Antoine Druais has joined Capza FEMM as co-head, bringing two decades of private equity experience and firsthand CEO knowledge to the mid-market investment team. His career path from Deloitte to BlackFin Capital Partners, then as CEO of portfolio company Finvens, has shaped his approach to building strong partnerships with management teams. Druais emphasizes that having been on the other side of the table helps him assess what's achievable in deals.

At Capza, a BNP Paribas-backed firm with €10.5 billion in assets, Druais is helping lead the Flex Equity Mid-Market strategy that targets European SMEs with over €20 million in EBITDA. The team, which has €1 billion in AUM and 14 members, takes flexible positions of €50-€150 million using preferred shares that limit dilution for managers. This structure allows executives to potentially retain majority ownership while accelerating their investment returns.

The strategy aims to evolve from generalist to multi-specialist, with established verticals in health, tech, B2B services, and financial services. Druais notes that while peak valuations have passed, the current market offers attractive opportunities for acquisition. With the second FEMM fund around 70% invested, the team targets two to three more deals through 2027, navigating an uncertain dealflow environment shaped by upcoming French elections.