While the Partech development may have been interpreted as a shot against the trans-Atlantic model for venture capital firms, not many would argue against the pan-European approach that more and more private equity firms are taking. A recent example is NBGI Private Equity opening an office in Paris this month. Small and mid-cap activity has been picking up on the continent and that’s NBGI’s bread and butter. They’re looking to make investments in France between 3M and 15M euros.
The French market can be quite unique (just ask Permira who had to close their Paris office for all intents and purposes) and NBGI hired two locals which is ALWAYS the way to go when starting an office out of your home market. Interesting to see if they’ll be well integrated with the other offices (similar to Cinven) or if they’ll be more siloed (like CVC). Whatever works!