Terms and conditions for consultation of the following pages


The consultation of the following pages requires your acceptance of the terms and conditions set out below.
The following pages may show one or more Fonds Professionnel(s) de Capital Investissement [French Professional Private Equity Fubnd(s)] within the meaning of Article L.214-159 of the French Monetary and Financial Code and/or one or more Fonds Professionnel(s) Spécialisé(s) [French Professional Specialised Fund (s)] within the meaning of Article L.214-154 of that code.

In all cases, persons who are subject to restrictions prohibiting the publication or access to information contained on the following pages, such as US citizens, are not allowed to access them.


The subscription or purchase, sale or transfer of units of a Professional Private Equity Fund, whether directly or through an intermediary, are reserved for the investors referred to in Article L.214-160 of the French Monetary and Financial Code and to the other investors mentioned in Section I of Article 423-49 of the General Regulation of the AMF.
The subscription or purchase, sale or transfer of units of a Professional Specialised Fund, directly or through an intermediary, are reserved for the investors referred to in Article L.214-155 of the French Monetary and Financial Code and to the other investors mentioned in Sections 2, 3 and 4 of Article 423-27 of the AMF General Regulation.
Professional Private Equity Funds and Professional Specialised Funds are not subject to approval by the AMF, but rather to a registration procedure, and may adopt investment rules that form an exemption from approved funds.
Their risk may differ significantly compared to more regulated funds, thus potentially distorting a comparison of performance.

The following pages in no way constitute any form of promotional material, solicitation, financial advice or offer to buy or sell financial instruments.


The legal documentation for each fund (the rules of Professional Private Equity Fund(s) or the prospectus of the Professional Specialised Fund) must mandatorily be offered to subscribers prior to subscription, delivered on subscription and made available on request, in addition to the latest available financial statements. These documents are available from TWENTY FIRST CAPITAL.
Past performance is not a reliable indication of future results. Therefore, past performance should not be the main factor in the subscriber’s investment decision.


You are reminded that subscription for units or shares of mutual funds is risky. For more information on the risks for each Fund, reference should be made to its up-to-date legal documentation. The tax treatment of investments in mutual fund units or shares will depend on each individual investor’s personal fiscal status and may be subject to change.


All information presented on the following pages is from sources deemed to be reliable. However, TWENTY FIRST CAPITAL accepts no liability whatsoever for direct or indirect loss arising from the use by anyone of the information contained therein.

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Our credit expertise

" Bond financing of listed and unlisted companies. "
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Our Equity expertise

"Proficiency in French Small and Mid Caps as well as in our predominantly equity based wealth management approach."
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Expertise in emerging Markets

"With our SHANTI range, in Emerging Market equities and bonds"
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Avenir PME Obligations

Bond financing for SMEs by Twenty First Capital

We have developed specialised expertise in the bond financing of unlisted SMEs, with two specialist partners (Entrepreneur Venture Management and A Plus Finance).

The Avenir PME Obligations fund :

Contributes directly to the financing of French SMEs ;

Offers a complete bond financing solution (straight bonds, bonds with equity warrants, convertible bonds).

The Avenir PME Obligations Fund : 4 key points :

Identify French growth SMEs, using a rigorous selection process ;

Respond to varied bond financing needs : operations for organic growth, acquisitions, buyout capital ;

Capital preservation objective through the work of selection and analysis of a management team in one of the fastest-expanding sectors in the market ;

First "private debt" bond fund with a partial capital protection provided by Bpifrance Financement (BPI).

Under the supervision of the Chief Investment Officer of Twenty First Capital, the investment team of the Avenir PME Obligations Fund, composed of 15 people in total, has extensive experience and a highly diverse origination network.

This team is also supported by an Advisory Committee composed mainly of investors’ representatives and third-party experts sharing an in-depth knowledge of the issues relating to investing in SMEs.