Cervinvest Capital Launches €500M Scale Fund

Cervinvest Capital, a prominent player in the French lower mid-market private equity arena, is embarking on a significant expansion with the introduction of its second investment strategy, dubbed 'Scale'. The firm aims to raise an initial €500 million for this new venture, signaling a robust growth phase for the Paris-based entity.

This strategic pivot is spearheaded by Maxence Radix and Guillaume de Jongh, who recently assumed leadership roles and majority ownership of Cervinvest Capital. Both executives bring a wealth of experience from their previous tenures at Capza, with Radix departing in September 2025 and de Jongh in March 2026. Their commitment to the firm's future is underscored by their personal investment, pledging 20% of the Scale fund's fundraising target and having already secured capital for initial deployment.

The 'Scale' fund is designed to address the dynamic needs of the lower mid-cap segment through a dual approach, integrating flexible equity solutions with a buy-and-build platform strategy. This innovative combination is expected to unlock value in fragmented markets and support ambitious growth trajectories for portfolio companies within France's vibrant economic ecosystem. The French lower mid-market, a critical engine for job creation and innovation, continues to attract significant investor interest, with specialized funds like Cervinvest's Scale strategy playing a vital role in its development.

Complementing the launch of the Scale fund, Cervinvest Capital is also broadening its geographical footprint. The firm has established new offices in Italy and the Netherlands, with plans to open a third international base in either Germany or Spain by late 2027. This pan-European expansion is a strategic move to enhance deal sourcing capabilities and better serve a diverse client base across key continental markets, reflecting a growing trend among European PE firms to diversify their operational reach.

This ambitious new chapter for Cervinvest Capital follows the successful conclusion of its inaugural fund, Matterhorn I. The small-cap focused vehicle, managed by founding partners Marc-Antoine Janny and Antoine Rouland, announced its final close in February 2026, amassing €110 million. The strong performance and finalization of their initial fund provide a solid foundation and a proven track record as Cervinvest Capital now focuses on scaling its operations and investment mandate with the new Scale strategy.