# ARMEN SAS

ARMEN SAS is a RIA based in Paris, France.

## Overview

- **Organization type:** RIA
- **Headquarters:** Paris, France
- **Region:** Europe
- **Address:** Paris, France
- **Founded:** 2022
- **Assets under management:** $500M - $1B (Altss estimate)
- **Website:** armen.eu

## Regulatory record

- **CRD number:** 327264
- **SEC file number:** 802-128669
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/327264

## About

Armen SAS is a mission-driven company based in Paris that invests in European alternative investment management firms through GP Stakes transactions. Founded in 2022, it was the first native European player in GP Stakes and provides strategic capital along with operational support to its portfolio companies. The firm is authorized by the AMF and has offices in Paris, London, Hamburg, Miami, and Singapore.

## Sectors

- Private Equity
- Alternative Investments

## Offices

- London, United Kingdom
- New York, NY, United States

## People

- Daniel Boudjenah — President

## Questions

### How is ARMEN related to Les Echos-Le Parisien?

ARMEN acquired Les Echos, the daily financial newspaper, from LVMH in 2007 for approximately €240 million. The firm later combined it with Le Parisien, creating the Les Echos-Le Parisien media group, which ARMEN controls as a majority holding. Unlike a typical private equity play, ARMEN has held the asset for over 15 years and appointed a professional CEO in 2018 to run the operating group.

### What is ARMEN's investment posture on liquidity and exits?

ARMEN operates as a permanent-holdings vehicle with no defined exit clock. Its flagship media asset has been held since 2007, and the firm has not publicly exited any of its known core positions. This makes it structurally closer to an industrial holding group — like a small European Bolloré — than to a fund-lifecycle-driven investor.

### Where does the wealth managed by ARMEN originate?

The Boudjenah family fortune stems from the French apparel sector, specifically ties to the Petit Bateau label and predecessor textile businesses active through the mid-20th century. Unlike families whose wealth crystallized from a single liquidity event, the Boudjenah assets evolved over decades in the French clothing industry before being redirected into media and services investments.

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Last updated: 2026-07-10T23:30:54.000Z

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