- Announcing a new strategic and shareholder partnership with Candriam, a European multi-specialist asset manager, held by New-York Life Investments
- Appointing two new managers in connection with the renewal of governing bodies
- 24 new investments, including six internationally, and 55 external growth operations led by teams of Andera Partners
- Strengthening of international presence with the opening of an office in Madrid
Andera Partners, a leading player in private equity, had a particularly active year in 2024 with €683 million deployed (+10% as compared with 2023), €436 million in disposal proceeds and €650 million raised.
Through its six investment teams, Andera Partners affirms its position as a leading European multi-specialist management company, at the crossroads of transformation and economic impact. With already close to €4.5 billion in AUM, Andera Partners has exceeded its 2025 target and now seeks to reach between €7 and 8 billion in AUM by 2028.
In 2024, Andera Partners reaffirmed its international objective and strengthened its presence and its mark in countries neighbouring France with the opening of a new office in Madrid which follows the opening of offices in Antwerp in 2019, Munich in 2021 and Milan in 2022.
2024 HIGHLIGHTS
– Announcing a strategic partnership through which New York Life Investments – a diversified and global asset manager managing US$750 billion in assets – acquired, through its network of affiliates, a 40% minority interest in Andera Partners enabling Andera Partners to increase its distribution channels with access to the networks of Candriam and New York Life Investments (Europe, Asia, the Middle East and North America).
– With a deployment of €683 million, a 10% increase in relation to 2023, its six activities carried out 24 investment operations and 50 reinvestment operations. The disposal proceeds reached €436 million, with an average multiple of 2.3x.
Significant disposals in 2024 included:
- HR Path, a leader in HR consulting, acquired by Ardian (April 2024)
- Amolyt, specialising in the development of therapeutic peptides targeting endocrine diseases, acquired by AstraZeneca (July 2024) o Octime, a publisher of HR management solutions, acquired by IK Partners (July 2024)
- Redslim, a Swiss group specialising in data management, acquired by Astorg (November 2024).
– The €650 million raised in 2024 through the raising of the Andera Smart Infra I fund, whose final closing (€233m) occurred in February 2024, and the ongoing fundraising of Acto V and of Andera Co-Invest 2.
– The pursuit of international development, with six investments in companies outside France, i.e. 25% of new investments, and 29 external growth operations abroad. Andera also announced the opening of a new office in Madrid in November 2024.
– In October 2024, Andera Acto partnered with MACSF to create Andera Dette Privée, an innovative monetary unit of account in mezzanine private debt, incorporated in life insurance contracts, retirement savings plans and capitalisation contracts. This initiative, which seeks to support the growth of French and European small-and medium-sized and intermediate-sized companies committed to decarbonisation, reflects the expertise of Andera Acto in terms of unlisted financing and sustainable performance. More than €160 million have already been subscribed in three months.
– In 2024, Andera Partners continued to make innovation an essential component of its investment strategy, thus consolidating its role as a catalyser of progress in high-impact sectors:
- The Andera Life Sciences team illustrates this commitment with 26 companies in the clinical development phase conducting 36 advanced clinical trials, which have already resulted in the approval of four new products
- The Andera Infra team is fully in line with this objective with five new investments in 2024 in sustainable infrastructure projects in France and Belgium. The team targets companies in early growth phase, thus responding to a market need while releasing a strong potential of value creation.
This dynamic reflects our objective to support projects at the forefront of research, capable of sustainably transforming health and quality of life, while generating solid performances for our investors.
RECURRENT LIQUIDITY, THE PILLAR OF THE ANDERA MODEL
As in previous years, we continued the constant movement of distributions. In 2024, Andera Partners distributed €436 million in disposal proceeds, confirming our capacity to generate regular liquidity. Our primary focus is on liquidity: we build our portfolios and choose our investments with a constant concern to transform it into tangible distributions for our clients.
Our multi-strategy model offers a key advantage: an investor present in several of our funds benefits from a continuous liquidity flow, without suffering from market downturns. This is a model which is not based on cycles: whereas certain strategies are in a divestiture phase, others are entering maturity, thus ensuring regular flows.
130 PORTFOLIO COMPANIES
As at 31 December 2024, Andera Partners supported 130 companies, whose cumulative turnover amounted to more than €7 billion. In an uncertain economic context, the companies supported by Andera Partners continued to grow more rapidly than their macro underlying assets: this results from a sustained external growth policy with 55 buildup operations, including more than half from abroad.
Andera Partners is thus renewing its strategy to build and strengthen small-and medium-sized and intermediate-sized companies by supporting them in their bid to internationalise.
In addition to financial growth, the Andera Partners teams also seek to ensure the development of healthy partnership growth, notably through the social footprint of portfolio companies. Thus, the companies supported by Andera Partners in 2024 represented:
- Almost 40,000 employees
- Close to 4,000 new jobs created
- 2,500 employee shareholders
ANDERA ACCELERATES ITS SUSTAINABLE TRANSFORMATION TO CREATE AND PROTECT LONG–TERM VALUE
After having established a strategy and ambitious priorities, we strengthened our support mechanism for companies. More than 60 companies were supported in their CSR approach since 2021 and 13 are committed to or in the process of committing to Science Based Targets (SBTi).
Convinced that responsible investment is essential to improve performance and positive impact, our commitments are reflected by concrete results:
- 70% of emissions of our portfolio are now covered by a measure, 50% by a validated trajectory and 50% are the subject of action plans
- 100% of companies are the subject of biodiversity impact and dependency assessments.
Our funds currently being raised reflect this ambition specifically with:
- Acto V, the first fund to incorporate “climate covenants”
- Andera Expansion 4, which will deploy for the first time a fund with a sustainable investment commitment
- BioDiscovery 7 which will be our first article 9 fund dedicated to health
- Andera Smart Infra 2, like its predecessor, will be Article 9 and will continue its commitment to the ecological transition.
Recognised among leaders by international ratings such as PRI, we incorporate sustainability in each of our investments, prior to, during and after the holding period. In 2025, we will continue to accelerate the development of our companies toward a more sustainable, resilient and value-creating model.
2025: ANDERA PARTNERS RENEWS ITS TWO PRINCIPAL GOVERNING BODIES
- the Board of Partners, the policy body for the major decisions of Andera Partners. In February 2025, it is composed of 13 members appointed from among the partners of the management company
- the Management, which implements the strategic policies and spearheads the management company on a daily basis. Two partners elected from among the partners of Andera Partners.
In February 2025, Stéphane Bergez (Andera Acto; joined Andera Partners in 2016) and François-Xavier Mauron (Andera MidCap; joined Andera Partners in 2010) are appointed Managing Partners of Andera Partners for a period of two years.
In 2025, priority will be given to:
- The widening of the investor base of Andera Partners by targeting the main European players in addition to the implementation of a strategic partnership with Candriam
- The finalisation of the fundraising of Acto V, Andera Co-Invest 2 and the acceleration of the renewal of our other series of funds (Andera Expansion 4, Biodiscovery 7, Andera Smart Infra 2, Andera MidCap 6).
The main objective of this new Management is to contribute to reaching the fixed cap of €7 to 8 billion in AUM by 2028 and to continue to widen the presence of Andera internationally.
The growth of Andera Partners in the coming years will be achieved by dynamic activity in three major investment sectors, notably health (Andera Life Sciences), the financing and transfer of small-and medium-sized and intermediate-sized companies (Andera MidCap, Andera Acto, Andera Expansion/Croissance, Andera Co-Invest) and energy transition (Andera Infra), by pursuing the internalisation of activities, as well as by the acquisition of additional management companies in line with the development model of Andera Partners.
Stéphane Bergez and François-Xavier Mauron, Managing Partners of Andera Partners, noted:
“In an environment marked by economic changes and a dynamic of consolidation of the private equity market, Andera Partners pursues its development by relying on the strength of its convictions and its solid model. True to our history, we have always chosen to forge our own path, by transforming market changes into opportunities. The strategic partnership with Candriam and New York Life Investments, as well as our international expansion illustrate this dynamic. In 2025, we will continue to strengthen our presence in Europe and beyond, by placing innovation, sustainable performance and positive impact at the heart of our actions”.