Isatis Capital Vie & Retraite
Equity · Global · Private Equity
Figures refer to the share class ISIN FR0013222353, currency EUR.
Fund documents
For the share class shown above.
Factsheet: not publicly available (not found in the public sources checked).
KID: not publicly available (not found in the public sources checked).
Key facts
- Management company
- Isatis Capital
- Asset class
- Equity
- Geography
- Global
- Strategy
- Private Equity
- Share class currency
- EUR
- Share class inception
- 31.05.2017
- Fund size
- 123 million (as at 31.08.2026)
- Management fee
- 2.30%
- Performance fee
- Not available in this publication
- Liquidity
- Not available in this publication
- UCITS
- No
- Risk grade (SRRI)
- Not available in this publication
- Registered in Switzerland
- No (qualified investors only)
Price history
Fund and benchmark rebased to 100 at 13.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark (100 at start) |
|---|---|---|---|
| 1Y | 15.09.2025 | 105.7 | 110.1 |
| Since 2023 | 13.10.2023 | 120.9 | 136.2 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Fund history to 15.09.2026.
Benchmark history to 15.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN FR0013222353, currency EUR | 0.66 | 1.86 | 3.56 | 4.81 | 5.18 | 9.00 | 6.56 | 6.86 | 7.35 | 4.30 | 9.34 | 0.56 | -3.40 |
| BenchmarkEUR 3-month deposit + 8% | 0.87 | 2.59 | 5.19 | 6.89 | 10.72 | 12.38 | 11.86 | 10.50 | 11.43 | 10.56 | – | – | – |
| Differencefund minus benchmark, in percentage points | -0.21 | -0.73 | -1.63 | -2.08 | -5.54 | -3.39 | -5.30 | -3.63 | -4.08 | -6.26 | – | – | – |
Within the list: OpenList — Private Markets
Compared with the equity funds on OpenList — Private Markets (3 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 6.86 | Not available in this publication | Too few funds with a value (3) |
| Return 3Y p.a. | 7.35 | Not available in this publication | Too few funds with a value (3) |
| 3Y p.a. over its own benchmark | -4.08 | Not available in this publication | Too few funds with a value (3) |
| Volatility 3Y | 9.34 | Not available in this publication | Too few funds with a value (3) |
| Sharpe ratio 3Y | 0.56 | Not available in this publication | Too few funds with a value (3) |
| Max drawdown 3Y | -3.40 | Not available in this publication | Too few funds with a value (3) |
| Management fee | 2.30% | Not available in this publication | Too few funds with a value (2) |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Private Markets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
WSP commentary
Draft commentary, machine-generated from the fund's fund document, not yet reviewed by WSP.
Investment rationale
Isatis Capital Vie & Retraite is a French FCPR designed to give exposure primarily to development-stage companies with growth potential linked to innovation, mainly through private equity-style investments. With a synthetic risk indicator of 7 and an explicit statement that it carries a high risk of capital loss, it is suited to investors able to accept significant risk and a recommended holding period that may exceed 8 years. Because it focuses mainly on non-listed small and medium-sized companies and combines eligible private-market assets with a liquidity sleeve of listed funds and treasury instruments, it is best viewed as a specialist satellite allocation rather than a core diversified holding. Its distinctiveness comes from its focus on innovation-led SMEs across software/digital, medtech/nutrition/personal services, business services and high value-added industry, using both equity and securities giving access to equity.
Investment strategy
The fund’s objective is to invest directly and indirectly in companies considered by the management team to be in a development phase and offering growth potential through innovation applied to products, industrial processes or marketing. At least 50% of assets, with a target of around 60%, are invested in eligible listed or unlisted assets meeting the FCPR legal quota rules; these are expected in general to comprise about 40% equity securities and 60% securities giving access to equity, mainly convertible bonds or equivalent instruments, although this split is indicative only. The balance of up to 50% is intended to support liquidity, with up to 45% and a target of around 35% in daily-liquid European equity UCITS focused on small and/or mid caps, and 5% to 15% in treasury instruments such as deposits, certificates of deposit, BTFs, short-term money market UCITS, bond or diversified UCITS, and debt securities such as EMTNs. Eligible listed equity or equity-linked securities are capped at 20% of assets and must be issued by EEA companies with market capitalisation below €150 million; current account advances are capped at 15% for portfolio companies where the fund owns at least 5% of the capital. The fund may hedge interest-rate, currency or equity-market risk linked to its equity UCITS exposure using simple listed or OTC derivatives on rates and regulated market indices, while distributable income is in principle capitalised for the life of the fund and investors are warned it may not suit those intending to withdraw within 8 years.
Investment philosophy
• The portfolio is built around direct and indirect investments in small and medium-sized companies judged by the management team to be in a development phase and capable of growth through innovation.
• The target universe is mainly business-facing SMEs in four sectors: software/IT/digital, medtech/nutrition/personal services, business services, and high value-added advanced industry; at initial investment, portfolio company revenue is expected to be between €5 million and €200 million.
• Investments are made through growth capital or transmission/buyout transactions, with any leverage applied at portfolio company level rather than at fund level, and the fund generally uses equity securities and securities giving access to equity that may offer intrinsic liquidity and/or recurring income.
• The fund must invest at least 50% of assets, with a target of around 60%, in eligible FCPR assets; listed eligible securities are limited to 20% of assets and current-account advances to qualifying holdings are limited to 15%.
• Liquidity management relies on holding up to 50% in liquid financial assets, notably European small/mid-cap equity UCITS and treasury instruments, while hedging of rates, currency or equity-market exposure may be implemented only through simple listed or OTC instruments.
The asset manager
The management company is Isatis Capital, which acts as the société de gestion de portefeuille of the fund. The document identifies Isatis Capital as AMF-authorised and regulated, and gives its contact address as 23 rue Taitbout, 75009 Paris.
Strengths
A distinguishing feature of the fund is its hybrid structure, combining a minimum 50% allocation to eligible private-market assets with a sizeable liquidity sleeve of listed European small/mid-cap UCITS and treasury instruments. It is also unusual in allowing redemptions throughout the fund’s life, supported by a formal liquidity control framework, even though the underlying portfolio is mainly made up of illiquid eligible assets. The strategy is tightly defined around innovation-led SMEs in four named sectors and around company revenue at entry between €5 million and €200 million, with a stated goal of backing businesses that can grow into mid-sized companies. The fund does not issue carried-interest units, and gains are shared pro rata among units.
Risks
The fund is classified in risk category 7 and explicitly presents a high risk of capital loss. Its main structural risk comes from its predominant exposure to unlisted company securities, which are described as illiquid and lacking an active secondary market, making both asset disposals and investor exits difficult; redemptions may also be suspended under the conditions set out in the fund rules. The document also highlights credit risk, as debt downgrades or issuer default can reduce the net asset value, which is relevant given the expected use of convertible bonds or equivalent securities and other debt instruments in the liquid sleeve. Additional market, currency and interest-rate exposures may arise from holdings in European equity UCITS and treasury or bond instruments, and the fund may use derivatives for hedging these risks, but only through simple listed or OTC instruments on rates and regulated market indices.