Initiative & Finance

The partnership is led by President Jean-Bernard Meurisse alongside Managing Director Thierry Giron on the SME side, while Baudouin d'Hérouville heads the TOMORROW mid-cap team. A second mid-cap partner, Caroline Pihan, also appears on the firm's public team page. Investment committees are not detailed publicly.

The TOMORROW fund targets larger mid-cap companies — equity tickets of €20m to €80m — and explicitly requires portfolio companies to demonstrate a strong commitment to environmental transition. The legacy SME fund, by contrast, is sector-agnostic and writes €3m to €20m checks across all industries.

Yes. A published build-up case study on Briconord describes the firm sourcing a Lyon-based family business through its own direct field approach. The same interview notes that I&F partners manage acquisition files, due diligence, financing negotiations and integration support internally rather than relying wholly on intermediaries.

Initiative & Finance operates as an independent private equity asset manager, not a family office. The firm raises commingled blind-pool funds dedicated to SME and mid-cap buyout and growth strategies across France and Western Europe.

The firm targets profitable, later-stage companies, executing buyouts, management buy-ins, spin-offs, successions and public-to-private transactions. It does not market a venture capital or early-stage growth strategy; the website consistently describes targets as 'sociétés rentables' (profitable companies).

The firm states it invests across all business sectors for the SME fund. No explicit sector exclusion is disclosed publicly. The TOMORROW fund adds a positive screen — environmental transition commitment — but does not list prohibited sectors.

There is no disclosed philanthropic foundation, DAF or impact vehicle attached to the firm. The TOMORROW fund's environmental-transition mandate sits inside the for-profit fund structure as a thematic investment lens rather than a charitable or concessional allocation.