This document provides information about Roux Capital, a Paris-based advisor focused on private equity primary and secondary assignments in Europe. It summarizes Roux Capital's services in primary fund placements, secondary transactions, and the experience of its founder François Roux in private equity and mergers and acquisitions.

1. Roux Capital Private Equity Primary & Secondary Advisory Page 1/8
Roux Capital
Private Equity Primary & Secondary Advisory
Roux Capital Sarl is registered in France as Conseil en Investissements Financiers (Financial Investment Adviser) under ORIAS
number 13000599 on the national Registre Unique des Intermédiaires en Assurance, Banque et Finance and is a valid member
of ANACOFI-CIF, regulated by Autorité des Marchés Financiers.

2. Roux Capital Private Equity Primary & Secondary Advisory Page 2/8
1. General Presentation
Roux Capital is a Paris-based independent execution-driven advisor exclusively focused on
Private Equity primary and secondary assignments in Europe. We cover all types of funds
globally in buyouts, infrastructure, real assets, real estate, mezzanine and private debt.
We can reach most public and private pension funds, insurance companies, family offices,
corporate investors, banks and funds of funds in Europe.
In our Primary assignments, we act as
placement agent for a select number of funds
seeking to deepen their investor relationships.
In our Secondary assignments, we manage
secondary transactions for investors requiring
liquidity for their limited partnership interests.
2. Fund Placement
Our purpose is to leverage our local presence selectively to help top-performing fund managers
expand their investors base and fundraise efficiently.
Market coverage
We have developed an extensive global
network of the most active Private Equity
investors in Europe. We maintain close
relationships with European pension funds,
insurance companies, wealth managers, family
offices and corporates.
We focus on a limited number of visible
assignments and strive to maintain our
granular and comprehensive market
coverage.
Local presence
We think best-in-class fund managers should
expand their investors base through placement
agents known for their strong local
presence. This is what our clients look after
when they solicit us.
We possess the appropriate ground level
market intelligence and operating flexibility to
organise well-targeted and locally focused
fundraising efforts and complement our clients'
existing investors base.
We enable our clients to monitor and influence all aspects of their fundraising process through
bespoke reporting and open discussion.
Preparation
1. Conduct thorough due diligence
2. Prepare placement documentation
3. Populate data room
4. Define appropriate reporting format
Marketing
8. Pre-qualify investors
9. Make introductions, organize meetings
10. Report investor feedback
11. Provide on-going market intelligence
Pre-marketing
5. Position investment opportunity
6. Identify main market challenges
7. Define fundraising process
Legal documentation
12. Identify best practices
13. Assist in negotiations with investors
14. Liaise with legal counsels
15. Enable prompt closing

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Private Equity possesses both the highest performance dispersion and the highest performance
persistence of all asset classes. This has implications for fundraising.
Performance dispersion and persistence
Private Equity continues to provide a larger
return opportunity than traditional asset
classes. It remains well placed to take
advantage of market inefficiencies and of
opportunities materialising ahead of public
markets. Interest alignment is better organised
than in publicly traded companies, and time
horizon is more serene to implement rewarding
long-term strategies.
However, Private Equity is illiquid and brings
little diversification to an existing public equity
exposure. It would be useless if it did not
possess, of all asset classes, both the highest
performance dispersion and the highest
performance persistence. This in turn leads
investors to pay attention to what makes
Private Equity a unique asset class:
• they use the asset class as a return
enhancer, not a risk diversifier
• they consider past performance as a
reliable predictor of future performance
and pay meticulous attention to
quantitative issues
• they have a bottom up approach.
Implications
The asset class's performance dispersion and
performance persistence has implications. To
fully integrate investors requirements, fund
managers must document their track record
and distribution capacity more acutely than in
the past:
• how much has ben effectively
distributed to date and how much is
expected during the course of the
fundraising?
• how much financial and operational
restructuring is required on unrealised
portfolios?
• to what extent can the fund manager
keep executing its strategy and deliver
corresponding performance in its next
fund?
3. Secondary Transfers
We believe secondary sellers can extract the highest value for their fund interests if they can
access the right buyers across the board.
Buyers universe
Much of what attracts sellers to Roux Capital is
our good coverage of the buyers universe. We
have served the buyers community for a long
time and have learned a lot about them.
We have identified most buyers' strategy,
appetite, pricing, and execution capacity. We
have developed a comprehensive mapping of
the secondary buyers landscape. We have
learned to target buyers efficiently. We can find
out which funds sell best and at what price in a
timely and reliable manner. As a consequence,
sellers in our transactions have experienced
better exit conditions.
No pricing models, only execution
We have established ourselves as an
execution-driven boutique focused on price
extraction and execution certainty. No
sophisticated pricing models, no statistics. Just
buyers’ binding offers, which must be well
targeted, prompt, valid, up-to-date, ready to be
compared, prioritised and executed.
We unbundle a portfolio of fund interests at the
individual fund level, identify the key value
drivers, and assess each individual fund’s
appeal to the market. We target the best
buyers for each fund.

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Value creation and execution certainty can be improved by adapting negotiation style to each
specific situation.
Negotiation style
We provide sell-side liquidity services for
Limited Partners seeking to dispose of their
interests in a fund, a portfolio of funds, or a
portfolio of direct investments.
We can organise large, open and competitive
auctions when sellers simply require price
maximisation.
We have developed the necessary reporting
tools to help our clients monitor and influence
the transaction process. We can also run
limited auctions or narrowly focused private
negotiations for sellers sensitive to discretion
and efficiency.
Our transactions can be global or bear more
specifically on European assets.
Mission scope
1. Undertake portfolio review
2. Articulate indicative valuations
3. Assess seller's liquidity options
4. Select potential buyers
5. Obtain GP's pre-approvals
6. Organise NDA signatures and populate data
room
7. Facilitate buyers' preliminary due diligence
8. Define format of non-binding expressions of
interest
9. Submit invitations to tender
10. Organise buyers' extensive due diligence
11. Solicit and select binding offers
12. Close Purchase & Sale Agreements
13. Ensure exercise of transfer rights by GPs and
LPs
14. Obtain GP consent and Assignment of
Interest Agreements
15. Follow payment of transaction consideration
About one third of all investors seek to participate in secondary transactions. Our purpose is to
take advantage of this situation on behalf of sellers.
Apparent illiquidity, effective liquidity
Private Equity offers a valuable combination of
limited liability and financial performance, but it
comes in the form of illiquid Limited
Partnership interests:
• the term of the partnership is set for
the long term
• interest transfer is subject to the GP’s
approval
• financial disclosure is succinct and
confidential
However, sellers can access a large pool of
secondary buyers provided by existing well
capitalised secondary funds and an influx of
buyers from the primary market with secondary
allocations.
Overall, about one third of all investors seek to
participate in secondary transactions. The
usual benefits associated with purchasing
secondary fund stakes all appear increasingly
attractive to most investors. They allow
secondary buyers to:
• capture certainty on underlying asset
quality
• exit rapidly and improve return on
capital
• complement existing portfolio and
increase focus on certain segments
over time.

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Strategic concerns
In certain transactions, pricing issues may be
superseded by other strategic concerns:
• timing and secrecy
• incapacity to disclose a loss
• participation in future portfolio
appreciation
• management company stability
• fund extension or recapitalization.
Fund restructuring
Some situations may require a redefinition of
governance rules and management contract
economics. Some may require a complete
reshuffle. Restructuring solutions usually take
the form of fund transfer, extension or
recapitalization, top-up fund, annex fund,
bridge fund, and/or General Partner spin-off.
Mixing primary and secondary capital allows
fund managers to leverage their existing
investments: they bundle existing assets
together with fresh capital from secondary
investors.
4. Profile
We bring a valuable combination of Mergers & Acquisitions and Private Equity know-how to the
fundraisings and secondary transfers we advise.
Experience
François Roux has successfully executed several significant primary and
secondary assignments with high profile European funds and investors since
he created Roux Capital. Prior to creating his own firm, he was a Partner at
SG Private Equity for 8 years where he co-managed a €150mn growth capital
fund and participated in the launch of the bank's Fund of Funds activity. He
previously served in M&A at Societe Generale for 7 years and has other work
experience in M&A at NM Rothschild & Sons and Sales & Marketing at Digital
Equipment Corporation.
Education
François has an MBA from The Wharton School, University of Pennsylvania, where he acted as a
Teaching Assistant in International Finance, and a BS from Northeastern University, where he
graduated Magna Cum Laude. He speaks French and English.

6. Roux Capital Private Equity Primary & Secondary Advisory Page 6/8
We serve demanding Limited Partners and General Partners looking for independent expert
advice and reliable execution capacity.
Focus on Private Equity
Private Equity Advisory is our only business.
We know how to fundraise and run a
secondary transaction in the current market
environment. We possess the right experience,
structure and mindset.
Senior level commitment
Our assignments are executed exclusively at
the senior partner level. We shy away from
junior execution, standardised solutions and
large-scale mechanisms.
Compliance
Roux Capital Sarl is registered in France as
Conseil en Investissements Financiers
(Financial Investment Adviser) under ORIAS
number 13000599 on the national Registre
Unique des Intermédiaires en Assurance,
Banque et Finance and is a valid member of
ANACOFI-CIF, regulated by Autorité des
Marchés Financiers.
Well targeted access to investors
We work with the most active investors. But in
most assignments, we reach beyond the
obvious choices and target remote investors
with undisputed investment capacity.
Independence
Roux Capital is independent and conflict free.
We do not have any capital links or strategic
agreements with banks, financial institutions,
investors, fund managers or intermediaries.
Market references
We possess significant track record and
corresponding market references. Contact us
to verify them on an anonymous and
confidential basis.
We rely on a well-established set of business principles. We expect our business partners to do
the same.
Interest alignment
We possess limited size and capital, compared
with the parties to our assignments. Our only
way to succeed in this concentrated
environment is to consistently serve our clients
in their best interest.
Hard work
We are always available. We believe in hard
work. We know that if we focus on the quality
of our work, our financial success will follow
naturally.
Curiosity
We rely on creativity and imagination to solve
complex situations. We ask questions again
when we do not understand. We do not take a
no for an answer. We leave no stone unturned.
Reputation
We possess experience, energy and
reputation. The latter takes the longest to build
and the fastest to vanish. If it does so, the
former two become useless. We strive to
maintain our reputation.
Loyalty
We act in a loyal and reliable manner, and
expect our business partners to do so.
Confidentiality
Our assignments are never publicised at our
own initiative.

7. Roux Capital Private Equity Primary & Secondary Advisory Page 7/8
5. Press
Fundraising: 2015, année de tous les possibles
La classe d’actifs a les moyens de capitaliser sur l’engouement massif qu’elle suscite chez les
LPs. Il appartient aux GPs européens et français de transformer l’essai.
Lawyer Monthly: Private Equity
Private Equity is an important asset class offering above average performance, portfolio
rebalancing and liquidity, thanks to an active secondary market.
Acquisition International: The Secondary Boom
Francois Roux describes current trends in the booming secondary market.
Private Equity Magazine: 2010, année record pour le secondaire
Avec 15 milliards d'euros de transactions prévus cette année, le secondaire s'apprête à
connaître son plus haut historique.
L'Agefi Hebdo: Le capital-investissement secondaire redécolle
Lancé par l'opération d'Axa sur Bank of America, ce marché "de l'occasion" des parts de fonds
devrait retrouver son niveau en 2010.
L'Agefi Hebdo: Le capital-investissement lève des « fonds annexes » pour le LBO
Plusieurs sociétés sous LBO ayant besoin de l’apport de nouveaux fonds propres, les gérants
cherchent parfois des systèmes de « rallonge ».
PEI Manager: Default Debacle
With LP defaults becoming a more common occurrence, GPs need to understand all the
implications of these events for the management company, for the fund, and for the other
investors.
Private Equity Magazine: L'Envol du Secondaire
Proche de la maturité, le marché secondaire (secondary market) a fini par tordre le cou aux
idées reçues. Eloigné des situations de «distressed sellers», c’est désormais un outil
indispensable à la bonne gestion de la classe d’actif private equity.
N° 1186 I SEMAINE DU 16 MARS 2015
NON-COTÉ
bpifrance a
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en 2014
EXCLUSIF
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Lesactivistes
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cessionsFundraising:
2015, année de
tous les possibles
Armando D’Amico, Acanthus Advisers
page 18
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Tél . : +33 (0) 1 30 09 41 90
E-mail : paris@hltrad.com
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8. Roux Capital Private Equity Primary & Secondary Advisory Page 8/8
6. Contact
Roux Capital
103, rue de Grenelle
75007 Paris
+33 1 40 56 94 61
www.rouxcapital.com
francois.roux@rouxcapital.com