L'Auxiliaire

L'Auxiliaire does not publicly name a standalone chief investment officer. Investment decisions are overseen by the Director General — Jérémie Garrot as of January 2026 — and supervised by the President, Thibault Richard, within a mutual governance framework. The firm's real-asset activities appear to be executed through direct partnerships with asset managers such as Foncière Magellan.

It is a mutual insurance company owned by its policyholder-sociétaires, not an asset manager. Its primary business is underwriting property, casualty, and construction-liability risks for building and public-works professionals in Southeast France. Investment activity — principally direct real estate and industrial redevelopment — is a function of its general-account balance sheet, not a third-party management mandate.

The most documented asset is the Moulin à Vent Industrial Estate in Vénissieux, which is being converted into a Green Campus park. Omnes Capital co-invested alongside L'Auxiliaire, and Foncière Magellan manages the estate. The insurer has also partnered with the Patriarca Group on building renovations. Beyond these named projects, the firm holds its own headquarters at 20 rue Garibaldi in Lyon's 6th arrondissement.

L'Auxiliaire, SMABTP, and CAM btp are co-founders and member companies of the SGAM btp mutual insurance group. This structure pools reinsurance capacity, technical pricing models, and industry representation for insurers that focus exclusively on France's construction sector. They are separate legal entities with distinct management teams but coordinate through the SGAM btp framework.

The firm operates primarily in France's Southeast region, with its portfolio concentrated in the Rhône-Alpes and Auvergne-Rhône-Alpes corridors. Its headquarters, major real estate projects, and policyholder base all sit within this home territory. There is no evidence of international expansion or coverage in other French regions at meaningful scale.

The firm's internal research tags reference growth-capital activity, but no public fund commitments or direct startup investments are disclosed. Its only verifiable equity-like exposure is the direct co-investment in the Moulin à Vent real estate redevelopment alongside Omnes Capital. Most of its deployment appears to stay within real assets and insurance-linked instruments.

L'Auxiliaire announced that Olivier Bedeau would step down as Director General and be succeeded by Jérémie Garrot effective January 31, 2026. The firm has not publicly detailed the reason for the transition, but Garrot's promotion follows a planned succession in the mutual's executive governance. Both Bedeau and Garrot are listed as founders in the firm's internal records, suggesting a long-tenured leadership handover.