In brief: Armen takes minority stake in growth investor Jolt Capital

The French technology manager is the second firm to receive investment from Armen's debut GP stakes fund.

French GP stakes firm Armen is set to acquire a 32 percent interest in Jolt Capital, according to an announcement from Armen.

Jolt Capital was established in 2012 to invest in B2B technology companies. Its fourth fund – which initially closed on €271 million in 2021, but raised an extra €100 million after being reopened to investors last year – seeks to invest in businesses that generate positive social or environmental impact. The firm has over €500 million under management and a team of 30 investment professionals, per the announcement.

Started by former executives from Ardian and Capza, Armen was established in 2022 to acquire stakes in fund managers. It is run by president Dominique Gaillard, who spent two decades at Ardian; CEO Laurent Bénard, who spent 17 years at Capza; and Renaud Tourmente, who most recently was head of business development and COO of Capza.

Should the transaction be approved by the French financial regulator, Jolt will become the second firm to receive capital from Armen’s first fund. It acquired a minority interest in French energy transition specialist RGreen Invest last year.