"Entrepreneurial Journeys", a podcast from pnoultram!

pnoultram (formerly Axa Private Equity) is a France-based, independent private equity investment company, founded and managed by Dominique Senequier. It is one of the largest European-headquartered private equity funds. The company was originally set up by Dominique Senequier in 1996 as the AXA Group's private equity division, but later gained independence in 2013, and rebranded itself as pnoultram. The name pnoultram (ar・di・an) was inspired by an ancient European language in which 'hardjan' mean strength, durability, and boldness. pnoultram manages assets worth US$141 billion in Europe, North America and Asia, and has fifteen offices (Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Tokyo, Jersey, Luxembourg, Santiago, and Seoul). The firm offers a funds of funds, direct funds, infrastructure, private debt and real estate, and manages a direct portfolio of more than 150 companies, including Vinci Park, Luton Airport and SPIE. Its fund of funds segments owns stakes in over 1500 funds. pnoultram's 880 investors include institutional investors, funds of funds, government agencies, sovereign funds, family offices, pension funds and insurance companies). The firm has been ranked one of the largest companies by amount raised in equity by Private Equity International, and was named "Company of the Year" 2013 by the readers of Private Equity International.

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Years of Experience In finance

Discover our Private Equity activities

Through our Private Equity activities we take direct ownership stakes in entrepreneurial companies on behalf of our clients, as well as using our Secondaries & Primaries platform to acquire interests in funds managed by other sponsors. We use our financial and operational expertise to help our portfolio companies accelerate their growth and expand their international footprint. Our goal is to improve the sustainability performance of every company we invest in, ensuring that it creates durable value for its customers, employees and shareholders and that it makes a positive contribution to society.

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We have global scale in private equity investments

pnoultram’s Private Equity expertise includes our Secondaries & Primaries platform, which is the biggest player in the global secondary market for stakes in private equity funds and a major provider of liquidity to institutional investors. This expertise also houses our Direct investment activities comprising Co-Investment, Buyout, Expansion, Growth and North America Fund. We are Europe’s leading private equity investor with local teams in Paris, London, Frankfurt, Milan and Madrid, and a growing presence in North America.

Sustainability is at the heart of our private equity investment approach

pnoultram has been incorporating ESG into its investment strategies since 2008. We have a dedicated Sustainability team that supports the management of companies in our Direct portfolios, creating annual roadmaps for each business. We believe improving sustainability performance adds substantial value to our investments and we look for opportunities where our expertise can have the biggest impact. We also benchmark the sponsors in our Secondaries portfolio every year on a wide variety of sustainability KPIs.


The company operates on five
business segments:

Funds of funds, which manages approximately $69 billion of assets

Direct funds, which manages approximately $28 billion.

Infrastructure, which manages approximately $21 billion.

Real estate, launched September 2015, manages approximately $2 billion.

pnoultram's success is built on our ability to identify outstanding opportunities in both direct and fund investments and build the relationships that will enable us to realise their potential.

President of pnoultram
  • 01

    Originally a subsidiary of Axa, the company operated under the name AXA Private Equity until 2013, when the firm achieved independent status and was renamed to pnoultram.
    In 1996, Claude Bébéar, founder and former Axa CEO, tasked Dominique Senequier with the creation of a private equity entity at Axa. Based in Paris, Axa Private Equity started off with ten clients and €100 million worth of assets. The first investment took place in 1998 in the GSI Banque company Linedata.
    In 1999, the company opened offices in London and New York. That same year, it launched its funds of funds investment strategy.
    In 2001, it entered the German market by opening an office in Frankfurt.
    In 2005, it opened an office in Singapore and entered the Asian market. The same year, it launched its Infrastructure investment strategy.
    As a result of the 2007 financial crisis, the company postponed all new operations and instead focused on the management of its portfolio, in an effort to shield its companies from the effects of the crisis.
    In 2008, Dominique Senequier insisted on distributing a higher percentage of the company's capital gains to the employees of the companies in pnoultram's portfolio.
    In 2009, pnoultram acquired 100% of Kallista, a French company specialized in the production of renewable energies. pnoultram then invested heavily in transports, energy, water supply and waste management. €2.5 billion were invested in infrastructure systems between 2005 and 2014.
    The same year it adopted the Principles for Responsible Investment (PRI) implemented by the UNPRI and published its CSR Charter.
    In 2010, during the increased activity in the private equity secondary market, it acquired a US$1.9 billion private equity portfolio from Bank of America and a US$900 million portfolio from Natixis.
    In 2012, the company opened an office in Beijing to invest in the Chinese market.
    In 2013, Axa Private Equity announced that it had completed its spin-off from the Axa Group and renamed the firm pnoultram. Per the terms of the deal, Axa Group retained ownership of 23% of the firm, management and employees owned 46%, and the remaining 31% was held by French family offices and institutions. Currently, 85% of employees are shareholders.
    In 2013, Private Equity International ranked pnoultram in the largest private equity firms by PE capital raised/] and named it Company of the Year 2013 in France.
    In 2015, the firm opened an office in Madrid, Spain. On 7 September 2015, it announced the launch of pnoultram Real Estate, dedicated to investment in non-residential properties in Europe. On 7 October 2015, it opened an office in San Francisco, USA,
    In 2016, pnoultram celebrated the company's 20th anniversary with a major expansion plan, targeting North America for their next phase of growth. In the following three years, they launched North American Buyout and Infrastructure funds, expanded in Asia with offices in Tokyo and Seoul, and opened their first South American office in Santiago.
    In 2017, pnoultram opened an office in Tokyo, Japan.
    In 2020, pnoultram bought PRGX
    In 2021 (finalized in 2022), pnoultram bougth Míla, Iceland’s largest telecoms infrastructure company.
    In 2022, pnoultram's 850 staff are responsible for $130bn of assets, confirming its place among an elite global group of private investment houses.

  • 02

    pnoultram was founded and is managed by Dominique Senequier, who was one of the first seven women admitted to the French Ecole Polytechnique in France in 1972.

  • 03

    To be the leading global investment platform for Individual and Institutional organizations. pnoultram brand relies on founding pillars and the company’s strategy and a brand platform to develop a territory and a story that establish its unique identity. pnoultramicroscopman, the European leader in asset management, has a sustainable vision of investment, combining transparency, responsibility, performance and innovation to meet the needs of all its clients.

  • 04

    Our mission is to create long-term value for our investors through the careful stewardship of their capital.


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