{"id":1427,"date":"2026-10-26T07:04:07","date_gmt":"2026-10-26T07:04:07","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-co-investment-discount-is-not-free-money\/"},"modified":"2026-10-26T07:04:07","modified_gmt":"2026-10-26T07:04:07","slug":"la-remise-sur-le-co-investissement-nest-pas-de-largent-gratuit","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/private-capital\/co-investments\/the-co-investment-discount-is-not-free-money\/","title":{"rendered":"La remise sur les co-investissements n'est pas de l'argent gratuit"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073.png\" alt=\"La remise sur les co-investissements n&#039;est pas de l&#039;argent gratuit\" class=\"wp-image-1426\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073.png 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-300x200.png 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-1024x683.png 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-768x512.png 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-18x12.png 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\n\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<p data-pm-slice=\"1 1 []\"><span>Les co-investissements font d\u00e9sormais partie int\u00e9grante des relations dans le domaine du capital-investissement ; ils permettent aux investisseurs (LP) de b\u00e9n\u00e9ficier de frais r\u00e9duits et d\u2019un contr\u00f4le accru sur l\u2019affectation des capitaux. Pour les family offices, ces conditions doivent \u00eatre mises en balance avec les risques de concentration, la s\u00e9lection des op\u00e9rations et les motivations du gestionnaire (GP) pour la mise en place d\u2019un consortium.<\/span><\/p><p><span>L'enqu\u00eate men\u00e9e en 2026 par McKinsey aupr\u00e8s de 300 commanditaires a r\u00e9v\u00e9l\u00e9 que 52% consid\u00e9raient l'acc\u00e8s aux co-investissements comme une condition indispensable pour s'engager dans un fonds de capital-investissement. Pr\u00e8s de la moiti\u00e9 d\u2019entre eux souhaitaient que les co-investissements repr\u00e9sentent au moins 20% du capital engag\u00e9, tandis que 39% des commanditaires, m\u00eame en l\u2019absence d\u2019exigence formelle, pr\u00e9f\u00e9raient tout de m\u00eame les gestionnaires qui leur proposaient cette option.<\/span><\/p><p><span>Un investisseur (LP) investit aux c\u00f4t\u00e9s d\u2019un fonds de capital-investissement dans une entreprise sp\u00e9cifique, g\u00e9n\u00e9ralement avec des frais de gestion et une participation aux b\u00e9n\u00e9fices (carried interest) inf\u00e9rieurs \u00e0 ceux qu\u2019il paierait via le fonds principal. Un family office r\u00e9duit le poids des frais et s\u00e9lectionne lui-m\u00eame les entreprises plut\u00f4t que d\u2019accepter le portefeuille constitu\u00e9 par un gestionnaire au fil des ann\u00e9es, mais l\u2019exposition peut n\u00e9anmoins se situer dans le m\u00eame secteur, le m\u00eame cycle de financement ou le m\u00eame th\u00e8me \u00e9conomique que les actifs qu\u2019il d\u00e9tient d\u00e9j\u00e0. Le GP peut chercher \u00e0 r\u00e9aliser une op\u00e9ration trop importante pour son fonds principal, respecter des limites de concentration internes ou tenter de r\u00e9duire le montant de la dette n\u00e9cessaire pour mener \u00e0 bien l\u2019acquisition. Preqin a indiqu\u00e9 que le resserrement des conditions de cr\u00e9dit a pouss\u00e9 certains gestionnaires \u00e0 recourir davantage aux fonds propres dans les rachats d\u2019entreprises, ce qui a accru leur d\u00e9pendance vis-\u00e0-vis des capitaux de co-investissement des commanditaires. Une op\u00e9ration qui d\u00e9passe la limite de concentration d\u2019un fonds doit \u00eatre interpr\u00e9t\u00e9e diff\u00e9remment d\u2019une op\u00e9ration que le gestionnaire pourrait financer lui-m\u00eame mais qu\u2019il pr\u00e9f\u00e8re partager.<\/span><\/p><h2><span>La baisse des frais n'\u00e9limine pas le risque li\u00e9 \u00e0 la transaction<\/span><\/h2><p><span>Une famille qui investit par l'interm\u00e9diaire d'un fonds de rachat traditionnel paie des frais de gestion et, si l'investissement est performant, une commission de performance. Un co-investissement peut r\u00e9duire, voire supprimer, certains de ces frais, ce qui abaisse le rendement brut n\u00e9cessaire pour obtenir le m\u00eame r\u00e9sultat net. Le GP continue d\u2019identifier la cible, de n\u00e9gocier le prix d\u2019achat, de structurer le financement et d\u2019\u00e9laborer le dossier d\u2019investissement avant de solliciter des capitaux ext\u00e9rieurs. Le LP d\u00e9cide s\u2019il souhaite participer, mais il ne contr\u00f4le pas la mani\u00e8re dont l\u2019op\u00e9ration a \u00e9t\u00e9 identifi\u00e9e ou structur\u00e9e.<\/span><\/p><p><span>Les family offices doivent savoir quel montant le fonds principal s'engage \u00e0 investir, s'il investit selon les m\u00eames conditions et quelle part du capital propre du gestionnaire g\u00e9n\u00e9ral est expos\u00e9e au risque. Une r\u00e9duction des commissions ne compense pas un alignement insuffisant.<\/span><\/p><h2><span>La concentration peut s'accumuler entre diff\u00e9rents v\u00e9hicules<\/span><\/h2><p data-pm-slice=\"1 1 []\"><span>Les op\u00e9rations de co-investissement font parfois double emploi avec des expositions d\u00e9j\u00e0 d\u00e9tenues par le biais de fonds de rachat et d'investissements directs. Ces positions sont d\u00e9tenues dans des structures distinctes, mais d\u00e9pendent toutes du m\u00eame march\u00e9.&nbsp;<\/span><\/p><p><\/p><p><span>McKinsey a constat\u00e9 que les co-investissements des LP repr\u00e9sentaient environ 25% de la valeur des investissements en capital-investissement en Inde entre 2021 et 2025. Environ 72% de ces capitaux ont \u00e9t\u00e9 investis dans cinq secteurs, en t\u00eate desquels les nouvelles technologies, suivies des services financiers, des biens de consommation, des services informatiques et de la sant\u00e9.<\/span><\/p><p><span>Un fondateur d\u2019entreprise technologique peut ainsi d\u00e9tenir des fonds de capital-investissement, des participations dans des soci\u00e9t\u00e9s en phase de d\u00e9marrage et un co-investissement dans un logiciel \u00e0 faibles frais, tout en restant fortement expos\u00e9 au m\u00eame cycle technologique, aux m\u00eames conditions de financement et au m\u00eame march\u00e9 de sortie. La part de l\u2019allocation en capital-investissement investie par le biais de co-investissements est moins r\u00e9v\u00e9latrice que l\u2019exposition totale de la famille \u00e0 ces m\u00eames forces \u00e9conomiques.<\/span><\/p><h2><span>La rapidit\u00e9 de la transaction influe sur la diligence raisonnable<\/span><\/h2><p data-pm-slice=\"1 1 []\"><span>Les opportunit\u00e9s de co-investissement se pr\u00e9sentent dans des d\u00e9lais beaucoup plus courts, car le gestionnaire (GP) est d\u00e9j\u00e0 en train de n\u00e9gocier l'acquisition et a besoin de certitudes quant au financement. Il faut n\u00e9anmoins encore examiner la soci\u00e9t\u00e9, remettre en question son \u00e9valuation, comprendre la structure de sa dette et \u00e9valuer les risques de perte. Les clauses juridiques, les droits de gouvernance et les obligations ult\u00e9rieures doivent \u00e9galement faire l'objet d'un examen minutieux.<\/span><\/p><p><span>Les family offices qui ne disposent pas d\u2019une \u00e9quipe d\u00e9di\u00e9e au capital-investissement ont parfois du mal \u00e0 mener \u00e0 bien ce travail de mani\u00e8re autonome dans les d\u00e9lais impartis. Preqin a constat\u00e9 que les investisseurs (LP) moins exp\u00e9riment\u00e9s ont de plus en plus souvent recours \u00e0 des fonds de co-investissement sp\u00e9cialis\u00e9s, tandis que les grands investisseurs disposant de programmes bien \u00e9tablis continuent d\u2019investir directement. Les co\u00fbts li\u00e9s \u00e0 la diligence raisonnable externe, au conseil juridique et au suivi r\u00e9duisent l\u2019avantage apparent en termes de co\u00fbts. La rentabilit\u00e9 s\u2019affaiblit encore davantage si la famille n\u2019a d\u2019autre choix que de se fier \u00e0 l\u2019analyse d\u2019investissement fournie par le gestionnaire (GP).<\/span><\/p><h2><span>L'acc\u00e8s devient de moins en moins rare<\/span><\/h2><p><span>L'enqu\u00eate 2026 de McKinsey sugg\u00e8re que les droits de co-investissement deviennent une exigence courante lors des lev\u00e9es de fonds, plut\u00f4t qu'un avantage exceptionnel. En septembre, Goldman Sachs a lev\u00e9 $11,7 milliards de dollars am\u00e9ricains au travers de ses derniers fonds de capital-investissement et des v\u00e9hicules associ\u00e9s, dont $500 millions de dollars am\u00e9ricains destin\u00e9s \u00e0 des v\u00e9hicules de co-investissement.<\/span><\/p><p><span>Ardian a d\u00e9clar\u00e9 \u00e0 Preqin que son \u00e9quipe charg\u00e9e des co-investissements rejetait plus de 95% des op\u00e9rations qui lui \u00e9taient soumises, bien qu'elles lui parviennent par le biais de relations bien \u00e9tablies avec les gestionnaires g\u00e9n\u00e9raux. \u00c0 mesure que l'acc\u00e8s se d\u00e9mocratise, la capacit\u00e9 \u00e0 refuser des projets rev\u00eat une importance croissante.<\/span><\/p><p><span>Des frais moins \u00e9lev\u00e9s, un acc\u00e8s direct et une relation plus \u00e9troite avec le m\u00e9decin traitant peuvent rendre une op\u00e9ration attrayante avant m\u00eame que la soci\u00e9t\u00e9 sous-jacente n\u2019ait \u00e9t\u00e9 \u00e9valu\u00e9e au regard d\u2019autres utilisations possibles du capital. Un family office doit n\u00e9anmoins d\u00e9terminer si la transaction am\u00e9liore son portefeuille ou si elle se contente d\u2019accro\u00eetre une exposition qu\u2019il d\u00e9tient d\u00e9j\u00e0.<\/span><\/p><h2><span>Le ch\u00e8que ne marque pas la fin de l'exposition au risque<\/span><\/h2><p data-pm-slice=\"1 1 []\"><span>Une participation \u00e9conomique importante ne s'accompagne pas n\u00e9cessairement d'un contr\u00f4le important. Le GP g\u00e8re g\u00e9n\u00e9ralement les relations avec le conseil d'administration, les n\u00e9gociations avec la direction, le refinancement et la sortie \u00e9ventuelle, tandis que les droits \u00e0 l'information, les droits d'observation au sein du conseil d'administration, les clauses de consentement et l'acc\u00e8s \u00e0 la direction varient d'une op\u00e9ration \u00e0 l'autre.<\/span><\/p><p><span>Si l'entreprise prend du retard par rapport \u00e0 son plan et a besoin de capitaux propres suppl\u00e9mentaires, le GP d\u00e9cide s'il convient de la soutenir. Un family office qui reste en retrait s'expose \u00e0 une dilution ; celui qui participe au tour de table injecte davantage de fonds dans un investissement d\u00e9j\u00e0 sous pression.<\/span><\/p><p><span>Le premier versement ne d\u00e9termine donc pas l'exposition finale. Les family offices ont besoin de liquidit\u00e9s suffisantes pour assurer le financement ult\u00e9rieur et doivent fixer clairement la limite au-del\u00e0 de laquelle ils ne sont pas dispos\u00e9s \u00e0 investir davantage.<\/span><\/p><h2><span>C'est le portefeuille qui d\u00e9termine si la d\u00e9cote est r\u00e9elle<\/span><\/h2><p><span>Les co-investissements permettent de r\u00e9duire les commissions des fonds de capital-investissement et offrent aux familles un meilleur contr\u00f4le sur l\u2019affectation des capitaux. Ils viennent \u00e9galement compl\u00e9ter les positions d\u00e9j\u00e0 d\u00e9tenues par le biais de fonds, d\u2019investissements directs ou de l\u2019activit\u00e9 op\u00e9rationnelle.\u00a0Un family office devrait \u00e9valuer l\u2019op\u00e9ration par rapport \u00e0 l\u2019ensemble de son bilan plut\u00f4t que par rapport au bar\u00e8me des commissions du fonds principal. Si l\u2019op\u00e9ration repose sur le m\u00eame secteur, les m\u00eames conditions de financement ou le m\u00eame march\u00e9 de sortie que les actifs d\u00e9j\u00e0 d\u00e9tenus par la famille, la r\u00e9duction des commissions n\u2019apporte gu\u00e8re d\u2019am\u00e9lioration au portefeuille.<\/span><\/p><h3><span>VUE SUR ROTHARIA<\/span><\/h3><p><span>A <a href=\"https:\/\/www.rotharia.com\/fr\/capital-prive\/co-investissements\/strategies-mondiales-de-co-investissement\/\">co-investissement<\/a> devrait permettre d'optimiser le portefeuille familial avant m\u00eame de prendre en compte les \u00e9conomies r\u00e9alis\u00e9es sur les frais. La famille doit savoir pourquoi le gestionnaire g\u00e9n\u00e9ral organise une syndication, quel montant le fonds principal s'engage \u00e0 investir, si les int\u00e9r\u00eats \u00e9conomiques sont align\u00e9s, comment l'op\u00e9ration modifie l'exposition globale au secteur et au financement, s'il y a suffisamment de temps pour \u00e9valuer l'entreprise de mani\u00e8re ind\u00e9pendante, et de combien de capitaux suppl\u00e9mentaires l'entreprise pourrait avoir besoin par la suite.<\/span><\/p><br>\n\n<!-- rotharia-related -->\n<h2 class=\"wp-block-heading\">Lectures compl\u00e9mentaires<\/h2>\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.rotharia.com\/fr\/gestion-de-patrimoine\/planification-patrimoniale-mondiale\/monnaie-numerique\/\">Avant 2027, regardez au-del\u00e0 du simple jeton<\/a><\/li>\n<li><a href=\"https:\/\/www.rotharia.com\/fr\/gestion-de-patrimoine\/patrimoine-transfrontalier\/la-gestion-transfrontaliere-du-patrimoine-devient-de-plus-en-plus-complexe-et-necessite-une-perspective-mondiale\/\">Lorsque la richesse franchit les fronti\u00e8res, les r\u00e8gles changent<\/a><\/li>\n<li><a href=\"https:\/\/www.rotharia.com\/fr\/gestion-de-patrimoine\/planification-patrimoniale-mondiale\/la-planification-patrimoniale-mondiale-en-2026-necessite-une-reflexion-qui-depasse-les-frontieres\/\">La richesse ne s'arr\u00eate pas aux fronti\u00e8res. Les r\u00e8gles, elles, oui.<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Les co-investissements permettent de r\u00e9duire les frais et offrent aux family offices davantage de choix quant aux op\u00e9rations individuelles, mais ils s'accompagnent \u00e9galement d'une concentration des investissements, de d\u00e9lais de d\u00e9cision plus courts et d'un risque li\u00e9 au financement compl\u00e9mentaire.<\/p>","protected":false},"author":2,"featured_media":1426,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[24],"tags":[],"class_list":["post-1427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-co-investments"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-150x150.png","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-300x200.png","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-768x512.png","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-1024x683.png","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073.png","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073.png","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-18x12.png","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-392x272.png","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-390x205.png","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-130x90.png","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-800x445.png","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-150x150.png","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-1200x600.png"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Co-investments cut fees and give family offices more choice over individual deals, but they also bring concentration, tighter decision deadlines and follow-on funding risk.","magazineBlocksPostCategories":["Co-Investments"],"magazineBlocksPostViewCount":85,"magazineBlocksPostReadTime":6,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073.png",1200,800,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-300x200.png",300,200,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261026_504073-150x150.png",150,150,true]},"magazine_blocks_author":{"display_name":"William","author_link":"https:\/\/www.rotharia.com\/fr\/author\/william\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"https:\/\/www.rotharia.com\/fr\/category\/private-capital\/co-investments\/\">Co-Investments<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Co-Investment Discount Is Not Free Money<\/title>\n<meta name=\"description\" content=\"Co-investments cut fees and give family offices more choice over individual deals, but they also bring concentration, tighter decision deadlines and...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rotharia.com\/fr\/capital-prive\/co-investissements\/la-remise-sur-le-co-investissement-nest-pas-de-largent-gratuit\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Co-Investment Discount Is Not Free Money\" \/>\n<meta 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