Gilles Mougenot
Private equity professional for 40 years. Former Chairman of France Invest, founding partner of Argos Fund, Business Angel.
The 7th edition of my book, Tout savoir sur le Capital Investissement, was published in 2025.
For four decades I have watched this industry evolve, and noted how rarely it is analysed with perspective and candour. This site is my contribution: regular, fact-based commentary on private equity.
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Analyses
30. VC vs. Buyout: The American Match in Five Rounds
Based on data from PitchBook’s “Quantitative Perspectives: US Market Insights,” Q3 2026 I worked my way through PitchBook’s latest quarterly report, “Quantitative Perspectives: US Market
29. What is a continuation fund, and why is it so successful?
1. A structural tool that should stop being treated as an anomaly Start with the order of magnitude, because it disposes of most of the
28. Transaction Value 2025: what the new Invest Europe report really shows
The Invest Europe Transaction Value 2025 report covers ten years and 435,000 European deals: record equity cushions, the tech-healthcare rotation, and the real UK vs France match. A critical reading.
26. Private Equity: An Asset Class Come of Age
I. A change of dimension: an industry that has changed in nature since 2000 In 2000, global private equity represented a few hundred billion dollars
22. The Consolidation of Private Equity Players: Darwinian Reality or Fashionable Narrative?
« The process of innovation is one of creative destruction: it incessantly revolutionises the economic structure from within, incessantly destroying the old one, incessantly creating
17. The LBO Asymmetry
There is a moment in private equity that is almost never discussed publicly, yet every practitioner knows it: the moment when the chief executive must