COLLECTIVE
“A fund's real asset is becoming its operational capability.”
Dominique Senequier, President of Ardian · La Jaune et la Rouge, Sept. 2026 ↗
Buy → raise debt → optimise the structure → sell.
Buy → transform → accelerate → professionalise → grow → sell.
What the studies say.
Average IRR with an operating partner at entry and exit, versus without (118 deals).
France Invest × Alvarez & Marsal, 2nd Operating Partners Club study, Dec. 2024 ↗
operating partners identified in France, 2019 → 2024.
France Invest × Alvarez & Marsal, 2nd Operating Partners Club study, Dec. 2024 ↗
average holding period, 2017 → 2024.
Deloitte × I&S Adviser, April 2026
companies facing a transfer by 2030; fewer than 30% of sellers prepare two years ahead.
Bpifrance Le Lab, Nov. 2025 ↗
annual productivity gains of sector-leading firms, versus the rest.
La Fabrique de l'industrie × McKinsey × Ipsos, April 2026 ↗
SMEs' share of French business revenue, versus their share of exports.
Bpifrance Le Lab, Beyond Borders, 2025 ↗
Tools built from real assignments.
White papers by partner Renaud Perrier. His newsletter is also on Substack.
The Invisible Debt
Spotting, before the deal, the hidden technical and organisational debt that skews an investment thesis.
Read ↗Product Alpha Scorecard
Assessing and steering product value creation in a portfolio company, beyond ARR.
Read ↗Product Alpha IA
Telling real AI IP from a wrapper, and measuring the impact on gross margin.
Read ↗The License to Operate
A digital-compliance maturity framework for supply-chain risk (SCRM), usable as an investment signal.
Read ↗Two questions per White Paper.
Excerpt from the full FAQs, available on each White Paper.
Why is technical debt a financial due diligence topic?
Because it drives the Efficiency axis: a good ARR per head ratio can hide a debt that will slow every delivery and melt that ratio four to six quarters later.
The Invisible DebtWhat should be requested from a target pre-deal?
The ARR per head trajectory over eight quarters and a light debt audit: test coverage, age of the core, obsolete dependencies.
The Invisible DebtWhat is the Product Alpha Scorecard?
A four-axis framework (efficiency, retention, margin, moat) with quantified thresholds, used to read a product asset as a financial asset and compare it across portfolio companies.
Product Alpha ScorecardWhen should the Scorecard be used?
Before a term sheet to place a target, in portfolio reviews to detect an axis that is sliding, and 18 to 24 months before an exit to prepare due diligence.
Product Alpha ScorecardHow does the AI Scorecard differ from the Product Alpha Scorecard?
The generalist Scorecard sets the four-axis strategic framework. The AI Scorecard takes three of them and carries the AI-side execution, from audit to the first hundred days. The two read as mirrors.
Product Alpha IAWhat does the Moat axis measure?
The RAGAS faithfulness score and architecture maturity: RAG alone, documented fine-tuning, semantic cache.
Product Alpha IAWhat do SCRM and TPRM mean?
SCRM, supply chain risk management, is the management of supply chain risks. TPRM, third-party risk management, is the management of third-party risk, notably financial with DORA.
The License to OperateWhy does the Phase 2 to Phase 3 shift create value?
Because the tool stops being a consulted reporting item and becomes a condition of market access, which makes retention near-contractual.
The License to OperateA question about a source or a study?
« Experienced Operating Partners.
One mandate: operational execution, alongside you. »