Less than two years after its creation, Cervinvest Capital has announced the final close of its debut vintage at €110 million, hitting the fund’s target cap. The fund raised 80% of its capital from private investors, including family offices, entrepreneurs, investment professionals, and investment bankers, complemented by a handful of institutional investors.
Approved by the AMF since its inception and classified as Article 6 under SFDR, the FPCI (professional private equity fund) invests equity tickets of €7 to €20 million in SMEs generating at least €5 million in revenue and €1 million in EBITDA. Its thesis rests on a simple principle: transforming growth companies into consolidation platforms in fragmented markets. Ultimately, the fund aims to build a portfolio of around half a dozen holdings; it currently has three.
Marc-Antoine Janny, Managing Partner, describes a sequenced fundraising process: first convincing the inner circle, then widening it out to where the bulk of the capital is raised. In a challenging political environment, the portfolio served as the main selling point. “We’re judged on the basis of what we have in the portfolio,” he sums up. It was therefore necessary to sign deals, but also to demonstrate the ability to grow portfolio companies through external growth—the very core of the investment thesis.
Three platforms, one consolidation logic
Ansemble: An accounting and advisory group generating roughly €47 million in revenue in 2026, Ansemble is the most advanced platform in the portfolio: around ten build-ups have allowed it to extend its coverage to the southeastern quarter of France.
Kinara: A SaaS software publisher with roughly €10 million in ARR in 2026, dedicated to time management for field teams, Kinara has in turn launched its external growth plan with the acquisitions of RHIS in November 2025 and Lamster in April 2026.
Ignimission: A French software publisher specializing in the automation and oversight of governance, risk, and compliance (GRC) processes as well as cybersecurity, Ignimission operates in a market whose fragmentation reflects continuously expanding regulatory demand. The company posts revenue of approximately €6 million and an EBITDA margin above 20%. Its first external-growth building blocks remain French, but Antoine Rouland, Managing Partner, does not rule out pursuing targets elsewhere in continental Europe.
