeting with Idinvest at our headquarters in Copenhagen we found that we share the same values. Their backing cements our strategy to expand internationally”, explains Kasper Hulthin, one of Peakon’s four founders. Idinvest took part in Peakon’s Series A round alongside Danish venture capital investor Sunstone Capital.

Having developed and then sold several start-ups to large groups, Peakon’s associates experienced first-hand how these firms struggle to measure and encourage employee engagement. According to The Economist, 87% of C-level executives recognize employee disengagement as a threat to business while only 25% of companies have an employee engagement strategy.

This is where Peakon fits in. The firm

launched its People Analytics platform in 2016, a tool designed to accurately measure real-time human resource data using a system of short surveys sent to employees by a mobile device. By collecting and understanding this information, then reacting accordingly, businesses are able to improve employee engagement and boost productivity. Despite continued sluggish macroeconomic growth many business sectors are feeling a recruitment pinch and suffer from high employee turnover. The situation has proven the

traditional annual review to be ineffective in maintaining employee satisfaction. Peakon’s technology can now provide regular feedback so that companies can act at the right time.

“We want to bring the same level of analytics, perfectionism and scientific rigor to human resource data analysis that

is currently applied to finance and customer management”, Kasper Hulthin explains. By gathering as much information as possible about an employee’s expectations, which differ from colleague to colleague, this insight allows a company to adapt its work and salary proposals given that employee engagement tends to dwindle over time.

These tools are increasingly being used by tech giants, such as Google or Facebook. Peakon’s goal however is to bring these new solutions to smaller companies,

but with over 1,000 employees, facing the same employee engagement concerns. The application, launched at the beginning of 2016,

is already being used by Delivery Hero, German leader in food delivery to homes and offices.

With the funding round at the start of the year, Peakon has been able to accelerate its move to London, while keeping its Copenhagen headquarters, and is looking to develop further in Europe and the U.S.

Idinvest took part in the Danish firm’s first round of funding. Peakon’s solution allows companies to track employee expectations and boost their engagement.

Peakon creates hR 2.0

“We want to bring the same level of analytics, perfectionism and scientific rigor to human resource data analysis that is currently applied to finance and customer management.”

Dan Rogers, Phil Chambers, Christian Holm and Kasper Hulthin, founders of Peakon


DEBT INVESTMENTS

Novi 2, a new financing tool for SMEsCreated in July 2015 by French sovereign fund Caisse des Dépôts with backing from 23 institutional investors, the new fund managed by Idinvest Partners accompanies French SMEs with equity and debt over the long term. Novi 2 has been operating for 21 years and is endowed with €290 million.

AM trustNovi 2 invested €7.5 million in the initial private bond placement issued by AM Trust. Founded in 1995 by Jean Koja, the company specializes in document processing and management. This financing should give AM Trust the momentum to accelerate its growth through targeted acquisitions. The fund will be made available in installments as needs arise. This innovative system, part of the reason companies are attracted to Novi 2, has already allowed AM Trust to acquire Apogée France.

IzacCreated in 2003 by the Rhoum family, Izac was looking for a stable financial partner able to secure the development of a network of menswear stores over the long term. This project fits in perfectly with Novi 2’s long-term investment criteria. The fund invested €12 million in a private bond placement issued by Izac with the aim to increase the company’s network at a rate of five to seven shops per year. Izac’s network already has 53 directly-operated stores and 10 franchises.

ResidalyaNovi 2 aspires to accompany the companies in which it invests over the long term. In support of an initial private placement of €15 million and an additional €4 million in which it participated, Novi 2 raised an additional €10 million and €4 million in two further private placements issued by the Residalya Group. Founded in 2005 by Hervé Hardy, its manager, and Financière Duval, the company has climbed to 10th place in the French retirement home sector with 2,534 beds and places in 32 establishments across France. Residalya is now held by the AVH Group and its management. This financing means it can remain independent and keep its business on a human scale while guaranteeing its capacity to invest and grow.

UnIteIn a sector that is taking off, UNITe stands out as a pioneer with 30 years in renewable energies behind it. It was this stable profile that won over Novi 2. The fund invested €10 million in the company’s bond issue, one of France’s first ‘green’ Euro PP. Funding will be made in installments which is ideally suited to UNITe’s economic model. With this injection the company can commission two new wind farms with a cumulative power of 17MW and renovate five hydropower units.


DEBT INVESTMENTS

Private debtPrivate debt remains one of Idinvest’s keystone business lines. The last few months have been particularly busy with the fund investing in a large range of files.

groupe BertrandIdinvest arranged the mezzanine financing of Groupe Bertrand, allow-ing it to take full control of its traditional food service subsidiary by buying back Naxicap’s minority stake. This subsidiary has 45 brands and over 250 restaurants in France and overseas. The mezzanine fi-nancing completes a unitranche debt and a capex facility.

the Reefer groupBy participating in the financing of Miura Private Equity’s buyout of Chéreau, French leader in custom-made refrigerated vehicles, Idinvest contributed to the creation of a European leader. With backing from EdRIP, Massena and Adveq, Mieura, who had recently acquired Spanish firm SOR, will bring the two teams together to form The Reefer Group, a new player that generates an annual turnover of €220 million. The merger will generate cost synergies and offer clients a wider range of products. This acquisition comes with the reinvestment of the Chéreau group’s main managers.

groupe DestiaGroupe Destia is one of France’s leading personal domestic services operators and specializes in aid for the elderly and/or disabled and at-home childcare (Avidom and Sous Mon Toit). It has a total 75 agencies throughout France and manages 3,200 employees. In 2015, it generated nearly €40 million in turnover. Idinvest participated in the financing of a change in share-ownership, as Azulis Capital and its co-investors (BNP Paribas Développement, MACSF, Société Générale Capital Partenaires) had bought out Paluel Marmont Capital and Daniel Cremades’ majority stake. The associate-founders, Xavier Mura and Benjamin Glauberg retain a third of the capital. Groupe Destia’s aim is help consolidate the French market.

B2sB2S, a specialist in client-relations (consulting, telemarketing, debt collection service, technical assistance) generated a turnover of €150 million in 2015. The group draws on a network of 13 contact centers (in France, Morocco and Madagascar) and nearly 6,000 employees. The reorganization of the share capital, which Idinvest contributed to, will mean that B2S can sustain its development dynamic.

grand FraisIdinvest took part in the reorganization of Grand Frais’ share capital in which Denis Dumont, founder and shareholder, reinvested. The bank loan was backed by a senior debt and an investment facility. This operation will allow the food distribution group (Groupe Prosol) to continue to expand its retail network by 10 to 15 points of sales per year.

In addition to these operations, Idinvest is

involved in investments with net Company, Lima Corporate and Vitalrest.


DIGITAL INVESTMENTS

Growth capital, Idinvest's DNAInnovation requires significant capital but remains essential to secure growth. Convinced of this relationship, Idinvest Partners has financed a number of innovative companies in recent months.

BotifyIncreasing website traffic, notably on mobile devices, is essential at a time when mobile Internet use is becoming predominant. Since 2012, Botify has become the French answer to Search Marketing Analytics, a technology used in data and information analysis. Idinvest Partners participated in the company's €6.6 million funding package alongside Ventech. A sign of the rapid expansion in its market, Botify has more than 300 customers in 30 countries, in tourism (Expedia, Odigeo group, Agoda, BlaBlaCar), e-commerce (La Redoute, Farfetch, Decathlon) and media (Lagardère Active, Le Monde, Webedia, Wikia and Time Inc.).

FrichtiDigital has added another segment: FoodTech. New technologies, in particular geolocation, have allowed new services to emerge in the traditional food sector. In this flourishing area, Idinvest chose to back the expansion of Frichti, whose business model covers the entire value chain, in contrast to order or delivery platforms. Frichti creates the recipes, cooks and prepares the dishes and delivers them to its customers. Started up in 2015, the company benefits from the successful digital experience of its founders, Julia Bijaoui and Quentin Vacher, the former co-founders of JolieBox, which was then sold to Birchbox. The fundraising, which also included Alven Capital and several Business Angels, amounted to €12 million.

PeakonWithin 10 years, 75% of the working population worldwide will have been born in the XXIst century, implying a radical change in attitudes to work. Companies will have to adapt their practices accordingly to retain their best employees. Fully aware of this, Peakon has developed real time measurement tools to understand those factors underlying the commitment of a company's employees and to help senior management create a working environment that enhances wellbeing and productivity. With €4 million in funding from Idinvest and Sunstone Capital, Peakon plans to expand its tools internationally.


DIGITAL INVESTMENTS

secret EscapesLuxury travel at low prices: the British company Secret Escapes has become the specialist in exclusive online sales of 4 and 5 star hotels and holidays worldwide, with discounts of up to 70%. Profitable, Secret Escapes is currently available in 13 countries and has attracted more than 25 million members. Idinvest joined the $60 million Series C fundraising carried out by the company in Summer 2015. The fund thereby works alongside the most prestigious international venture capital companies (Google Ventures, Octopus Ventures, Index Ventures, etc.).

AzaleadAccount Based Marketing (ABM) is transforming the BtoB marketing industry by making it possible to identify, monitor and address selected accounts with targeted advertising, even when these accounts do not complete a website form. Azalead has become one of the leaders in this segment, with patented technology that integrates with customers' CRM and marketing systems. Convinced that these new tools have real potential, Idinvest participated in Azalead's €4.5 million fundraising alongside its historical investor, Aurinvest.

FinanceFoxTogether with Salesforce Venture and Speedinvest, Idinvest Partners contributed the €5.5 million for FinanceFox's fundraising. This Swiss fintech company, created in 2014, has developed a solution that facilitates insurance management for companies and their customers. The application allows them to visualize all their insurance policies in a single click and conclude new agreements or improve existing ones. These funds will be used to finance the geographical expansion of FinanceFox.

PlandayDrawing up work rosters can often be a headache in certain business sectors where hours vary considerably (hotels and catering, etc.). In order to finance its acceleration, the Danish company Planday raised $14.1 million in a second round of financing in which Idinvest participated. Founded in 2013, Planday is developing a workforce management software platform (drawing up of rosters, available in both Internet and mobile versions, inter-colleague communication system, absenteeism management, etc.). Planday already has more than 100,000 users in 24 countries around the world. The company is targeting expansion in Europe and the United States.


IDINVEST'S COMMITMENTS


IDINVEST'S COMMITMENTS

How was the Epic Foundation created? Even in my teenage years I wanted to help fight against social injustice and inequality, but I realized that first I needed the financial resources. So I spent nearly 20 years creating, developing and reselling start-ups to build up my personal assets. I then traveled around the world meeting with philanthropists, political decision-makers, and heads of NGOs and foundations, in order to understand how I could add value. I was struck by the fact that although most of the people said they had made donations, they admitted at the same time that they should have done more but that a lack of knowledge, time and confidence in the social organizations prevented them from giving as much as they would have liked. The Epic Foundation was created in order to remove these constraints.

In what way is the Epic Foundation different from other foundations?We approach the philanthropic sector with the mentality of a start-up, bringing together rigor from the world of business and growth. In 18 months, the Epic Foundation has grown from a team of five people at its New York headquarters to 20 people in three offices around the world (NYC, London and Bangkok), and will soon comprise 30 people. In addition, the Epic Foundation has an integrated approach to philanthropy based on three tools: carefully selected social organizations; a data platform that allows their social impact to be monitored; and a mobile application that allows the donor experience to be reinvented, providing donors with the latest news, photos, videos and figures on the social impact of the social organizations, together with virtual reality films for donors who are unable to travel. Lastly, we work exclusively on the basis of pro-

bono partnerships. In this way, 100% of the donations that we receive are passed on to the organizations in our portfolio.

What are the main areas in which you are involved?We have built up a portfolio of social organizations that brings together the most significant NGOs and companies in terms of their impact in the fight against the inequalities affecting children and young people, providing access to healthcare, education, first jobs, but also protecting children. We operate in six regions around the world: Western Europe, the United States, Brazil, East Africa, India and South-East Asia.

How do you select the organizations? What returns do you expect?Just like venture capital or private equity companies, we obtain the best files through our deal flow from more than 110 strategic partners around the world, who send us details of their best social organizations. We then carry out a process of due diligence on these candidates, which lasts over six months and comprises three selection stages with 45 qualitative and quantitative points of analysis in three areas: social impact, operational

management and governance. In 2015, we received 1,400 candidate applications from 85 countries and selected just 50 finalists whom we went to meet in situ, and finally chose 20.

What resources do they have?The organizations in our portfolio are first-rate NGOs or social enterprises that are very well structured, organized and managed to deliver maximum social impact. Depending on their geographic region and business sector, their budgets vary from $500K to $25M. What they have in common - in addition to their work towards helping children - is solid management teams, excellent financial management and established reporting procedures.

How is reporting to donors organized? The Epic Foundation Program team collects data at regular intervals on indicators defined jointly with the social organizations. The aim is to share with donors data that reflects the reality of the activity and social impact of the organizations. Analysis and discussions with the organizations supplement these figures in order to develop in-depth knowledge of their work, which is then shared with the donors via reports, white papers and conference calls.

Is a new form of philanthropy emerging, supported by young entrepreneurs?More and more young entrepreneurswant their company's success to be shared with society, with the idea that everyone can have an impact in the fight against inequality. This can also be seen in initiatives like "Pledge 1%", which encourages individuals and companies to donate 1% of their equity, profits, products or employee time to social organizations.

In order to contribute to the fight against inequality, Idinvest supports the work of the Epic Foundation, created by an entrepreneur.

"More and more young entrepreneurs want part of their success to be shared with society"

“ We work exclusively on the basis of pro-bono partnerships. In this way, 100% of the donations that we receive are passed on to the organizations in our portfolio.”

Alexandre MarsFounder and CEO

of the Epic Foundation


NEWS

Following Meetic, Deezer and Criteo, Idinvest has helped another French technological jewel achieve a major milestone. An internationally recognized specialist in personal health connected objects (weigh scales, activity bracelets, blood pressure monitors, etc.), Withings will continue its expansion under the Nokia umbrella. In buying the company, the telecoms equipment maker wants to make Withings its spearhead to attack the global health connected objects market, a sector deemed strategic by Nokia's management. Cédric Hutchings, co-founder of Withings, will head the Finish group's new entity.

The transaction was concluded on the basis of a price of €170 million, reflecting Withings’ current position-ing and, in particular, the quality of its portfolio of products under develop-ment. With Nokia, the company has access to the financial, marketing and industrial resources that are essen-tial to this type of consumer activity.

Created in 2008, Withings has been financed by Idinvest since a funding round totaling €23.5 million in 2013. Idinvest's contribution amounted to €6 million. The sale of this investment generated a TRI of more than 50%.

The Chance Program: a bridge between France and AsiaBringing together private equity professionals from around the world, the International Private Equity Market held in Cannes in February 2016, was the perfect opportunity to highlight the Chance program, the Euro-Asian investment platform created in July 2015 under the aegis of the countries' two governments. A dinner hosted by Jean-Pierre Raffarin, former Prime Minister, and Christophe Bavière, Chairman of Idinvest, was attended by a dozen Chinese and Korean investors, including Ping An, Bank of China, ICBC, NH Investment & Securities and KIC-Europe.Chance, a contraction of China and France, enables a bridge to be created between Europe and Asia, offering Asian investors easier access to European markets and helping them to become familiar with the local strategies and the environment, and to take advantage of attractive investment opportunities. On their side, French and European companies can benefit from the networks of these Asian investors to speed up their deployment in this country.

The French President visits Forsee PowerForsee Power had the honor of hosting a visit by French President François Hollande on March 10, 2016. Organized to coincide with the inauguration of new cleantech premises to promote the "SME Hiring" initiative, this visit, which lasted more than two hours, was used to highlight Forsee Power's growth prospects. Located in Moissy-Cramayel, in Seine-et-Marne, France, the company spe-cializes in batteries for the portability, mobil-ity and stationary energy storage markets.Since 2013, Forsee has been financed by Electra- nova, the cleantech venture capital fund managed by Idinvest and sponsored by EDF. The funds provided have been used to develop the Cramayel plant, as well as for the launch of new automated battery assembly lines at the Canton region site in China.

A new industrial milestone for Withings


NEWS

How to support the objectives set by China’s 13th Five-Year Plan with an innovative Sino-European investment platform? As a speaker at BOAO Forum in March 2016, Christophe Bavière, Idinvest CEO, provided answers to an audience of top-tier thought leaders in Hainan, China. Focused on the rebalancing of the Chinese economy from export-led investments towards service-oriented domestic consumption, the 13th Five-year Plan holds a fivefold consequence for businesses:

•-The need for international cooperation in science and technology: innovative development

•-The need to invest in all regions of China: coordinated development

•-The need for investment in environmental protection and low-carbon production: greener development

•-Support for initiatives like One Belt & One Road: open development

•-The need to expand scale and scope of consumption with bigger middle-income group (in culture, tourism, high-quality goods): shared development.

Idinvest at BoAo ForumChina’s 13th Five-Year Plan strongly emphasizes new priorities in consumption, innovation, social welfare and health. Reaching these objectives will be a challenge for businesses and Idinvest Partners is actively playing its part.

« SEES »: Innovation cooperation and common growth between China and Europe On 13th and 14th June, Idinvest Partners was invited as a guest speaker at the 6th Sino-European Entrepreneurs Summit (SEES) held in London. SEES is presented to leading entrepreneurs as a large annual conference, in which entrepreneurs and thought-leaders discuss major global topics and establish cooperation. The Summit intends to be a catalyst for the globalization of Chinese enterprises, boosting their economy, building internationally recognized brands, rejuvenating the Chinese nation and other key national strategies.

This year, more than 400 participants including former Prime Ministers: Jean-Pierre Raffarin (France) and Gordon Brown (UK), corporate groups such as China Minsheng Bank and Fosun. Furthermore, entrepreneurs, financing institutions and researchers were gathered to discuss mutually beneficial Sino-European cooperation. As a guest speaker, Idinvest Partners’ CEO Christophe Bavière shared his own experience in providing funding to innovative SMEs in Europe. He stressed the potential for tremendous value in the investment in small and medium sized European companies for Chinese funds. Firstly, for strategic reasons, as many SMEs have excellent technical and business-model innovations, which can be considered great accelerators of growth. Secondly, for financial reasons, the potential of such companies is often overlooked which allows for significant financial returns. However, due to a lack of experience and network, gaining access to the best investment opportunities can often prove to be difficult. This is why the help of an established PE player such as Idinvest Partners is essential.

« Créative France »: Supporting dynamic innovation in French companiesIn April 2016, Idinvest contributed to the opening forum of Business France’s global campaign “Créative France” in China. Sponsored by Business France and Comité France Chine, “Créative France” is a global program aiming to promote French advanced innovation and technology and create ties with innovative counterparts abroad. The forum’s topic was “Creativity on every front: the future of France – China Business relation”. Introduced by French Ambassador in China, Mr. Maurice Gourdault-Montagne, selected French and Chinese start-ups illustrated the potential for synergies and the mutual benefit for French and Chinese innovation ecosystems. As a leader in European mid-market private equity, Idinvest shared how fundamental financing and support were to help those start-ups grow into world champions, much in the same way as Criteo did.

Idinvest and Born2Global support European and Korean start-upsThe state visit earl of President of the Republic of Korea, Park Geun-Hye, to France, early June was another opportunity for Idinvest to reiterate its strong support to transform innovative start-ups into global SMEs. Idinvest hosted a delegation of 15 Korean start-ups who had the chance to pitch and network at Idinvest offices. On this occasion, a MoU was signed with Born2Global, a state agency within MSIP (Ministry of Science, ICT and Future Planning), to promote cross-fertilization and internationalization of innovative European and Korean start-ups.


IDINVEST IN ThE PRESS

24/04/2016

03/02/2016

26/05/2016

05/2016

SME Lending: Transmission revamp«“While banks are happy to lend short-term capital, such as working capital, to a large well-financed company, they are more reluctant to provide any financ-ing which will have a higher capital cost under Basel III,” says Christophe Bavière, CEO of Idinvest, a private debt and equity specialist focused on SMEs.»

09/06/2016

IPo markets languish in doldrums«“It takes time to build a business,” Mr Grossmann says, claiming that his rule of thumb is for compa-nies to have traded for at least eight years before moving to an IPO. There are no “quick fixes” to preparing a company for a listing, he adds.»

Idinvest eyes summer close for third secondaries fund«The firm hopes to close its third secondaries fund, Idinvest Secondary Fund III, on its €400 million target by the end of the summer, said Bavière, which will represent a significant rise from its €250 million 2014 predecessor. The typical size of deals from this fund will be around €40 million.»

11/05/2016


IDINVEST oNLINE

SWEN Capital Partners singles out Idinvest's ESG practicesIdinvest's environmental. societal and governance (ESG) commitments were recognized in the Private Equity/Mez-zanine Debt category of SWEN Capital Partners' "ESG Best Practices Honors 2016".

The award recognizes Idinvest's over-all ESG approach and in particular, the inclusion of ESG clauses in the legal documentation relating to the financed companies. Over the past three years, SWEN Capital Partners has analyzed nearly 200 management companies using a set of CSR (Corporate Social Responsibility) and RI (Responsible In-vestment) criteria.

In total, 26 companies were nominated in five categories.

Idinvest onlineWhat better way to share professional experiences, forge new relationships and develop knowledge than on social networks! Guillaume Durao and Jonathan Userovici, venture capital investors at Idinvest, recently put two posts on social networks about the dynamism of the entrepreneurial scene in Denmark, a country in which Idinvest is particularly active via its stakes in Peakon and Planday.

You’ll find their articles at and :→ “Why I’m investing in Danish startups” by Guillaume Durao→ “140+ Hot Danish Startups to Follow” by Jonathan Userovici

Idinvest accelerates the digitalization of insurance, with InnovAllianzIdinvest Partners was selected by Allianz to manage InnovAllianz, a strategic investment fund dedicated entirely to funding the start-ups that are shaking up the world of insurance. InnovAllianz will support companies in connected objects, the sharing economy, fintech, BIg Data, etc. - new technologies that enrich the customer experience and allow new solutions to be invented. This innovation

equity fund, 100% subscribed by Allianz, will prioritize French businesses in the seed, start-up or expansion phases. It intends to remain a minority shareholder alongside the founders. Already operational, InnovAllianz has taken a stake in the capital of SmartAngels, an equity crowdfunding platform, and has invested in a start-up specialized in the short-term rental of retail space.

Idinvest gets involved in the French Touch Conference in New YorkSeven minutes to convince an investor. Entrepreneurs are used to this kind of pitch. But less so when they have to make their pitch on an airplane above the Atlantic. For its 3rd New York conference on 21-22 June, French Tech demonstrated its innovative approach by allowing six start-ups chosen by Idinvest to present their business models to Axelle Lemaire, French Secretary of State for the Digital Sector. Benoist Grossmann, Managing Partner of Idinvest, was a member of the seven-person jury responsible for selecting the start-ups that were then given the

opportunity to present their project to an audience of investors gathered together in New York, on solid ground this time. This third American conference for French Tech, on the theme "David and Goliath", was able to demonstrate to large groups, the benefits of working with start-ups and vice versa.

Benoist Grossmann, Idinvest Managing Partner, was appointed Vice-Chairman of AFIC on June 15, 2016.

Matthieu Baret and François Lacoste received this award on June 16, 2016.


RECRUITMENT

New recruitments

Emmanuelle Pierret is an Investment Director for the Novi 2 fund. Before joining Idinvest in January 2016, Emmanuelle spent 14 years with Naxicap Partners. She was involved in more than 15 private equity transactions, as minority or majority shareholder. In 2015, she was a member of Naxicap Investor Relations team.Emmanuelle graduated from Audencia Business School.

sophie Béric is a Strategic Projects Director within the Strategy team. She is in charge of managing Idinvest's transversal and international projects. After three years at BNP Paribas' General Inspection and three other years in Asset Management (BNP Paribas, Edmond de Rothschild), Sophie created her own consulting practice in marketing and strategy, catering to a diversified clientele of asset managers, private banks and entrepreneurs. In particular, she provided pro-bono consulting to social businesses and young start-ups. Sophie holds an MBA from HEC Paris. She graduated from Sciences-Po Bordeaux and from the Institut d'Administration des Entreprises at Bordeaux.

stéphanie Courtadon is the Head of Marketing. She is responsible for Marketing and RFPs. Before joining Idinvest Partners in 2016, Stéphanie was most recently Head of Marketing and Development at Siparex. In 2008, she was appointed Head of Investor Relations and Marketing at Crédit Agricole Private Equity. Prior to this, Stéphanie gained over 10 years of experience in asset management, holding several marketing roles including Head of Global Marketing Coordination at AXA Investment Managers and HSBC Epargne Entreprise. Stéphanie is a graduate of ESSEC Business School and holds a Master's in Environmental Law from the Sorbonne and Assas Paris Universities as well as a Master's in Wealth Management from Aurep.

Alexandra Mailliet is a Marketing and RFP Analyst. She works within the Business Development team and helps produce sales and marketing materials as well as prepare responses to requests for proposals (RFPs) and investment proposals. Before joining Idinvest Partners in 2016, Alexandra completed internships as an Investment Analyst at Truffle Capital and as an ECM Analyst at Euronext. Alexandra graduated from ESSCA in Financial Markets and obtained the AMF Certification (French Regulator).

thorsten Kern is an Analyst. He analyzes private debt investment cases (mezzanine, unitranche, senior). Before joining Idinvest Partners in 2016, Thorsten worked as an analyst intern for the private equity investor GIMV in Munich, at Park Square Capital in London as well as for BlackRock. Thorsten graduated in economics from Grinnell College and The London School of Economics.

Mehdi Moumen joined Idinvest Partners in February 2016 as a Junior Portfolio Manager. As such, he is responsible for monitoring our portfolio companies (Senior debt, Mezzanine and Unitranche).Before joining Idinvest, Mehdi had experience within the Transaction Services department of KPMG. Mehdi graduated from EM Lyon Business School and also studied at East China Normal University in Shanghai.

Camille Peretti is Marketing and RFP Analyst. She helps produce sales and marketing materials, prepares responses to requests for proposals (FRPs), due diligence and investment proposals. Camille graduated from Sciences Po Paris and IÉSEG School of Management.

Thorsten Kern

Stéphanie Courtadon

Emmanuelle Pierret

Sophie Béric

Alexandra Mailliet

Mehdi Moumen

Camille Peretti


RECRUITMENT

Agathe Bubbe is a Marketing and RFP Analyst. She works within the Business Development department and helps produce sales and marketing materials as well as prepare responses to requests for proposals (RFPs) and investment proposals. Before joining Idinvest Partners in 2016, Agathe completed several internships for Edmond de Rothschild in Paris and London. Agathe holds a MA from Warwick University and is a graduate of Westminster University in London.

Fabien Afchain is an Investment Director. He sources, analyzes, and structures investments within the Private Debt and Strategy & Solutions departments, with a specific focus on asset-based financings. Before joining Idinvest in 2016, Fabien gained over 20 years of experience in equipment finance. After beginning his career in marketing at UFB Locabail he went on to become Network Manager for Siemens Finance, then Company Secretary for Parsys, Managing Director for Comprendium and then Head of Manufacturing for GE Capital. Fabien holds an Executive MBA from HEC and a Master II in banking, finance and risk management from Paris XIII.

As an Analyst in the Venture Capital team, Jonathan Userovici sources and analyzes new investment opportunities in the digital sector in France and in the rest of Europe. He also works with our portfolio companies.Prior to joining Idinvest in 2015, Jonathan participated in fundraisings and mergers & acquisitions in the Technology, Media & Telecommunications sectors at Bank of America Merrill Lynch. He also worked for Rocket Internet as an Entrepreneur-in-Residence in the Philippines. Jonathan graduated from HEC Paris and is pursuing a Master of Research (Financing innovation) at Ecole Polytechnique.

Cindy giraud is the Communication Manager. As such, she manages all Idinvest's digital aspects and helps manage internal communications and events. Before joining Idinvest Partners in 2015, Cindy completed several internships working as a Junior Digital Project Manager in the Bank and Luxury sectors.Cindy graduated from ESSCA Business School with a Webmarketing Master's degree.

Rami Abdelazim is a Back Office Manager.Before joining Idinvest in June 2015, he completed a work-study program, working in BNP Paribas' cash management department as a payments analyst, and drafting international guarantees at Crédit Agricole Corporate and Investment Bank.Rami has a degree in banking and finance from Paris V Descartes University.

Kristján ssossé is a Financial Controller.Before joining Idinvest Partners in 2016, Kristján worked in the Middle Office of Société Générale Capital Partenaires. He also worked as a Cost Controller within the Financial Division of Société Générale Corporate and Investment Banking (SGCIB), where he started his career in 2011. Kristján Ssossé graduated from Toulouse Business School and Plymouth Business School.

Jonathan Userovici

Agathe Bubbe

Kristján Ssossé

Cindy Giraud

Rami Abdelazim

Fabien Afchain

117, avenue des Champs-Élysées75008 Paris - France

+33 (0) 1 58 18 56 56 – www.idinvest.comS.A. à Directoire et Conseil de Surveillance – RCS Paris B 414 735 175Société de gestion agréée par l’AMF sous le n° GP 97123

CoNTACTS

sophie BericStategic Projects [email protected]

solomon MoosInvestor Relations [email protected]

InsIghts - Idinvest Partners · JULY 2016 Idinvest Insight | 5 be invested in three or four...

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