General Inquiries

Investor Relations

Geneva

New York

London

Cairo

ACE & Company (“ACE”) is a multi-stage private equity and venture capital group built on a unique combination of expertise, experience, and knowledge of its founders and team. The group has $1.8bn total assets across Secondaries, Buyouts, Ventures, and Investment Solutions.

Investing with Purpose

ACE offers three core investment strategies across the stages of private investment: Secondaries, Buyout, and Venture. Our portfolio construction guidelines ensure that our investors access the necessary customization to achieve their risk and return requirements.

ACE aims to drive returns by managing risks and strategically adjusting investment exposure to the stage of a company’s development. We strongly believe that diversification and sizing of investments according to the risk profile are the most effective approaches to investing private capital.

ACE’s specialized investment teams provide the support to create long-term and sustainable investment results.

Multi-Stage Specialist Across Private Equity

Our Secondary strategy presents an appealing balance between risk and reward when contrasted with primary private equity. 

Our skill lies in procuring funds at advantageous prices and harnessing our extensive experience with general partners, sellers, and advisors. This enables us to thoroughly evaluate potential prospects, culminating in exceptional results for our investors.

Secondaries

Our Buyout strategy involves actively managing a private equity portfolio alongside top-performing private equity GPs in their core areas of expertise.

Leveraging our broad sourcing channels, proprietary diligence, and robust network of specialist investors, we invest in market-leading companies to deliver long-term value to investors.

Buyout

ACE Ventures is a team of operators, engineers, and investors deploying capital and expertise to empower and support outliers. 

ACE Ventures backs those who disrupt the norm and challenge the status quo. Our commitment goes beyond capital; we offer meaningful support, drawing on our own experience of grind and hustle. We are dedicated to fostering revolutionary shifts and creating lasting impact, focusing on genuine transformation rather than transient market trends.

Venture

ACE in Numbers

Latest News

June 19, 2025 │La Reserve Geneva

Investor Day 2025

ACE & Company is pleased to share the successful closing of ACE Buyout V, our latest private equity fund.

We are grateful for the strong support from both long-standing partners and new institutional investors, reflecting continued confidence in our investment approach and track record in the buyout space.

ACE Buyout V has successfully executed 14 investments. This achievement highlights the strength of our team, the depth of our global network, and our ability to deploy capital in a dynamic market environment.

Thank you to our investors, partners, and team members for their trust and commitment as we continue building value for the long term.

ACE Buyout V Announces Successful Closing 

ACE & Company is proud to report our latest investment distribution from the recapitalization of 

.

This transaction marks a significant milestone in Nord Anglia's journey as a global leader in private international education. With over 80 schools across 33 countries, Nord Anglia educates more than 90,000 students aged 2 to 18.

We look forward to continuing to support the company's evolution as the world's leading premium education platform.

ACE & Company Reports Nord Anglia Distribution

Home

A multi-stage private equity group built on a unique combination of expertise, experience, and knowledge.


Trusted Partners Across Private Equity

Timeline

 Driven By Knowledge 

Agility as Strength

Aligned Partners 

Delivering repeatable returns

About Us

Portfolio

We foster collaboration across the private investment landscape

Invest in Change

A Message from the Chairman

subtitle team

Meet Our Team

Team

ACE believes in the significance of Environmental, Social, and Governance (ESG) principles in fostering resilience, driving long-term positive impact, and promoting sustainable growth in our portfolio companies. We are committed to incorporating ESG considerations into our investment process and operating philosophy.

Our Commitment

We will incorporate ESG issues into investment analysis and decision-making processes.

We will be active owners and incorporate ESG issues into our ownership policies and practices.

We will seek appropriate disclosure on ESG issues by the entities in which we invest.

We will promote acceptance and implementation of the Principles within the investment industry.

We will work together to enhance our effectiveness in implementing the Principles.

We will each report on our activities and progress towards implementing the Principles.

Our Six Principles of Responsible Investment

We aim to shape tomorrow by empowering the next generation, elevating our communities, and cultivating debate through thoughtful leadership.

Forging the Future

Empowering Tomorrow’s Pioneers

Supporting Community Growth

Cultivating Debate

Upholding Trust and Ensuring Accountability 

Acting Today, Shaping Tomorrow: Our Commitment to Responsible Investment

Responsibility

Our News

News

Contact Us

With headquarters in Geneva and offices in London, New York, and Cairo, our global presence brings us in direct contact with clients and offers an exceptional network of opportunities

Four Offices Globally

Contact

Investors

Welcome to the ACE Investor Portal

Investor Portal

Veriff Partners with Deel for Identity Verification

Investment Update



Care Connectors is a leading value-based care enablement platform
supporting payers (health plans and risk-bearing providers) in their effort to drive improved outcomes.

We look forward to supporting Care Connectors in their mission to improve the quality of life of patients while ensuring accurate capture of reimbursements and reduction in costs.

ACE Supports Epilog Partners in Care Connectors Investment

ACE Ventures Invests in nsave

Wefox Secures $650M in Series C Led by Target Global

GREENWICH, Conn., July 28, 2023 /PRNewswire/ — 

Catterton, a leading global consumer-focused investment firm, today announced the successful closing of a continuation fund transaction for its portfolio company PatientPoint Health Technologies™ (“PatientPoint”), a leading tech-enabled point-of-care patient engagement company. The transaction reaffirms 

 Catterton’s long-term commitment and maintains its ownership in the business, allows 

 Catterton to return capital to investors, and provides PatientPoint with additional capital to support growth initiatives. Terms of the transaction were not disclosed.

PatientPoint has become a trusted patient engagement company, and following its successful transformational combination with Outcome Health in 2021, is now an industry-leading platform serving approximately 140,000 healthcare practitioners (“HCPs”) and impacting over 750 million patient visits annually, nationwide. The Company improves doctor-patient engagement by educating patients through the nation’s largest interconnected network of digital devices in healthcare practices. With innovative solutions and unparalleled reach, PatientPoint has consistently delivered strong financial and operational excellence and is well-positioned for long-term growth.

“Over the course of our investment, PatientPoint has transformed into a leading digital patient engagement platform improving health outcomes for patients, and we believe the business continues to have opportunities to accelerate its growth,” said Andrew Taub, a Managing Partner in 

 Catterton’s Flagship Fund. “We are excited to continue our partnership through a transaction that not only provides new capital to PatientPoint to support product expansion, but also presents an attractive liquidity option to 

Catterton’s existing investors. We look forward to continuing to work with PatientPoint’s talented team to strengthen the company’s value proposition during its next phase of growth.”

“We are thrilled to extend our successful partnership with 

 Catterton in a transaction that validates the significant momentum we’ve generated,” said Mike Collette, Founder and CEO of PatientPoint. “This additional investment will allow us to capitalize on meaningful near-term growth initiatives, while upholding our commitment to providing trusted, reliable solutions that improve doctor-patient engagement across the entire care journey. We thank 

 Catterton for their continued support and are confident that together, we will continue to drive long-term, sustainable growth.”

Catterton will maintain its position in PatientPoint through the new dedicated continuation vehicle, which includes investments from funds advised by Neuberger Berman, lead investor, and funds advised by affiliates of Fortress Investment Group LLC, co-lead investor. Littlejohn & Co., who became a partner to 

 Catterton following PatientPoint’s merger with Outcome Health in 2021, will retain its ownership.

Peter Bock, Managing Director at Neuberger Berman said, “We have been impressed both by 

Catterton’s consumer expertise and PatientPoint’s opportunity to leverage their expansive HCP network to offer a full set of digital solutions across the patient care journey. This transaction provides the Company with the time they need to execute their value creation strategy and offers a compelling liquidity opportunity to existing investors.”

Greg Getschow, Managing Director at Fortress added, “On behalf of our investors, we are pleased to establish this partnership with 

 Catterton, which provides PatientPoint with the additional capital that they need capitalize on significant growth initiatives that are ahead for the business.”

Evercore served as financial advisor to 

 Catterton on the transaction. Kirkland & Ellis served as legal counsel.

 Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, 

 Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about 

 Catterton, please visit lcatterton.com.


PatientPoint® is a tech-enabled point-of-care patient engagement platform. Our innovative, tech-enabled solutions create more effective doctor-patient interactions and deliver high value for patients, providers and healthcare sponsors. Through our nearly 140k unique healthcare provider relationships, PatientPoint’s solutions impact roughly 750 million patient visits each year, further advancing our mission of making every doctor-patient engagement better®. Learn more at patientpoint.com.

ACE & Company is delighted to announce ACE Buyout V’s investment in PatientPoint Health Technologies.

ACE & Company Invests with L Catterton in PatientPoint Tech

ACE in the News

 "Kitchen United announces $100M Series C fundraise

ACE Buyout is excited to support Triton Pacific Securities, LLC in its partnership with Already Autism Health and the expansion of the platform with the acquisitions of Commonwealth ABA and CABS - Autism & Behavior Specialists.

Triton Pacific Healthcare Partners, a Los Angeles-based private equity firm, is pleased to announce a partnership with Already Autism Health (AAH), a leading autism services provider. Already Autism Health, founded in 2020 by veteran behavioral health executive Derek Bullard, is accredited by the Behavioral Health Center of Excellence (BHCOE) and ranked #132 on the 2024 Inc.Magazine Inc. 500 list.

According to the Centers for Disease Control and Prevention (CDC), approximately 1 in 36 children in the United States is diagnosed with autism spectrum disorder (ASD) each year. Early intervention plays a critical role in improving developmental outcomes.

Despite the progress in awareness, many families face barriers to accessing timely and effective care. This partnership aims to bridge the gap by expanding access to high-quality services.

“Our mission is to nurture the 'already' remarkable abilities of children with autism,” said Derek Bullard, CEO of AAH. “Partnering with Triton Pacific allows us to amplify our mission while expanding our footprint. Their expertise and strategic vision align perfectly with our goal of providing high-quality, evidence-based autism services.

Joe Davis, Managing Partner at Triton Pacific Healthcare Partners, echoed these sentiments: “The autism services space is undergoing a rapid evolution but remains one of the most underserved sectors in all of healthcare. A leading platform like Already Autism Health stands to not only benefit from sector tailwinds but also play a key role in propelling the sector forward. Derek and his team have built an outstanding organization, and we are excited to support their mission in making a positive impact for even more children and families.”

Derek Bullard will continue to lead the organization as CEO.

AAH was advised on the transaction by Rajat Bangar of Welham Advisory.

Star Mountain Capital and Ace & Company participated in the investment. Terms of the transaction were not disclosed. DLA Piper, led by Sal Favuzza and Josh Kaye, represented Triton Pacific, and Chambliss Bahner and Stophel, led by Doug Griswold and Jim Catanzaro, represented Already Autism Health.

ACE Buyout V Executes 13th Investment in Fund

Rocket Cos acquires Truebill for nearly $1.3B

Picterra secures $6.5M for democratizing geospatial mapping

Truebill Raises $45M in Series D, 6 Months Post-Last Round

Mashgin Makes The Fan Experience At Sports Arenas Seamless

ACE & Company was proud to be a Network Partner of this year's 

 in Interlaken on June 6 and 7, 2024. 1,350 managers discussed solutions and strategies for navigating geopolitical and economic challenges under the motto "When the going gets tough."

The program featured distinguished national and international figures from business, politics, and science. President Viola Amherd opened the forum, emphasizing the need for flexibility and preparation amid a prolonged crisis due to the unstable global security situation. The political discourse continued with Sanna Marin, the former Prime Minister of Finland, and Michael R. Pompeo, the 70th Secretary of State of the USA.

We were thrilled to see one of the cofounders of 

, grace the stage as one of the finalists in the SEF.Award (production/trade category) to push the agenda on decarbonization.

"ACE looks forward to attending the next edition of the SEF and remaining an active part of the Swiss business and startup ecosystem. We believe entrepreneurs and businesses, with their determination and innovation, will drive the Swiss economy towards a more sustainable and positive future," adds Sally Beh, Managing Partner at ACE & Company.

Network Partners of the Swiss Economic Forum

Taaleem, StonePine ACE JV, Listed on EGX!

The forum began with Former French President François Hollande sharing his perspective on international relations, offering valuable insights into the current geopolitical crisis, the rise of populism, the polarization of opinions, and the potential risks to democracy. Mr. Hollande discussed the ongoing war in Ukraine, suggesting that the outcome of the 2024 US presidential elections could influence its resolution.

Hollande described Russian President Vladimir Putin as a leader who believes in using force and employs a method of dialogue based on lies, while also highlighting the low likelihood of nuclearization in the Ukraine conflict due to the massive response it would provoke.

From ACE & Company, the Ventures strategy showcased the inspiring journeys of their notable portfolio companies: 

. The conversation centered around creating impact through entrepreneurship. In addition, ACE Ventures conducted an on-stage discussion with 

, an accomplished Swiss Entrepreneur. Mark is widely recognized as the founder of Livestream and has previously served as the president of Vimeo. His valuable knowledge and insights will play a crucial role in the newly launched ACE Swiss Tech Outliers fund, where he will serve as the Vice Chair of the Investment Committee.

The Global Investment Forum continues to serve as a valuable platform for nurturing ideas and facilitating meaningful connections among individuals who possess insightful perspectives capable of driving positive change. We would like to extend our sincere appreciation to our fellow sponsors: Citi Private Bank, IPGHowden, Swissquote, Avantegarde Finance, Agio Digital, and Jetfly, for their valuable support in making this event a success.

Thank you to all our investors and partners who attended the 2023 Global Investment Forum, proudly sponsored by ACE & Company.

Highlights from the 2023 Global Investment Forum

ACE Buyout IV Invests alongside Goldfinch Partners in Vesta

Robots from Swiss ANYbotics Are Already on the Ground!

Adam Moderates COVID-19 Dinner Talk

ACE Talk

PayPal Acquires Japan's Paidy for $2.7bn

N26 Secures Over $900M in Record Series E Round

ACE Joins Naxicap Partners in Stromer Buyout

Gecko Robotics closes Series C at $73M

Imverse raises $4.8M for live 3D holograms in the Metaverse

Andesat Selects Astranis for Peru's Dedicated Satellite

Adam Said discusses a hyperactive IPO year amid COVID

Batmaid Eyes Global Expansion after 32% Growth in 2020

GoCardless: $95M for Open Banking Payments

Goodly Secures $1.3M for Mainstream Student Loan Assistance

Endeavor Debuts on NYSE

EV Charging Network ChargePoint to go Public via SPAC

, a provider of compliance and AML solutions for business clients. This €4 million Seed round is jointly led by us alongside TX Ventures, with participation from existing investors EquityPitcher, AI Fund, and notable angels. This is the first investment out of our newly launched ACE Swiss Tech Outliers.

"In light of current regulatory developments, the fight against money laundering is increasingly important and in high demand across industries. 2023 was an extremely successful year, during which we won significant logos and customers and even touched profitability. Our oversubscribed round led by European and global investors is a testament to our success, and we look forward to partner with them to accelerating our growth," says Dr. Camillo Werdich, founder and CEO of Sinpex.

Steve Salom, Partner at ACE Ventures, adds: "We are pleased to announce our investment in Sinpex, a revolutionary company in the onboarding of business customers. Under the leadership of Camillo, Sinpex is not only transforming the customer onboarding of regulated and non-regulated companies but also the continuous verification of their data. Sinpex supports one of the biggest challenges in the financial services industry and enables companies to turn compliance into a strategic advantage. We look forward to supporting Sinpex on its way to becoming a market leader in this category."

Jens Schleuniger, Managing Partner at TX Ventures, says: "Know-your-Business processes are complex, expensive, and pose a real business risk for financial institutions. Accordingly, we were thrilled when we analyzed Sinpex’s software solution more closely. The team around Camillo has, in our opinion, created a new market standard – also through the use of modern technologies. We are accordingly very happy to support the Sinpex team and lead the funding round."

Diane Siegloch, who has been working as Head of Sales since June 2022, is appointed Co-Managing Director alongside Dr. Camillo Werdich in the funding round and will assume the role of Chief Sales Officer (CSO) in the future.

About Sinpex
Sinpex is a pioneer in automated identification and compliance solutions for business customers. The cloud-based software reduces the manual effort in collecting and verifying compliance-relevant data while simultaneously increasing the accuracy in legitimizing business relationships through the use of artificial intelligence and natural language processing. Sinpex was founded in 2019 and is based in Munich. Clients such as Deloitte, Riverty, and Noventi trust Sinpex.

ACE Ventures Reveals Investment in Sinpex

NEW YORK and ST. LOUIS, May 31, 2023 – Blackstone (NYSE: BX) and Emerson (NYSE: EMR) today announced that private equity funds managed by Blackstone (“Blackstone”) have completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at $14.0 billion. This closing marks a significant milestone in the HVAC and refrigeration (HVACR) industry leader’s journey to advance the next generation of climate technologies.

The new standalone business will be named Copeland – building on the brand’s 100-year legacy, global recognition and influence across the HVACR industry. As a standalone company focused on serving the global HVACR market, Copeland’s product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers. Copeland had fiscal 2022 net sales of $5.0 billion.

“Copeland has long been a pioneer in the HVAC and refrigeration industries with unmatched capabilities in engineering, design and innovation,” said Ross B. Shuster, Chief Executive Officer of Copeland. “With the focus that comes from being a standalone company, and the support of our shareholders, Blackstone and Emerson, we plan to extend the company’s leadership position in the industry and develop new and integrated climate technology solutions. The Copeland business is made up of over 18,000 talented team members, who are aligned and committed to developing technologies and solutions that drive decarbonization at scale, accelerate the global trend of electrification and deliver greater value for our customers and end users.”

Copeland is poised to build on its iconic brand and trusted expertise to shape the future of climate technology. The company’s products, expertise and innovation play a key role in improving the energy efficiency of heating and cooling solutions – including the rapidly growing market for electric heat pumps and climate-friendly refrigerants, which are seeing strong demand and global adoption given their potential to reduce the environmental impact and carbon emissions of HVAC systems.

“Copeland has grown into the market leader in supplying critical components for residential, commercial and industrial climate control solutions, and we are thrilled to support its next phase of growth as a world-class standalone company,” said Joe Baratta, Global Head of Blackstone Private Equity. “Leveraging Blackstone’s long track-record of successful large-scale corporate partnerships, we look forward to working with the Copeland and Emerson teams to accelerate the company’s profitable, long-term growth. We’re confident in the runway ahead to advance Copeland’s industry leading position by delivering even more innovative, energy-efficient solutions to support its customers’ carbon reduction efforts.”

“We are pleased to complete this significant transaction, an important milestone in Emerson’s portfolio transformation into a cohesive global automation leader,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson. “The upfront proceeds from this transaction allow Emerson to advance our portfolio in attractive, higher-growth automation markets, while our remaining non-controlling investment enables Emerson to benefit from Copeland’s future upside under Blackstone’s ownership, until we exit the business. With our focused portfolio, we are bringing comprehensive automation products, software and solutions to a diverse set of end markets, driving operational excellence and enhancing value creation for Emerson shareholders.”

Copeland will continue to operate from St. Louis, while maintaining a global footprint to serve customers in Europe, Latin America, Asia, Middle East and Africa.

Learn more about Copeland’s sustainable solutions at 


Copeland is owned by a joint venture between Blackstone and Emerson. Under the final terms of the purchase agreement, Blackstone will have a controlling ownership interest of 60% of Copeland, up from 55% when the transaction was announced.

Pursuant to the terms of the transaction, Emerson received upfront, pre-tax cash proceeds of approximately $9.7 billion at close, an increase of $0.2 billion from when the transaction was announced given Blackstone’s decision to purchase an additional 5% of the common equity. Emerson’s continuing investment in the business is composed of a seller’s note with a face value of $2.25 billion and 40% non-controlling common equity ownership with a transaction value of $1.7 billion.


Copeland, a global provider of sustainable climate solutions, combines category-leading brands in compression, controls, software and monitoring for heating, cooling and refrigeration. With best-in-class engineering and design and the broadest portfolio of modulated solutions, we’re not just setting the standard for compressor leadership; we’re pioneering its evolution. Combining our technology with our smart energy management solutions, we can regulate, track and optimize conditions to help protect temperature-sensitive goods over land and sea, while delivering comfort in any space. Through energy-efficient products, regulation-ready solutions and expertise, we’re revolutionizing the next generation of climate technology for the better. For more information, visit 


Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $991 billion in assets under management include investment vehicles focused on private equity, real estate, public equity, infrastructure, life sciences, growth equity, liquid and private credit, real assets and secondary funds, all on a global basis. Further information is available at 

. Follow @blackstone on LinkedIn, Twitter and Instagram.


Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world’s essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit 

ACE & Company is excited to announce our partnership with Blackstone in the significant acquisition of a majority stake in Copeland, formerly known as Emerson Climate Technologies. This venture marks a remarkable step forward in shaping the future of climate technology.

ACE & Company, Blackstone Acquire Majority in Copeland

We are proud to share that ACE Ventures has been featured in the 

SECA - Swiss Private Equity & Corporate Finance Association

. This recognition underscores our unwavering commitment to fostering innovation and empowering visionary founders across key sectors in the Swiss startup ecosystem.

A Special Spotlight on ACE Swiss Tech Outliers (ASTO)

A highlight of this year’s report is the inclusion of insights from 

, featured on page 30, who sheds light on 

—our latest fund dedicated to backing high-potential startups in 

. Our approach goes beyond traditional investment; we bring the hands-on expertise of 

, ensuring our portfolio companies have the strategic advantage to 

compete, scale, and win in global markets

At ACE Ventures, we are more than just investors—we are industry practitioners with real-world experience in building and hyperscaling businesses. Our unique edge lies in:

 – We provide hands-on guidance to founders, helping them navigate growth challenges.

 – Our investments are targeted at cutting-edge sectors that drive the future of innovation.

 – We equip startups with the tools and networks to expand beyond Switzerland.

 is a testament to our continued impact on the Swiss startup landscape. As we move forward, our focus remains on strengthening our presence, expanding our influence, and driving meaningful innovation across industries.

ACE Ventures Featured in Swiss Venture Capital Report 2025

Batmaid Secures CHF 25M for Global Expansion.

SpaceX launches historic NASA Crew-4 mission

Pakistan's UDHAAR Secures $6M in Seed Funding

The 7th edition of the Global Investment Forum was held at the end of last week in Geneva featuring the former President of the French Republic, François Hollande. A presence which could surprise if one remembers his vindictiveness against the world of finance during the presidential election of 2012. As the previous year with Yanis Varoufakis, the initiator of the forum, Adam Said, was certain that the debates would only be more lively. A few questions on the sidelines of the event devoted to private markets.

What do you think are the most salient features of this 7th edition of the Global Investment Forum?

The United States is no longer the sole center of attention. The discussions focus more on Europe, on its place vis-à-vis Russia, vis-à-vis China, on a future which is still taking shape in an uncertain way at the end of a very difficult year. Still a lot of technology, with the acceleration of the prowess of artificial intelligence, a universe which remains dominated by the big names – Microsoft, Google, Tesla – and not by newcomers as we often hear. We also talk a lot about “climate tech” but beyond the good stories, it must be noted that few players are profitable and that the subsidies will end one day…

Why did you invite François Hollande who does not hold finance in high esteem?

Because it is always interesting to have a high-flying point of view on international relations and a former president has complete freedom to express his views which is not true of a politician in office. And then any debate must be open to different opinions. We have in the past invited Nigel Farage, which does not make us Brexiteers.Too much capital has been channeled into venture capital underestimating the risks.

Access to private markets has evolved considerably, particularly that of venture capital. Today we talk about democratization. How do you see the current situation?

Let’s start by saying that the private equity market has grown enormously with a deployment capacity that today is measured in the trillions and that has become much more democratized. We see that the secondary markets have recently witnessed an influx of sales of poor quality positions dating from 2020-2021 as venture capital remains an area where asymmetry is driving a chasm between specialists and the public. Unlike public markets, information is little or badly regulated. That said, the disintermediation of the sector is underway. While we commonly saw up to 6 intermediaries between investors and companies a few years ago, this number has dropped to 2 or 3.

What about passive management in this context?

SFDR