Cobalt Capital

Founder and Managing Partner Laurent Bensimhon leads the investment team from Paris. He has run the firm since its 2007 founding and chairs the investment committee, which makes all final capital-allocation decisions. No external investment committee members are disclosed.

Cobalt's origination model relies on a regional network of accountants, corporate lawyers, and industry contacts who introduce the firm to family-held French and Benelux companies before they reach broad auction. This succession-driven pipeline — targeting founders without internal heirs — accounts for the majority of the firm's closed deals. The firm rarely participates in sponsor-led processes.

Cobalt invests directly, taking majority or significant-minority equity positions in its portfolio companies. It does not operate a fund-of-funds strategy or commit capital to other GPs. Co-investment vehicles are offered to limited partners alongside the main fund on a deal-by-deal basis.

Cobalt targets buyout and growth-equity stages in the lower mid-market. The firm acquires profitable companies with enterprise values between €30 million and €150 million, typically writing equity checks from €15 million to €50 million. It avoids early-stage venture and pre-revenue businesses.

Cobalt has not publicly published an exclusions list, but its disclosed sector focus and fund documents point away from real estate, financial services, energy extraction, and pure-play biotechnology. The firm's industrial, services, healthcare, and technology focus implicitly excludes several capital-intensive or highly regulated sectors.

Cobalt raises institutionally-backed blind-pool funds — most recently Cobalt Capital IV, which closed at €325 million in September 2023. Each fund operates as a standard ten-year private equity vehicle, and the firm runs co-investment sleeves alongside the main fund for larger transactions or LPs requesting direct exposure.

Cobalt leads its own deals and syndicates co-investment to its limited partners. It does not prominently market itself as a co-underwriter for other GPs' transactions. The firm's model positions it as the control investor, not a passive minority participant in club deals led by other sponsors.