KC Invest

Kepler Cheuvreux Invest gives access to alternative investment strategies, from debt to equity, for institutional and private investors, as well as for asset managers.

Founded in 1998, KC Invest is a subsidiary of Kepler Cheuvreux and is a management company (AIFM) approved by the AMF (French authority).

KC Invest supports entrepreneurs and businesses in their financing needs across the entire capital structure.

KC Invest has a clear focus on growth SMEs and provides two types of financing solutions, a solution that mixes subordinated debt, quasi-equity and equity (KCI Preferred Capital), as well as a growth equity solution for the technology sector (Move Capital).

Areas of Expertise

> Growth SMEs focus

Tailor-made solutions across the capital structure for specific needs of SMEs Support their organic and/or external growth, help to transition

> Direct Investment

Proximity with Managers and long term investment approach, Customized execution. Active management of each line in portfolio

> Fundamental Analysis

The same SMEs that require a differentiated sourcing also require a fundamental analysis that levers teams’ experience across economic cycles

> Pan European approach

Leverage our French positioning, and access to European opportunities through the teams’ networks, plus KC’s proprietary dealflow

> Arranger, not follower

A proven knowhow in identification, selection, arrangement coupled with a hands-on approach to deliver the full value of investments

> Proactive

ESG is at the core of our values Implemented at every single step of our investment process and by promoting “best effort” and continuous progress

KC Invest has develops strategies:

> Preferred Capital supports founding managers, family shareholders, and management teams who wish to become independent. Preferred Capital can also help Private Equity or any other investment funds in structuring their transmission operations.

> Move Capital is a growth equity investment strategy specialising in B2B technology companies offering digital services and solutions to large corporations facing digitalization challenges (please see below).

The KCI team members are seasoned investment professionals who contribute, through their involvement alongside the managers of the companies, to the reflections on their strategic orientation, the evolution of their governance, and the optimisation of their financial resources. KCI Team also provides tailor-made assistance in the implementation of external growth.

ESG is at the core of KC Invest values and is implemented at every stage of the investment process by promoting best practice and continuous progress.

More information: KC Invest website

Move Capital

Move Capital is KC Invest’s growth capital strategy. Move Capital focuses on B2B technology companies offering services and solutions to large corporations facing digitalisation challenges.

The first closing of the “Move Capital Fund I” was announced in the beginning of 2022. It is a major step towards the fund’s final objective of €300m, allowing the team to deploy capital in support of future European Tech champions.  Move Capital’s LPs base is made up of French and European institutional investors (notably FEI and Bpifrance), technology giants (Orange, Nokia and SK Telecom), and French and international family offices.

Move Capital was created by five partners who combined unique expertise in the technology and communications industry with unparalleled levels of both financial and operational skills. The partners have an outstanding track record of investing, scaling up and successfully exiting companies in the B2B technology sector.

More information: Move Capital website

Ellipsis AM

A “conviction/risk” DNA

> Recognised management expertise since 2003

With more than 18 years of investment history and €2.5 billion of AUM (as at 31/12/2021), Ellipsis AM is a portfolio management company renowned for its specialised expertise. With nearly 25 employees, Ellipsis AM is a subsidiary of Kepler Cheuvreux since January 2022.

> Niche specialised assets expertise

Ellipsis AM has been a leading portfolio manager of European and global convertible bonds since 2003. The company has also developed management expertise in credit (particularly high yield), volatility and listed derivatives.

> A research-driven philosophy

Its management teams rely on an appropriate selection of financial and ESG research to forge their own bottom-up and top-down convictions.

> Risk management at the heart of the process

Active management of financial and non-financial risks is at the heart of its portfolio construction and management processes.

> Reactivity and proximity

All of Ellipsis AM’s teams contribute to the quality of its client service, which is based in particular on the transparency of regular reporting and a high level of availability for investor relations.

Ellipsis Asset Management key figures

2.5
billion euros of AUM as at 31/12/2021

25
employees in Paris and Geneva

7
managers & analysts within the management team

18
years of management history

Areas of expertise

With 7 analyst and portfolio managers, Ellipsis AM concentrates its expertise on value-added asset classes through its 2 specialised fund management divisions.

> Convertibles & Credit

This division brings together the historical and proven management expertise in which Ellipsis AM has a confirmed track record: convertible bond management, its core expertise since 2003, and corporate and high yield credit management since 2012.

The team mainly offers active management of convictions, based on demanding discretionary selection processes. It favours a rigorous bottom-up approach to fundamental, financial and ESG analysis.

> Overlay & Customised Portfolio Solutions

This division specialises in portfolio allocation and risk adjustment strategies, with proven expertise in equity overlay since 2008. Experienced in listed derivatives, it develops these strategies through options.

The team favours a top-down approach with primarily quantitative processes, enhanced by a discretionary approach. It designs tailor-made risk management and allocation solutions through dedicated overlay mandates and funds to hedge the equity portfolios of European investors.

Ellipsis AM’s main funds are registered in France, Switzerland, Italy and Luxembourg. Ellipsis AM has a subsidiary in Switzerland since 2019. Its management offer meets the requirements of various investor profiles: institutional, collective management, private management and family offices.

As a signatory of the Principles for Responsible Investment (UN PRI), Ellipsis AM integrates environmental, social and governance criteria into its investment policies. Its convertible and credit funds are classified as “article 8” according to SFDR* regulations.

For more information on Ellipsis AM and its range of funds: www.ellipsis-am.com

*Regulation (EU) No. 2019/2088, called the Sustainable Finance Disclosure Regulation (SFDR)