FPCI TRAIL Entrepreneurs II

Co-investment fund

FPCI managed by TRAIL Solutions Patrimoine, a portfolio management company authorized by the AMF under number GP-04000041.

TRAIL Entrepreneurs II is a co-investment fund that allows investors to invest alongside TRAIL, partner private equity funds and institutional investors.

The fund targets the Growth and Buyout segments.

It is eligible for the contribution-and-sale tax deferral regime (“apport-cession”, Article 150-0 B ter of the French General Tax Code), provided the conditions set out by law are met and depending on each investor’s personal tax situation.

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About the fund

TRAIL Entrepreneurs II is the second vintage of the TRAIL Entrepreneurs co-investment strategy, dedicated to supporting European SMEs and mid-sized companies with long-term growth and value-creation potential.

Drawing on TRAIL’s expertise and on partnerships with private equity funds and institutional investors, the strategy aims to build a diversified portfolio of high-performing companies, selected for their solid fundamentals and operating in structurally buoyant and resilient markets.

This approach aims to offer investors diversified exposure to European private equity, through high-quality transactions carried out alongside leading financial investors.

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Investment strategy

Buyout Capital (LBO)
  • Objective: support the growth of stable SMEs and mid-sized companies.
  • Targets: mature, well-established companies led by experienced entrepreneurs, across a range of sectors.
  • Instruments: majority or minority stakes, mainly through ordinary and preference shares.
Growth Capital
  • Objective: invest in growing SMEs, with a focus on expanding or resilient sectors.
  • Targets: mature projects generating solid cash flows.
  • Instruments: majority or minority stakes, using instruments similar to those of the buyout strategy.

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Why co-invest with TRAIL Entrepreneurs II

  • Control: no consortiums, with a preference for control situations.
  • Scale: co-investors make it possible to complete larger transactions.
  • Added value: market intelligence, execution capabilities and expert networks.
  • Flexibility: additional capital to finance external growth or hold high-quality assets for longer.

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Key features

  • Minimum investment: €100,000
  • Legal form: FPCI (French professional private equity fund)
  • Eligible investors: individuals and legal entities qualifying as sophisticated investors
  • Non-residents: eligible under certain conditions
  • Capital calls: single call, fully paid up on commitment
  • Number of holdings: more than 10
  • Ticket per holding: €1m to €5m
  • Positioning: co-investment
  • Segments: Growth / LBO
  • Geographic scope: Europe

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Main risks

  • Risk of capital loss: investing in this fund carries a risk of partial or total loss of the capital invested. There is no guarantee of return or of repayment of capital.
  • Liquidity risk: this is an unlisted private equity fund. Its units cannot be traded on a regulated market. Investors must be able to tie up their capital for the entire life of the fund (typically 7 to 10 years).
  • Leverage risk: portfolio companies may be financed with debt (LBO). Leverage amplifies performance, both upwards and downwards.
  • Concentration risk: as the portfolio consists of a limited number of holdings, the failure of a single company may have a significant impact on the fund’s performance.
  • Currency risk: some investments may be made in currencies other than the euro, exposing investors to currency risk.

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Tax information – Article 150-0 B ter of the French General Tax Code

The fund’s eligibility for the tax deferral provided for in Article 150-0 B ter of the French General Tax Code (CGI) is subject to strict legal conditions, relating in particular to the amount contributed, the nature of the securities contributed, the reinvestment deadline and the fund’s investment ratio.

Tax treatment depends on each investor’s personal situation and may change. TRAIL Solutions Patrimoine recommends that investors consult their tax or legal adviser before investing. TRAIL Solutions Patrimoine cannot be held liable for the tax consequences of an investment in this fund.

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Legal and regulatory information

Management company: TRAIL Solutions Patrimoine, a portfolio management company authorized by the French Financial Markets Authority (AMF) under number GP-04000041, 12 avenue Matignon, 75008 Paris, with share capital of €370,366.00.

Fund type: TRAIL Entrepreneurs II is a French professional private equity fund (Fonds Professionnel de Capital Investissement, FPCI). ISIN codes: FR001401AEX1 and FR001401AEY9. Depositary: ODDO.

Target investors: this fund is reserved for sophisticated investors (“investisseurs avertis”) within the meaning of Article L. 214-144 of the French Monetary and Financial Code. It is not suitable for non-sophisticated investors and must not be offered to them.

Legal documents to read before subscribing: before investing, investors must read the Key Information Document (KID) and the fund regulations, available free of charge from TRAIL Solutions Patrimoine and on its website. These documents contain all the information required to make an investment decision, including risks, fees and investment policy. They are the only legally binding contractual documents; this page is not a substitute for them.

Past performance: past performance is not a reliable indicator of future performance and is not constant over time. Any performance objectives are indicative, non-guaranteed targets based on market assumptions that may not materialize. Any figures quoted are purely indicative and may be revised at any time.

Geographic investment scope: the fund invests mainly in companies whose registered office or main business is located in Europe (European Union and European Economic Area). Investments outside the euro area are possible and expose investors to currency risk.

SFDR classification: this fund falls under Article 6 of Regulation (EU) 2019/2088 (SFDR): it does not promote environmental or social characteristics and does not have a sustainable investment objective. Sustainability risks are nevertheless taken into account in the investment process; information on the policy for integrating these risks is available on the TRAIL Solutions Patrimoine website.

Countries of distribution: this page is intended for sophisticated investors located in France and in European Union countries where the fund has been notified for marketing. It does not constitute an offer or solicitation in any country where such an offer would be unlawful or unauthorized. TRAIL Solutions Patrimoine has not filed any registration application with regulatory authorities outside the European Union.

Update: this information is provided for information purposes only and may be changed without notice. Last updated: September 28, 2026.

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