France Épargne Corporate
Corporate mezzanine debt
France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. Private debt funds invested €1,338m in mezzanine and subordinated debt in France in 2025.
Mezzanine in France in 2025
- €1.3bn
- invested in mezzanine and subordinated debt in France in 2025 (68 transactions)
- +15%
- increase in the amounts invested in mezzanine and subordinated debt in 2025 compared with 2024
- 23
- PIK transactions completed by private debt funds in France in 2025 (22 in 2024)
Uses
Uses of mezzanine
LBO and business transfer
A tranche subordinated to the senior debt in the financing of a buyout.
LBO financingMinority buyout
Holding company debt that funds the purchase of shares.
Recapitalisation
A PIK tranche that funds a distribution to shareholders.
Market
Mezzanine within private debt and LBO leverage
| Debt type | Transactions 2025 | Amounts 2025 | Share of 2025 amounts | Amounts 2024 |
|---|---|---|---|---|
| Unitranche | 106 | €8,362m | 56% | €6,836m |
| Senior debt | 190 | €5,149m | 35% | €3,623m |
| Mezzanine and subordinated debt | 68 | €1,338m | 9% | €1,169m |
A transaction counts in several rows when it combines several types of debt.
| Indicator | At fund entry | At exit |
|---|---|---|
| Net debt / EBITDA | 3.6x | 2.7x |
| Valuation multiple (EV / EBITDA) | 8.8x | 12.1x |
Sample: 232 transactions, companies with €20m to €500m of revenue at exit, average holding period of 5.1 years.
Questions
Frequently asked questions
- How much did private debt funds invest in mezzanine in France in 2025?
- Private debt funds invested €1,338m in mezzanine and subordinated debt across 68 transactions in France in 2025. The 2024 total was €1,169m across 82 transactions.
- What share of corporate private debt does mezzanine represent?
- Mezzanine and subordinated debt accounted for 9% of the amounts invested in corporate debt in France in 2025.
- How many PIK transactions do private debt funds complete in France?
- Private debt funds completed 23 PIK transactions in France in 2025. They had completed 22 in 2024.
- From what amount can a company request an introduction?
- France Épargne Corporate introduces to private debt funds the companies whose financing need reaches €20m or more.
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