• Five Arrows Secondary Opportunities (FASO) is a specialist in European small and mid-cap secondary transactions.

  • Since 2003 the team has provided tailor-made liquidity solutions for investors and general partners who wish to manage actively their private equity portfolios.

    Our expertise in complex transactions makes us one of Europe's most reliable partners for secondary transactions. We deliver innovative and flexible financial solutions to suit the unique characteristics of each transaction and the sellers' individual requirements.

    As part of the Rothschild & Co group we have access to an unparalleled network of contacts and intelligence on the European mid-cap market. This unique perspective enables us to quickly identify opportunities and analyse transactions.

    We also share the guiding principles of the group, a strategic and responsible financial services partner known for its creative thinking and innovative investment solutions combined with a commitment to absolute discretion.

  • Our investment strategy

    Our investment strategy is focused on European small and mid-cap secondary transactions.

    We cover the entire span of the private equity asset class, including buyout, expansion capital and growth technology transactions.

    Since 2003, we have built a broadly diversified portfolio with exposure across industries, geographies, vintages, managers and stages of maturity.

     

    A focus on the European secondary mid-market

    Within the secondary market, the mid-market segment offers a wide pool of growth companies and targets for build-ups or market consolidations. In addition, this segment falls below the size at which large publicised intermediated auctions take place, allowing us to lead proprietary transactions. 

    This segment requires specific expertise, which we have developed through our extensive knowledge of the European mid-market and years of experience. We deploy a bottom-up approach and in-depth analysis supported by the distinctly insightful Rothschild & Co perspective. 

    An opportunistic approach with specialist expertise in direct company portfolios

    We look to purchase fund shares and direct secondaries from institutional or private investors. In particular, we have a strong track record in complex direct secondaries.

    Our direct secondaries portfolios can take the form of fund restructurings, tail-end funds, spin-off, orphan funds, and corporate or public divestitures. 

  • Our approach

    Confidentiality

    We recognise that secondary transactions usually involve sharing sensitive information about companies, funds and management teams. Therefore, we consider confidentiality as our first and foremost commitment to parties with whom we engage in discussions.

    In the long tradition of Rothschild & Co, we offer sellers and general partners a discreet environment to discuss assets for sale or specific financial solutions.

    Tailor-made solutions

    Every secondary transaction is different. Sellers' constraints, timing, local market characteristics, price expectations and 'soft' elements, such as political aspects or the management of relationships, are all unique to each transaction.

    We constantly strive to offer innovative solutions, customised to suit the objectives of each seller.

    Partnering with Fund Managers

    We are a dedicated investor and seek to partner with managers whose interests are aligned with ours. We deploy capital to support the growth of promising portfolio companies. We also support Fund Managers with our perspective at inflection points in their lives: spin-off, investor-base restructuring, fund restructurings, liquidation of tail-end assets. 

  • Our team

  • Mireille Klitting Image

    Mireille Klitting

    Managing Partner and Investment Committee member of all FAMS funds (FASO, FAPEP, R&CO PI)

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    Benoit-Olivier Boureau Image

    Benoit-Olivier Boureau

    Managing Director

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    Benjamin Bréard Image

    Benjamin Bréard

    Managing Director

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    Laetitia Beillard Image

    Laetitia Beillard

    Investment Director

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    Antoine Bougnoux Image

    Antoine Bougnoux

    Chief Operating Officer

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    Mathieu Bonnet Image

    Mathieu Bonnet

    Investment Manager

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    Matthieu Colin Image

    Matthieu Colin

    Principal

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    Caroline Philippe Image

    Caroline Philippe

    Investment Manager

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    Thibault Homo Image

    Thibault Homo

    Investment Manager

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    Pauline Baudry Image

    Pauline Baudry

    Assistant Chief Financial Officer

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    Aziz Agrebi Image

    Aziz Agrebi

    Investment Associate

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    Yousra Ezbakhe Image

    Yousra Ezbakhe

    Investment Associate

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    Maha Chhih Image

    Maha Chhih

    Investment Analyst

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    Mireille Klitting Image

    Mireille Klitting

    Managing Partner and Investment Committee member of all FAMS funds (FASO, FAPEP, R&CO PI)

    Mireille is Managing Partner and Investment Commitee member of all FAMS funds (FASO, FAPEP, R&CO PI). Mireille is also a member of the Merchant Banking Management Committee. 

    Prior to launching FASO in 2011, Mireille was with Natixis Private Equity where she developed the firm's secondary activities since 2003.

    Previously, Mireille led the establishment of Natixis' direct private equity teams in Asia, Brazil, Italy and Maghreb, as well as overseeing deal structuring locally.

    Prior to that she worked at Natixis in the Structured Finance Department, Delmas and Banque de l'Union Européenne.

    Mireille is a graduate of ESSEC Business School and SFAF (CFA).

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    Benoit-Olivier Boureau Image

    Benoit-Olivier Boureau

    Managing Director

    Benoit-Olivier is Managing Director of FASO and a member of all FAMS funds (FASO, FAPEP, R&Co PI) Investment Committees.

    Prior to joining FASO in 2011, Benoit-Olivier was with Natixis Private Equity where he worked alongside Mireille Klitting on secondary investments since 2004.

    Benoit-Olivier began his career at Essilor International where he set up the logistics division in China and was then in charge of the supply chain of all Asian operations.

    Benoit-Olivier graduated from Institut National Polytechnique de Grenoble and holds an MBA from Harvard Business School.

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    Benjamin Bréard Image

    Benjamin Bréard

    Managing Director

    Benjamin is Managing Director of FASO and a member of all FAMS funds (FASO, FAPEP, R&Co PI) Investment Committees.

    Prior to joining FASO in 2011, Benjamin was with Natixis Private Equity where he worked alongside Mireille Klitting on secondary investments since 2003. Benjamin began his career at Banexi Private Equity (BNP Group).

    Benjamin graduated from ESC Rouen and holds an MBA from Melbourne University.

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    Laetitia Beillard Image

    Laetitia Beillard

    Investment Director

    Laetitia is an Investment Director in the FASO and FAPEP teams.

    Prior to joining Rothschild & Co in 2011, Laetitia was with Natixis Private Equity where she worked alongside Mireille Klitting since 2008. Previously, Laetitia was Head of Investor Relations at Natixis Private Equity.

    Laetitia began her career at Triago, where she later became a Partner, and was responsible for fundraisings, sourcing new clients and developing the investor base. 

    Laetitia graduated from ISG and from Paris VII with a degree in Mandarin Chinese.

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    Antoine Bougnoux Image

    Antoine Bougnoux

    Chief Operating Officer

    Prior to joining FASO in 2011, Antoine was with Natixis Private Equity where he worked alongside Mireille Klitting as Chief Operating Officer since 2008.

    Antoine started his career with Arthur Andersen (then Ernst & Young), where he remained for eight years and was involved in audit and transaction services. 

    Antoine graduated from University Paris Dauphine and DECF (Chartered Accountant).

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    Mathieu Bonnet Image

    Mathieu Bonnet

    Investment Manager

    Prior to joining FASO in 2016, Mathieu was at BEX Capital where he worked on secondary investments on behalf of French family offices. Previously, Mathieu worked in leveraged finance at Société Générale in Tokyo and Hong Kong and at Credit Agricole in Paris. Mathieu graduated from Grenoble EM.

     

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    Matthieu Colin Image

    Matthieu Colin

    Principal

    Prior to joining FASO in 2012, Matthieu worked at Eight Advisory (transaction services), Oddo Private Equity and H Partners Investment.  Matthieu graduated from EDHEC.

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    Caroline Philippe Image

    Caroline Philippe

    Investment Manager

    Prior to joining FASO in 2012, Caroline worked in the project finance team at EBRD in London and in the M&A FIG - Corporate Development team at BNP Paribas in Paris. Caroline graduated with an MSc in Management from ESCP Europe.

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    Thibault Homo Image

    Thibault Homo

    Investment Manager

    Prior to joining FASO in 2013, Thibault worked in the fixed income team at LVMH Holding in Paris and in the internal audit team of Sanofi in Istanbul. Thibault graduated with an MSc in Management from ESSEC Business School.

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    Pauline Baudry Image

    Pauline Baudry

    Assistant Chief Financial Officer

    Prior to joining FASO in 2015, Pauline spent six years  at Ernst & Young in audit and transaction services. Pauline graduated from HEC Paris.

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    Aziz Agrebi Image

    Aziz Agrebi

    Investment Associate

    Prior to joining FASO in 2015, Aziz worked in the transaction services and audit teams at Deloitte and in the management team of Hachette Group in Paris. Aziz graduated with an MSc in Management from ESSEC. 

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    Yousra Ezbakhe Image

    Yousra Ezbakhe

    Investment Associate

    Prior to joining FASO in 2016, Yousra worked in the securitisation team at Société Générale CIB in London and in the management team of one of Rocket Internet's venture in Sydney. Yousra graduated with an MSc in Management from ESSEC. 

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    Maha Chhih Image

    Maha Chhih

    Investment Analyst

    Prior to joining FASO in 2017, Maha worked in the investment team of Antin Infrastructure Partners in London and in the Mergers and Acquisitions team of Canaccord Genuity in Paris. Maha graduated with an MSc in Risk and Finance from EDHEC.

     

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