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Fremman Capital
Fremman Capital, co-founded by CVC and PAI veterans, executes control buyouts in the European lower mid-market from Paris.
Fremman Capital
Fremman Capital launched in Paris in 2021, co-founded by Ricardo de Serdio, Guillaume Jabalot, and Carlos Sopeña. All three partners previously held senior roles at major European buyout firms, including CVC Capital Partners and PAI Partners, giving the team institutional-grade transaction experience typically absent at the lower mid-market level. The firm executes control buyouts and growth investments in European companies with enterprise values between €50 million and €500 million. Fremman focuses on fragmented industries where it can consolidate regional players—specifically healthcare services, industrial technology, and business services including enterprise software and cybersecurity. The strategy relies on deep operational engagement: the partners install upgraded management, pursue cross-border M&A, and digitize legacy operations. Geographic emphasis spans France, Iberia, and the DACH region. Fremman raised its inaugural fund during a difficult fundraising environment in 2022-2023. The team's prior track records at CVC and PAI provided institutional credibility, but the firm has not publicly disclosed final fund size or deployment totals. The partnership model is lean by design, with senior partners leading deal execution directly rather than managing layers of associates. Structurally, Fremman operates as an independent partnership with no single family or institutional anchor investor. This independence allows it to hold assets beyond standard five-year fund cycles when the value-creation plan demands longer runway—a genuine differentiator in a market where most peers face strict exit mandates from limited partners.
General information
Firm type
Private Equity
Year founded
2021
AUM
Undisclosed
Location
Region
Europe
Country
France
City
Paris
Corporate office
Paris, France
Principals
Ricardo de Serdio
Founding Partner & CEO
Guillaume Jabalot
Founding Partner
Carlos Sopeña
Founding Partner
Sector focus
Frequently asked questions
Who leads investment decisions at Fremman Capital?
The founding partners—Ricardo de Serdio, Guillaume Jabalot, and Carlos Sopeña—lead all investment decisions collectively. Each partner brings specific regional and sector expertise from prior roles at CVC Capital Partners and PAI Partners. The firm operates with a flat structure where senior partners directly negotiate and manage deals.
What investment stages does Fremman Capital target?
Fremman executes control buyouts and selective growth investments in the European lower mid-market, typically targeting companies with enterprise values between €50 million and €500 million. The firm focuses on acquiring majority stakes where it can drive operational transformation and cross-border expansion.
How does Fremman source proprietary deal flow?
The founding partners leverage long-established networks across France, Iberia, and the DACH region built over their combined decades at top European private equity firms. Fremman emphasizes founder-led and family-owned business transitions—situations where relationship-based sourcing yields off-market opportunities rather than broad auction processes.
Is Fremman structured as a family office or an independent fund manager?
Fremman operates as an independent private equity fund manager, not a family office. It manages third-party capital from institutional investors and has no single-family anchor. This partnership structure gives the firm governance independence, though it must balance LP expectations against long-duration value-creation plans.
Which sectors does Fremman explicitly avoid?
Fremman has stated a focus on essential products and services supported by structural tailwinds, which implicitly excludes highly cyclical sectors like commodities, pure-play retail, and hospitality. The firm targets healthcare services, industrial technology, and business services where demand is non-discretionary.
Does Fremman participate in fund commitments or only direct deals?
Fremman executes direct control investments in portfolio companies; it does not operate as a fund-of-funds or make LP commitments to other managers. The strategy is concentrated in direct buyouts where the partners can actively steer operational and strategic decisions.
What is Fremman's geographic focus within Europe?
The firm invests across Western Europe with emphasis on France, Iberia, and the DACH region—reflecting the founding partners' language capabilities and deal-making networks. Fremman's model aims to take local champions from these markets and build them into multinational platforms.
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