How We Invest

One investment philosophy. Two strategies.

We invest through two complementary strategies, Flagship and Mid-Cap, applying the same disciplined approach across both.
We invest in international B2B leaders where our sector depth, deal creativity and value creation expertise unlock growth.

The difference is the scale of the companies we back, not how we invest. We deliberately invest where our depth gives us an edge.

Astorg Flagship

We invest in established international B2B leaders in the upper mid-market buyout. to unlock their next phase of growth.

€500m>€1.5bnTarget Enterprise Value

Astorg Mid-Cap

We invest in ambitious European mid-market buyout businesses with the potential to become tomorrow's international leaders.

€100m > €500mTarget Enterprise Value

Focused by design

Our focus is deliberate. We invest selectively in international B2B leaders across Healthcare, Technology and Business Services - companies with strong market positions, differentiated products or services, international reach and multiple ways to grow.

We target around 10–20% of each core sector, going deeper into the subsectors we know best. This allows us to build deeper knowledge, stronger networks and the conviction to invest with a clear view of long-term growth potential.

~20%
of investible market in healthcare sub-sectors
~20%
of investible market in technology sub-sectors
~10%
of investible market in business services sub-sectors

“Flagship is about combining the scale and ambition of international leaders with the focus, agility and close partnership needed to create lasting value.”

Lorenzo Zamboni

Partner, Co-Head Flagship & Head of Italy

Investment philosophy

We focus on businesses with strong fundamentals - where product criticality, pricing power and resilient demand underpin long-term value creation.

Sector depth

How we find and create opportunities

Our sourcing is driven by sector expertise. We build deep insight into a focused set of subsectors, tracking companies over time and developing a clear view of market dynamics, value creation potential and strategic inflection points. This allows us to originate opportunities ahead of a process, shape differentiated deal situations and access transactions where our perspective and preparation create an edge.

Our expertise

Creative dealmaking

We focus on situations where our expertise, preparation and creativity make a difference - including primary investments, complex carve-outs, public-to-private opportunities and structured transactions. We seek to create and shape our own deal opportunities, rather than simply respond to auctions and market processes.

Management teams

How we partner

We partner with founders, entrepreneurs and management teams who think and act like owners. From the outset, we align on priorities, performance ambitions and the organization needed to deliver them, building long-term partnerships focused on execution and value creation.

"Mid Cap allows us to identify exceptional businesses early and support their development. We are uniquely positioned thanks to the scale of the Astorg platform, which combines deep sector expertise, international reach, and extensive operating capabilities to accelerate growth.”

Lionel de Posson

Partner, Head of Astorg Mid-Cap

How we Invest in numbers

~100

Investment Professionals

31%

Realized annual return in core sectors

2.8x

Realized gross MOIC in core sectors

60%

Primary investments in Astorg VIII

10869 Lau 4136©laurinepaumardphotographe V2

Our People

Meet The Team

Our investment team combines sector expertise, deal experience and long-term perspective. Working closely with our Portfolio Performance team, they develop conviction early and partner with management teams to turn growth potential into value.

Meet our investment team