{"id":837,"date":"2026-08-11T09:39:30","date_gmt":"2026-08-11T09:39:30","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/private-wealth-has-a-liquidity-problem-it-did-not-have-ten-years-ago\/"},"modified":"2026-08-11T09:39:30","modified_gmt":"2026-08-11T09:39:30","slug":"le-patrimoine-prive-est-confronte-a-un-probleme-de-liquidite-qui-nexistait-pas-il-y-a-dix-ans","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/private-capital\/private-market-liquidity\/private-wealth-has-a-liquidity-problem-it-did-not-have-ten-years-ago\/","title":{"rendered":"Le patrimoine priv\u00e9 est confront\u00e9 \u00e0 un probl\u00e8me de liquidit\u00e9 qui n'existait pas il y a dix ans"},"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\/08\/rotharia_image_20260811_7f672b.jpg\" alt=\"\" class=\"wp-image-836\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b.jpg 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-300x200.jpg 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-1024x683.jpg 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-768x512.jpg 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-18x12.jpg 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 class=\"isSelectedEnd\"><span>Les portefeuilles de patrimoine priv\u00e9 ont consid\u00e9rablement \u00e9volu\u00e9 au cours de la derni\u00e8re d\u00e9cennie. Les family offices, qui concentraient autrefois la majeure partie de leur capital sur les actions cot\u00e9es, les obligations, les entreprises en activit\u00e9 et l\u2019immobilier, ont accru leurs allocations en capital-investissement, cr\u00e9dit priv\u00e9, capital-risque, infrastructures et investissements directs. Cette r\u00e9orientation s\u2019expliquait par le fait que les march\u00e9s publics semblaient chers, que les march\u00e9s priv\u00e9s offraient l\u2019acc\u00e8s \u00e0 des opportunit\u00e9s diff\u00e9renci\u00e9es et que les familles pouvaient accepter des dur\u00e9es de d\u00e9tention plus longues en \u00e9change de rendements potentiellement plus \u00e9lev\u00e9s.<\/span><\/p><p class=\"isSelectedEnd\"><span>La difficult\u00e9 appara\u00eet plus clairement lorsque plusieurs engagements illiquides arrivent \u00e0 \u00e9ch\u00e9ance simultan\u00e9ment. Un family office peut sembler exceptionnellement bien capitalis\u00e9 sur le papier, tout en ne disposant en r\u00e9alit\u00e9 que de tr\u00e8s peu de capitaux pouvant \u00eatre mobilis\u00e9s rapidement sans compromettre ses plans d\u2019investissement \u00e0 long terme. Les fonds de capital-investissement font appel aux capitaux engag\u00e9s selon leur propre calendrier. Les investissements directs peuvent n\u00e9cessiter des apports suppl\u00e9mentaires. La vente d\u2019un bien immobilier peut prendre des mois. Les v\u00e9hicules de cr\u00e9dit priv\u00e9s peuvent imposer des d\u00e9lais de pr\u00e9avis ou des restrictions de rachat. Parall\u00e8lement, les familles continuent de financer leurs obligations fiscales, leurs achats immobiliers, leurs activit\u00e9s philanthropiques, l\u2019exploitation de leurs entreprises et les distributions aux membres de la famille.<\/span><\/p><p class=\"isSelectedEnd\"><span>La question n'est donc plus de savoir si les actifs priv\u00e9s ont leur place dans un portefeuille sophistiqu\u00e9. Pour de nombreuses familles, c'est clairement le cas. La question la plus pertinente porte plut\u00f4t sur le niveau de liquidit\u00e9 que le reste du portefeuille doit conserver pour les soutenir.<\/span><\/p><h3><span>Les march\u00e9s priv\u00e9s ont red\u00e9fini la structure du patrimoine familial<\/span><\/h3><p class=\"isSelectedEnd\"><span>Les investisseurs institutionnels se penchent sur cette question depuis des d\u00e9cennies, car les fonds de pension et les fonds de dotation mod\u00e9lisent syst\u00e9matiquement les appels de fonds futurs par rapport aux distributions attendues. Les family offices n'ont pas toujours fait preuve de la m\u00eame rigueur.<\/span><\/p><p class=\"isSelectedEnd\"><span>Il y a \u00e0 cela des raisons compr\u00e9hensibles. Les familles disposent souvent d\u2019une plus grande souplesse financi\u00e8re que les institutions aux engagements fixes, tandis que les fondateurs peuvent \u00e9galement d\u00e9tenir d\u2019importantes entreprises en activit\u00e9 qui g\u00e9n\u00e8rent des flux de tr\u00e9sorerie annuels substantiels. Lorsque les march\u00e9s sont favorables, cette souplesse fait appara\u00eetre une planification d\u00e9taill\u00e9e de la liquidit\u00e9 comme inutilement prudente.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les probl\u00e8mes ont tendance \u00e0 appara\u00eetre lorsque le portefeuille gagne en complexit\u00e9. Une famille peut s\u2019engager \u00e0 investir 20 millions d\u2019euros dans plusieurs fonds de capital-investissement sur une p\u00e9riode de trois ans, sans pour autant investir la totalit\u00e9 de cette somme imm\u00e9diatement. Ces engagements non appel\u00e9s restent toutefois une obligation, et les gestionnaires peuvent exiger ce capital \u00e0 des moments inopportuns. Si, parall\u00e8lement, les actions cot\u00e9es subissent une forte baisse, leur vente pour r\u00e9pondre aux appels de fonds cristallise les pertes pr\u00e9cis\u00e9ment au moment o\u00f9 la famille pr\u00e9f\u00e9rerait conserver ses investissements.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les march\u00e9s priv\u00e9s modifient donc \u00e9galement le profil de risque des actifs liquides. Un portefeuille d'actions cot\u00e9es qui semble se pr\u00eater \u00e0 des investissements opportunistes peut, en r\u00e9alit\u00e9, servir \u00e0 garantir des engagements pris ailleurs dans le bilan.<\/span><\/p><h3><span>Le d\u00e9nominateur peut poser un deuxi\u00e8me probl\u00e8me<\/span><\/h3><p class=\"isSelectedEnd\"><span>Les investissements priv\u00e9s compliquent \u00e9galement la r\u00e9partition des actifs, car leurs valeurs d\u00e9clar\u00e9es \u00e9voluent g\u00e9n\u00e9ralement plus lentement que les cours des march\u00e9s publics.<\/span><\/p><p class=\"isSelectedEnd\"><span>Lors d'une forte baisse des march\u00e9s boursiers, les actifs cot\u00e9s peuvent chuter imm\u00e9diatement, tandis que les actifs priv\u00e9s conservent des valorisations bas\u00e9es sur des p\u00e9riodes comptables ant\u00e9rieures. La part apparente des actifs priv\u00e9s dans le portefeuille total augmente alors automatiquement, avant m\u00eame que les gestionnaires des march\u00e9s priv\u00e9s n'actualisent leurs valorisations.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cet effet de d\u00e9nominateur s'est particuli\u00e8rement manifest\u00e9 chez les investisseurs institutionnels lors des pr\u00e9c\u00e9dentes p\u00e9riodes de tensions sur les march\u00e9s publics. Pour un family office, la cons\u00e9quence pratique est claire : un portefeuille qui pr\u00e9sentait initialement une allocation de 25% sur les march\u00e9s priv\u00e9s peut devenir nettement moins liquide sans que la famille n'effectue le moindre nouvel investissement.<\/span><\/p><p class=\"isSelectedEnd\"><span>La solution ne peut pas se r\u00e9sumer \u00e0 la vente d'actifs priv\u00e9s. Des transactions sur le march\u00e9 secondaire sont possibles, mais les vendeurs pourraient devoir accepter des d\u00e9cotes, tandis que les participations directes peuvent \u00eatre assorties de droits de gouvernance, de pactes d'actionnaires et d'autres contraintes qui rendent difficile une cession rapide. Il faut anticiper la liquidit\u00e9 avant qu'elle ne devienne une n\u00e9cessit\u00e9.<\/span><\/p><h3><span>Les liquidit\u00e9s ne constituent pas la seule r\u00e9serve de liquidit\u00e9<\/span><\/h3><p class=\"isSelectedEnd\"><span>Un family office bien \u00e9tabli n'a pas besoin de conserver une part excessive de son patrimoine en liquidit\u00e9s pour r\u00e9soudre ce probl\u00e8me. Il doit classer ses actifs en fonction de leur capacit\u00e9 \u00e0 \u00eatre convertis en liquidit\u00e9s de mani\u00e8re fiable, quelles que soient les conditions du march\u00e9.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les obligations d'\u00c9tat \u00e0 court terme peuvent permettre de faire face aux engagements \u00e0 court terme. Les actions cot\u00e9es en bourse, qui offrent une grande liquidit\u00e9, peuvent constituer un autre volet de la strat\u00e9gie, m\u00eame si elles ne doivent pas \u00eatre consid\u00e9r\u00e9es comme \u00e9quivalentes \u00e0 des liquidit\u00e9s en cas de forte baisse des march\u00e9s. Les lignes de cr\u00e9dit peuvent offrir une flexibilit\u00e9 temporaire lorsque la famille dispose de garanties et d\u2019une capacit\u00e9 d\u2019emprunt ad\u00e9quates. Les distributions attendues provenant de fonds priv\u00e9s arriv\u00e9s \u00e0 \u00e9ch\u00e9ance peuvent \u00e9galement \u00eatre int\u00e9gr\u00e9es dans les pr\u00e9visions, m\u00eame si elles doivent rester des hypoth\u00e8ses plut\u00f4t que des garanties.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette approche transforme la liquidit\u00e9, qui n\u2019est alors plus qu\u2019un simple chiffre, en une hi\u00e9rarchie. Le premier niveau couvre les d\u00e9penses pr\u00e9visibles. Le deuxi\u00e8me niveau permet de faire face aux appels de fonds et aux besoins familiaux impr\u00e9vus. Un troisi\u00e8me niveau pr\u00e9serve la capacit\u00e9 d\u2019investir en cas de perturbations sur les march\u00e9s, plut\u00f4t que de contraindre la famille \u00e0 utiliser toutes ses sources de liquidit\u00e9 disponibles dans le seul but de honorer ses obligations existantes.<\/span><\/p><p class=\"isSelectedEnd\"><span>Cette distinction est importante, car le co\u00fbt d'une liquidit\u00e9 insuffisante ne se manifeste pas uniquement lorsqu'il faut vendre un actif. Il se manifeste \u00e9galement lorsqu'une famille ne peut pas saisir certaines opportunit\u00e9s parce qu'une trop grande partie de son capital est immobilis\u00e9e ailleurs.<\/span><\/p><h3><span>Il faudrait accorder davantage d'attention au rythme d'engagement<\/span><\/h3><p class=\"isSelectedEnd\"><span>Les portefeuilles du march\u00e9 priv\u00e9 font souvent l'objet de discussions portant sur la s\u00e9lection des gestionnaires, la diversification par mill\u00e9sime et les rendements cibles. Le rythme des engagements m\u00e9rite toutefois une attention tout aussi grande, car il d\u00e9termine la vitesse \u00e0 laquelle s'accumule l'exposition aux actifs illiquides.<\/span><\/p><p class=\"isSelectedEnd\"><span>Une famille qui prend des engagements exceptionnellement importants apr\u00e8s plusieurs ann\u00e9es de bons r\u00e9sultats peut se retrouver confront\u00e9e \u00e0 un probl\u00e8me de liquidit\u00e9 diff\u00e9r\u00e9. Les fonds peuvent d\u00e9ployer les capitaux sur plusieurs ann\u00e9es, tandis que les distributions provenant des promotions ant\u00e9rieures peuvent ralentir exactement au m\u00eame moment. Le portefeuille se retrouve alors confront\u00e9 \u00e0 ce que les investisseurs institutionnels qualifient parfois de \u00ab probl\u00e8me de sur-engagement \u00bb : les obligations se poursuivent alors que les rendements en liquidit\u00e9s des fonds existants sont d\u00e9cevants.<\/span><\/p><p class=\"isSelectedEnd\"><span>Fundavia a r\u00e9cemment abord\u00e9 la tension qui r\u00e9sulte du fait que les produits du march\u00e9 priv\u00e9 promettent un acc\u00e8s plus large, alors que les rachats mettent en \u00e9vidence les contraintes inh\u00e9rentes \u00e0 des actifs par nature illiquides. Ce m\u00eame principe \u00e9conomique s'applique aux portefeuilles de gestion de patrimoine priv\u00e9, m\u00eame lorsque les instruments eux-m\u00eames ne promettent pas de rachats fr\u00e9quents.<\/span><\/p><p class=\"isSelectedEnd\"><span>Pour les family offices, le rythme des engagements doit donc \u00eatre adapt\u00e9 aux d\u00e9penses familiales pr\u00e9vues, aux \u00e9ch\u00e9ances de la dette, aux investissements dans l'entreprise et au profil d'\u00e9ch\u00e9ance des fonds priv\u00e9s existants. Des d\u00e9cisions d'investissement qui semblent int\u00e9ressantes prises individuellement peuvent aboutir \u00e0 un portefeuille global peu attractif si un trop grand nombre d'entre elles n\u00e9cessitent des capitaux au cours de la m\u00eame p\u00e9riode.<\/span><\/p><h3><span>La planification patrimoniale et la planification des investissements n\u00e9cessitent le m\u00eame mod\u00e8le de liquidit\u00e9<\/span><\/h3><p class=\"isSelectedEnd\"><span>Le plus important <a href=\"https:\/\/www.rotharia.com\/fr\/categorie\/capital-prive\/\">am\u00e9lioration<\/a> peuvent \u00eatre d'ordre organisationnel plut\u00f4t que financier. Les \u00e9quipes d'investissement mod\u00e9lisent souvent la liquidit\u00e9 du portefeuille, tandis que les conseillers fiscaux \u00e9valuent les obligations fiscales, que les planificateurs successoraux pr\u00e9parent les transmissions et que les membres de la famille planifient eux-m\u00eames leurs achats importants. Ces activit\u00e9s finissent par se disputer le m\u00eame capital.<\/span><\/p><p class=\"isSelectedEnd\"><span>Un family office devrait donc disposer d'une vue d'ensemble consolid\u00e9e des besoins futurs en liquidit\u00e9s, plut\u00f4t que de laisser chaque conseiller partir du principe que des fonds suffisants seront d'une mani\u00e8re ou d'une autre disponibles.<\/span><\/p><p class=\"isSelectedEnd\"><span>Ce mod\u00e8le n'a pas pour objectif de pr\u00e9voir avec pr\u00e9cision chaque d\u00e9pense future. Il doit permettre d'identifier les conditions dans lesquelles la famille serait contrainte de vendre des actifs \u00e0 un moment peu propice et de d\u00e9finir les mesures \u00e0 prendre avant d'en arriver l\u00e0.<\/span><\/p><p class=\"isSelectedEnd\"><span>Les capitaux priv\u00e9s ont permis aux familles d'acc\u00e9der \u00e0 un univers d'investissement plus vaste et, dans de nombreux cas, \u00e0 des opportunit\u00e9s int\u00e9ressantes \u00e0 long terme. Leur essor a \u00e9galement modifi\u00e9 les exigences en mati\u00e8re de pr\u00e9servation prudente du patrimoine.<\/span><\/p><p><span>Une famille ais\u00e9e peut se permettre de d\u00e9tenir des actifs peu liquides. Elle ne doit toutefois pas laisser cette illiquidit\u00e9 dicter le moment o\u00f9 elle doit prendre ses d\u00e9cisions financi\u00e8res.<\/span><\/p><br>","protected":false},"excerpt":{"rendered":"<p>Le patrimoine priv\u00e9 est confront\u00e9 \u00e0 un probl\u00e8me de liquidit\u00e9 sans pr\u00e9c\u00e9dent depuis dix ans, ce qui a des r\u00e9percussions sur les strat\u00e9gies d'investissement et la planification financi\u00e8re. Cet article examine en d\u00e9tail les causes de ce ph\u00e9nom\u00e8ne, les points de vue des experts et les solutions possibles.<\/p>","protected":false},"author":2,"featured_media":836,"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":[26],"tags":[],"class_list":["post-837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-private-market-liquidity"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-150x150.jpg","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-300x200.jpg","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-768x512.jpg","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-1024x683.jpg","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b.jpg","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b.jpg","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-18x12.jpg","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-392x272.jpg","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-390x205.jpg","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-130x90.jpg","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-800x445.jpg","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-150x150.jpg","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-1200x600.jpg"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Private wealth faces a liquidity issue not seen ten years ago, impacting investment strategies and financial planning. This article delves into the causes, expert perspectives, and potential solutions.","magazineBlocksPostCategories":["Private Market Liquidity"],"magazineBlocksPostViewCount":521,"magazineBlocksPostReadTime":6,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b.jpg",1200,800,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-300x200.jpg",300,200,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/08\/rotharia_image_20260811_7f672b-150x150.jpg",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=\"#\" class=\"category-link category-link-26\">Private Market Liquidity<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Private Wealth Has a Liquidity Problem It Did Not Have Ten Years Ago<\/title>\n<meta name=\"description\" content=\"Private wealth faces a liquidity issue not seen ten years ago, impacting investment strategies and financial planning. 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