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HLD Group
HLD Group is a private equity firm based in Luxembourg City, Luxembourg. Founded in 2020, the company invests across sectors including beauty, fashion,...
HLD Group
HLD Group is a private equity firm based in Luxembourg City, Luxembourg. Founded in 2020, the company invests across sectors including beauty, fashion, technology, and consumer products and services. HLD Group has made 11 investments, including a PIPE investment in Clariane on May 17, 2024, and has facilitated 4 portfolio exits, with C Brown and Sons being their latest exit on September 26, 2025.
General information
Firm type
Private Equity
Year founded
2012
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Jean-Philippe Hecketsweiler
Founding Partner
Jean-Bernard Lafonta
Founding Partner
Cedric Bannel
Founding Partner
Sector focus
Frequently asked questions
Who runs investment decisions at HLD Group?
Investment decisions are driven by the three founding partners — Jean-Philippe Hecketsweiler, Jean-Bernard Lafonta, and Cedric Bannel — alongside a broader partnership group that includes sector-specialist operating partners. Lafonta's prior tenure as CEO of Wendel SA shaped HLD's approach to long-duration holding-company investing.
How does HLD's permanent-capital structure affect its investment approach?
Because HLD is a listed holding company with no defined fund life, it is not forced to sell portfolio companies to return capital to LPs. This allows the firm to hold investments for 10 to 20 years or longer, aligning with management teams on multi-year transformation plans rather than 3-to-5-year exit windows.
What size of company does HLD typically target?
HLD focuses on mid-market European businesses with enterprise values between roughly €100 million and €1 billion. The firm seeks majority and significant minority stakes in profitable companies based primarily in France, Benelux, and Southern Europe.
Is HLD a single-family office or an institutional asset manager?
HLD is neither a single-family office nor a conventional fund manager. It is a publicly-listed investment holding company that raises permanent equity from European family offices and institutional investors, operating as a hybrid between a private equity firm and a publicly-traded conglomerate.
Does HLD commit to external private equity funds or only direct deals?
HLD deploys exclusively through direct investments — majority and significant minority stakes in operating companies. The firm does not operate as a fund-of-funds or allocate capital to third-party private equity partnerships.
Which sectors does HLD avoid?
HLD has historically avoided sectors with high regulatory volatility or binary risk profiles. The firm does not invest in financial services, pure consumer retail, or early-stage technology businesses with negative EBITDA, concentrating instead on healthcare, energy transition, business services, and specialized industrials.
What is HLD's posture on co-investments alongside external partners?
HLD has co-invested selectively with aligned permanent-capital vehicles and sovereign wealth funds, particularly in larger transactions. The firm retains board control and operational influence in all its core positions and does not participate as a passive minority co-investor in third-party-led deals.
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