MACSF

Stéphane Dessirier serves as Directeur Général of MACSF, overseeing both the insurance operations and the group's direct investment activities. The group does not publish a separate CIO or head-of-investments role, reflecting its integrated mutual structure where the balance sheet is managed internally rather than through an outsourced investment office.

MACSF sources deals primarily through direct relationships with other French institutional co-investors. Its network includes SMABTP, with whom it acquired the reinsurance platform Arundo Re, Caisse des Dépôts in the Emeis rescue consortium, and co-investment relationships with UI Investissement and Financière Dassault. This places MACSF within a tight Paris-based co-investment ecosystem rather than relying on broader auction processes.

MACSF is neither. It is a mutual insurance company — technically an asset owner owned by its policyholders — that invests directly from its own balance sheet. Its capital base originates from compulsory professional-liability premiums paid by French doctors and health professionals, not from a single family's or individual's wealth.

MACSF's direct property holdings include the Triangle de l'Arche office complex in La Défense, the 16 Avenue George V address in central Paris, the Twenty Campus student-residence network across six French cities, and the Foncière Médicale portfolio of healthcare properties throughout France. These are held as balance-sheet assets, not through external fund structures.

Yes, MACSF accesses French venture and growth-stage opportunities through its participation in Founders Future, a vehicle co-backed by the Dassault family's holding company and the shipping-and-logistics group CMA CGM. This provides exposure to early-stage French innovation while keeping MACSF's own internal team focused on direct real estate and co-investment transactions.

Fondation MACSF operates as a legally distinct philanthropic vehicle funded by the insurance group but governed independently. Its public mandate focuses on healthcare-related social initiatives, consistent with MACSF's mutual identity serving medical professionals. The investment portfolio and the foundation's endowment are managed separately.

MACSF consistently co-invests directly alongside peer French institutions rather than through blind-pool commitments to external general partners. Its disclosed transactions — Arundo Re, Emeis, ADIT Group, and Founders Future — are all direct co-investments or consortium deals, suggesting a preference for control, alignment with known counterparties, and avoidance of the fee layers inherent in traditional fund commitments.