Paris, September 12, 2025 – As part of its strategic roadmap and in preparation for the next phase of development of its Mid Cap fund, LBO France announces the reorganization of its Mid Market team.
In a less dynamic French Mid Market environment, LBO France is opening a new cycle and repositioning its activity in this segment, in line with the transformation of its platform over the past years and with investors’ expectations:
- Thomas Boulman and Jérôme Guez, who have played a key role in the success of LBO France’s Mid Market strategy since 2000, will leave the company at the end of the year.
- The commitment of the current operational and investment teams of White Knight remains unchanged: they will continue to actively support the fund’s remaining portfolio companies and to ensure the success of their exits, a necessary prerequisite for the future fundraising.
- The fundraising of the White Knight fund is postponed by 24 months, which will be used to restore the differentiating features that made LBO France’s Mid Market strategy successful. The Mid Market team will be reinforced as well.
This reorganization of the Mid Market activity is part of the broader strategic repositioning carried out in recent years, aimed at expanding LBO France’s investment platform by developing new business lines, thematic expertise, and strong local presence in high-potential geographies:
- Geographic expansion and local anchoring with majority stakes in Italy (Polis SGR) and in Africa (CGF). LBO France is thereby extending its local footprint and accelerating its development in two high-potential markets – Italy, through Polis SGR, and Africa, through CGF in Dakar, which is now consolidating its role as a regional leader with the opening of an office in Abidjan.
- Development of a range of thematic Venture Capital funds in high-impact verticals, including Digital Health (Digital Health funds), Proptech (Newstone funds), and Africa (Seedstars funds).
- Development of the Small Cap Private Equity platform, entirely repositioned since 2017 along the France-Italy axis, which has proven highly relevant in today’s market, delivering recognized performance.
Stéphanie Casciola, Chief Executive Officer of LBO France, stated:
“The reorganization of our Mid Market team marks the end of a natural cycle and fits fully into the strategic roadmap I have been implementing for more than three years. We are giving ourselves the means to prepare for the future by taking the necessary time to strengthen the team and reposition a historic activity of LBO France, which must once again be a pioneer. I warmly thank Thomas and Jérôme for their decisive contribution over the past 25 years. With more than 130 employees, LBO France is now well equipped to pursue its mission: to create lasting value for its investors, deliver performance on its existing funds, and accelerate its sectoral and geographical expansion in the years ahead.”
About LBO France
A pioneer of private equity in France, LBO France is today a leading multi-specialist and multi[1]country investment platform. Active in Private Equity, Real Estate, Venture Capital and listed markets, the firm has, in recent years, expanded its activities across Europe – notably in Italy through its subsidiary Polis SGR – as well as on the African continent through its subsidiary CGF Bourse. Wholly owned by its management, LBO France is a founding member of the International Climate Initiative and among the first signatories of the France Invest Gender Equality Charter. For more information: www.lbofrance.com
LBO France media contact
Nizar Berrada, nizar.berrada@taddeo.fr
+33.(0)6.38.31.90.50
Julia Paget, julia.paget@taddeo.fr
+33.(0)6.38.55.68.78