Ring Capital has successfully completed the final closing of its second growth buy-out fund, Altitude II, securing €217 million in capital commitments, compared with €165 million for Altitude I. Despite a target of €250 million, this achievement is significant within a tense and selective market, underscoring the growing investor appetite for impact-focused private equity. The fund is dedicated to accelerating the ecological and social transition by supporting high-potential European companies.
Navigating a Challenging Market
The successful fundraising occurred amidst a challenging economic, political, and geopolitical landscape marked by reduced liquidity and a more selective fundraising environment. Nicolas Celier, CEO and co-founder of Ring Capital, noted that demand for solutions accelerating the transition remains robust. With the secured capital, Altitude II is positioned to invest in and support the growth of 12 to 15 companies that are building a more resilient economy.
Altitude II continues the strategy of the first Altitude vehicle, which backed companies such as Castalie, LeHibou, Yespark, and LiveMentor, and delivered several high-profile exits that strengthened the firm’s track record. Ring Capital completed four exits from Altitude I, including Linkfluence, Tiller, Bnetwork, and Adikteev, each generating returns of more than three times the initial investment. These strong outcomes enabled Ring Capital to raise a larger second vintage and reinforced investor confidence in its impact-driven approach.
Broadened Investor Base and European Ambitions
Altitude II attracted a diverse group of limited partners, including prominent new European investors such as the European Investment Fund (EIF) and Investcorp Tages. This fresh support complements the renewed trust from long-standing partners like Tikehau Capital, SWEN Capital Partners, and Bpifrance. Together, this broad coalition of investors reinforces Ring Capital’s mission to scale companies providing tangible solutions to major societal and environmental challenges.
The new fund also marks a strategic step in Ring Capital’s European expansion, with operations now anchored in both Paris and a dedicated office in Milan opened in 2024. The firm is actively targeting investments in Italy and Spain while consolidating partnerships in Germany and Spain, with approximately a quarter of its deal flow now originating from other European countries. This geographic diversification strengthens its capacity to identify and support leading transition-focused businesses across the continent.
Strategic Investments and Future Outlook
The fund’s investment thesis targets established, locally rooted companies with revenues exceeding €10 million and EBITDA between €1 million and €5 million. Ring Capital will deploy investment tickets ranging from €5 million to €20 million in strategic sectors critical to the transition, including energy, mobility, agriculture, and access to health and education. This focus ensures capital is directed toward high-performing businesses with measurable positive impact.
Altitude II has already begun its deployment, completing three investments that exemplify its core strategy. These include Karos, a short-distance carpooling solution that supports low-carbon mobility; Enerdigit, a specialist in electricity demand response; and Téo, an ophthalmology network improving access to care in medical deserts. These initial investments demonstrate the fund’s commitment to backing innovative companies that address pressing environmental and social needs.
Looking ahead, Ring Capital anticipates a favorable investment climate for investors with available liquidity, citing fewer active funds, more attractive valuations, and reduced competition. The firm has observed an intensification of deal flow since September and plans further operations within the next six months, including a prospective deal in Italy. This positions Altitude II to capitalize on the growing demand for sustainable and socially responsible business models.
In conclusion, the €217 million closing of Altitude II solidifies Ring Capital’s position as a key player in European impact investing. By combining financial performance with a clear mission to foster social and ecological resilience, the fund is well-equipped to identify and scale the next generation of impactful companies. This successful fundraise not only reflects market confidence but also signals a continued shift toward sustainable private equity.