Fund: Eurazeo Secondary Feeder Fund V

Eurazeo Secondary Feeder Fund V is dedicated to financing mature secondary transactions in private equity assets. These transactions will focus on mid-cap European assets through fund buyouts, direct secondary transactions and co-investment.

The Eurazeo Secondary Fund V Feeder invests alongside the Eurazeo Secondary Fund V, Eurazeo's fund for institutional investors.

Eurazeo has been a recognised player in the secondary market for over 20 years. The dedicated investment team, Private Funds Group, is currently made up of 11 experts who have deployed over €2.8 billion through more than 75 transactions.

Why choose to invest in secondary markets in 2025?

Favourable market conditions		Attractive risk/return profile		Strategy in constant growthte
In 2023, disposals fell by 27% year-on-year and by 66% compared with the peaks reached in 2021(1). The difficulties associated with exits from the private equity market mean that dealflow is becoming substantial, and the opportunity to choose quality assets much more important. In addition, the acquisition price of its assets is also falling, with a drop in the value of exits of -44% in 2023, without the quality of the assets being affected.		Eurazeo benefits from expertise in the selection of secondary transactions, with a loss rate of less than 0.6%, and the achievement of a net performance in excess of 15% on the last three funds (ESF II, ESF III and ESF IV). Downside protection and enhanced visibility on assets at an advanced stage of maturity make secondary a strategy with consistent returns.		The secondary market is experiencing unprecedented growth, with volumes more than doubling since 2018, driven by the resumption of fundraising on the primary market. By 2030, its size should triple again according to our estimates(3), and continue to offer diversification to retail investors.

(1) Source: French private equity activity in 2023 - France Invest. (2) Source: Global Private Equity Report 2024 - Bain & Company.

This fund is aimed at all types of investor wishing to gain exposure to private equity as part of a strategy to diversify their assets over the long term. In particular, it offers:

• Exposure to the secondary market, an asset class generally reserved for institutional investors
• Direct and indirect access to the capital of unlisted European SMEs and mid-caps with solid financial profiles
• Strong diversification over the long term: secondary market investments are an opportunity for investors looking for diversification and potential long-term performance, while at the same time wishing to give their assets an entrepreneurial dimension, in return for a risk of capital loss in particular.

Thanks to their long-standing expertise, our investment teams select diversified mid-market buyout funds with low leverage and managed by experienced professionals recognised for their past performance. The portfolio aims to consist of :

• 25 to 30 secondary transactions giving exposure to over 100 companies
• Transactions such as GP-led, LP interests and co-investments
• Funds invested in European assets
• Funds with 4 to 5 years to maturity

For more details on the strategy and composition of the portfolio, please refer to the fund documentation.

Investors are invited to consider all the risks inherent in investing in units of the Fund, which are detailed in the Fund Regulations. The risks listed below are an extract of the risks mentioned in the regulations:

Risk of capital loss. An investment in the Fund entails a risk of low return or even partial or total loss of the amount invested in the Fund. In addition, as the Fund offers no capital guarantee, the capital invested may not be returned in full.

Risk of illiquidity of the Fund's assets. The Fund will mainly hold securities that are not admitted to trading on a financial instruments market and whose liquidity may be low or non-existent. As a result, and although the Fund's objective will be to organise the disposal of its holdings under the best possible conditions, it cannot be ruled out that the Fund may experience difficulties in disposing of such holdings within the timeframe and at the price level desired or initially envisaged.

Risks inherent in all equity, quasi-equity and mezzanine investments. The purpose of the Fund is to provide companies with immediate or long-term equity financing. As a result, the Fund's performance is directly linked to the performance of the companies in which it invests, which are subject to a number of uncertainties, such as a downturn in the business sector, a recession in the geographical area, substantial changes in the legal and tax environment, unfavourable exchange rate movements, etc.

Past performance is no guarantee of future performance.