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Altaroc Odyssey 2024
Key Statistics
Fund Size
€355M
Target Return
20.4%
Launch Year
2024
Min. Investment
€100,000
Availability
Closed
Structure
French FPCI (fonds professionnel de capital investissement) with ELTIF classes
Product Category
Closed-end
Domicile
France
GP Type
Multi
Liquidity Level
Low (5+ years)
Management Fee
2.5%
Carry
20% on coinvestments
High Water Mark
No
ISIN
FR001400P8N2
Currencies
EUR
Investor Eligibility
Professional
Liquidity Options
10 year + 3x 1 year extension possibility
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
5 out of 7
Annual Returns (KID Scenarios)
Stressed
4.2%
Moderate
12.5%
Favorable
20.4%
Average Total Cost Level (KID)
3.34%
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Portfolio Composition
Information about fund
Four Top-Tier Managers in One Vintage
Altaroc Odyssey 2024 is the fourth vintage of Altaroc’s programme packaging institutional private equity funds for wealthy private investors in France and Europe. Sold from April 2024 to March 2025 as a French FPCI (fonds professionnel de capital investissement) with ELTIF classes for other European investors, it closed on 31 March 2025 with €355 million. Eighty percent goes into a handful of funds from four managers — Vitruvian Investment Partners V, Thoma Bravo XVI and Thoma Bravo Discover V, Summit Partners XII, and Bridgepoint’s Europe VII, Development Capital V and VIII — and 20% into co-investments, the first being Qlik alongside Thoma Bravo.
Key Figures
Size
€355M
Closed 31 March 2025
Target
13% IRR
1.7x commitment, before tax
Allocation
80 / 20
Funds / co-investments
Minimum
€100,000
Via wealth managers
Fees
2.5% → 1.65%
By amount; 20% carry on co-invests
Term
10 yrs
+ up to 3 × 1 year; risk 5/7
Portfolio
Underlying Funds (altaroc.pe)
| Vitruvian Partners | Vitruvian Investment Partners V — €70m |
| Thoma Bravo | Thoma Bravo XVI — €40m; Thoma Bravo Discover V — €45m |
| Summit Partners | Summit Partners XII — €70m |
| Bridgepoint | Bridgepoint Europe VII — €80m; Development Capital V — €35m; Bridgepoint VIII — €50m |
| Co-investments | Qlik (with Thoma Bravo); further deals to follow |
Target, Terms and Risk
The target is a 13% annual return and 1.7 times the commitment before tax over a 10-year life with up to three one-year extensions, in a portfolio balanced between Europe and North America and tilted to software, healthcare, B2B services and digital consumer. Minimum subscription is €100,000; management fees step down from 2.5% to 1.65% a year depending on the amount subscribed, and a 20% carry applies to co-investments only. Capital is called over several years, there is no liquidity, and the synthetic risk indicator is 5 of 7 with a KID moderate scenario of 12.5% a year.
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