# Rothschild Merchant Banking

Rothschild Merchant Banking is an Asset Manager based in Paris, France.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Paris, France
- **Region:** Europe
- **Address:** Paris, France
- **Assets under management:** Undisclosed
- **Website:** rothschildandco.com

## Regulatory record

- **Reports private funds:** No

## About

Rothschild Merchant Banking is a private equity firm based in Paris, France. It focuses on buyouts and manages approximately $388.7 million in assets. The firm has $7.5 million in dry powder and employs 78 staff, including 56 investment professionals.

## Sectors

- Private Credit
- Private Equity
- Secondaries & Special Situations

## Offices

- London, United Kingdom
- New York, United States

## Questions

### How is Rothschild Merchant Banking structured relative to the broader Rothschild & Co group?

It is a division of Rothschild & Co, the publicly traded holding company that also encompasses the firm's global financial advisory and wealth management businesses. The merchant banking unit manages proprietary and third-party capital through permanent-capital vehicles and managed accounts, principally the Concordia series. Its governance and investment committees operate independently from the advisory arm, with a strict information barrier between deal teams.

### Where does Rothschild Merchant Banking's investment capital come from?

The capital base combines the Rothschild family's own balance sheet with mandates from European insurance companies, pension funds, and sovereign wealth funds. The family's co-investment alongside external limited partners is a structural feature of the Concordia vehicles (per the firm's official communications). Third-party insurance mandates are structured as permanent-capital accounts, matching long-duration liabilities with equally patient private market exposure.

### What differentiates a permanent-capital vehicle like Concordia from a conventional private equity fund?

Concordia has no fixed fund life or mandatory liquidation date. While a standard closed-end private equity fund must return capital to investors after 10–12 years, Concordia can hold portfolio companies indefinitely, rolling equity positions from one generation of insurance-company balance sheets to the next. This allows the team to underwrite investments with a hold horizon of 15–20 years rather than the 4–7 years typical in sponsor-backed buyout models.

### Who sets investment strategy at Rothschild Merchant Banking?

Christophe Lederer and Frederic Sasson co-head the division and jointly chair the investment committee, which also includes senior partners from Rothschild & Co's broader partnership. Investment memoranda are generated by sector-specialist deal teams in Paris and London. The holding company's supervisory board, which includes Rothschild family members, approves capital allocations above certain concentration thresholds but does not participate in individual deal decisions.

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Last updated: 2026-06-03T20:00:00.000Z

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