# HLD Associes

HLD Associes is a Private Equity based in Paris, France.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Paris, France
- **Region:** Europe
- **Address:** Paris, France
- **Founded:** 2010
- **Assets under management:** €4 Bn
- **Website:** groupehld.com
- **LinkedIn:** https://www.linkedin.com/company/groupe-hld

## Regulatory record

- **Reports private funds:** No

## About

HLD is a private equity group that supports high-growth-potential European companies. Beyond financial and human resources, it offers the companies it supports the know-how and time they require to succeed. Its approach is grounded in an entrepreneurial partnership and focused on responsible operational development rather than financial leverage.

## Sectors

- Enterprise Software
- Digital Health
- Industrial Tech
- FinTech
- Media & Entertainment

## People

- Jean-Bernard Lafonta — President
- Jean-Philippe Hecketsweiler — Managing Partner
- Philippe Dumont — Managing Partner

## Questions

### Who runs investment decisions at HLD Associes?

Jean-Bernard Lafonta leads the firm as President, with Managing Partners Jean-Philippe Hecketsweiler and Philippe Dumont sharing investment and operational responsibilities. The three co-founded the group after Lafonta's departure from Wendel. Investment decisions are made by this core team with input from sector-focused partners.

### How is HLD Associes different from a traditional private equity fund?

HLD does not operate blind-pool funds with 10-year lives. It is a listed investment company with permanent capital, meaning it can hold portfolio companies indefinitely without forced sales. This structure removes the redemption clock and allows the firm to compound value over decades rather than fund cycles.

### Does HLD Associes manage outside LP commitments?

No. HLD does not raise traditional commingled funds from institutional limited partners. Its balance sheet is capitalized by the founders and select family offices and high-net-worth individuals who co-invest on a deal-by-deal basis. This match-funding model keeps governance concentrated and avoids asset-liability mismatches.

### What is Jean-Bernard Lafonta's background before HLD?

Lafonta was previously CEO of Wendel, the French listed investment group, a role he left in 2009 following shareholder disputes. His earlier career included positions at Lazard and BNP Paribas. At HLD he rebuilt a permanent-capital investment platform distinct from the fund structures he managed at Wendel.

### Which companies are confirmed in HLD's portfolio?

Publicly confirmed positions include Audacia, a digital learning and HR management platform, and Kwanko, a performance marketing network. The group also holds healthcare assets through Doctegestio and a collection of software and industrial businesses. Exact holdings fluctuate as the firm buys and holds with no predetermined exit schedule.

## Related profiles

- [HLB Investment](https://altss.com/profile/hlb-investment)
- [HLD Group](https://altss.com/profile/hld-group)

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Last updated: 2026-08-11T15:06:57.816Z

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