Edouard Pillot, co-head of Astorg’s mid-cap fund, will leave the firm to pursue other opportunities, PE Hub understands. Lionel de Posson, Pillot’s fellow co-head, will assume sole leadership of the team, ensuring continuity in strategy and operations. The mid-cap platform, which raised a €1.3 billion hard-cap in 2022, remains a cornerstone of Astorg’s portfolio, focusing on B2B niche companies in healthcare, tech, industrials, and business services.

The leadership transition follows Astorg’s broader strategic evolution, with Benjamin Cordonnier and Judith Charpentier now co-leading day-to-day operations as CEO and executive chairman. The firm’s assets under management total €23 billion, and its mid-cap team has expanded to 21 members, including five partners and four managing directors. Sources emphasize that investment decisions and client coverage will remain unaffected by Pillot’s exit, with the team maintaining a “highly coordinated” approach to sourcing and sector expertise.

Pillot and de Posson’s partnership began at JPMorgan, where their shared entrepreneurial drive led to the 2020 launch of the mid-cap fund. Astorg, previously focused on mid-cap investments, has since shifted toward upper mid-market and large-cap strategies, aligning with the duo’s vision. The fund’s recent investment in Attikon Finanz, a German insurance platform, underscores its ongoing momentum. With no key person clauses triggered, the move signals confidence in the team’s institutional strength and long-term viability.

Astorg’s leadership now prioritizes institutionalization, performance, and people as its strategic pillars. The firm’s shift toward deeper sector specialization and digital transformation reflects its ambition to remain a top-tier European private equity player. While the mid-cap team’s structure evolves, its core mission—to identify undervalued B2B opportunities—remains unchanged.