17
Jul’ 2025

CAPZA Announces an Evolution in its Governance

Olivier Thoral Appointed CEO, Benoît Choppin Named Head of Private Equity.

CAPZA announces the appointment of Olivier Thoral as Chief Executive Officer and Benoît Choppin as Head of Private Equity.


These appointments mark a new strategic phase for CAPZA, following the capital increase by AXA IM Alts in September. They underscore the firm’s ambition to strengthen its position in private markets as part of the new leading European alternative asset management platform — with over €300 billion in assets under management — expected to be established within the BNP Paribas Group2, while continuing to grow in a dynamic and evolving environment.


As CEO, Olivier Thoral will be responsible for strengthening CAPZA’s international presence, building on the foundations laid by founder Christophe Karvelis-Senn and leveraging the firm’s core strengths in Private Equity and Private Debt. In this new phase of growth, CAPZA will also be able to fully leverage the global infrastructure and proven expertise of its shareholder to accelerate the development of high-performing strategies.


Olivier Thoral joined CAPZA in 2024 as Chief Operating Officer and brings over 25 years of experience in the alternative investment industry, including leadership roles in business development in the US, and as COO and CFO. His international background will support the firm’s European growth ambitions.


“I am honored to take the helm at CAPZA. My priority will be to foster the company’s international business expansion as part of the new alternative asset management platform expected to be established within the BNP Paribas Group, capitalizing on CAPZA’s unique market positioning and the strength of its teams, while preserving the entrepreneurial spirit and execution quality that define our model,” said Olivier Thoral.


Benoît Choppin, previously Co-Head of the Flex Equity strategy—which he helped build since joining CAPZA in 2006—will now oversee the Flex Equity, Flex Equity Mid-Market, and Growth Tech strategies. His appointment reflects CAPZA’s continued focus on the mid-market segment, a key driver of long-term value creation for institutional investors.


“CAPZA has built its reputation on strong, long-term partnerships with portfolio company leaders and trusted relationships with LPs. This alignment of interests, combined with our ability to deliver sustainable performance and our firm commitment to responsible investing, remains central to our strategy,” added Benoît Choppin.


These changes reflect CAPZA’s ambition to enter a new phase of growth while staying true to its core values—deep knowledge of SME financing needs and a strong connection to Europe’s economic fabric.

Olivier Thoral – CEO of CAPZA


Olivier joined CAPZA in 2024 as COO and Managing Director. In this role, he was responsible for overseeing CAPZA’s cross-functional operations.


Prior to that, Olivier was COO of the Real Estate and Infrastructure activities at AXA IM Alts from 2019. He joined AXA IM Alts in 1999, where he notably served as Global Head of Corporate Finance from 2005 to 2010. He also led the Opportunistic Funds business from 2009 to 2010. Olivier then held the position of Head of North America from 2010 to 2016, and CFO Real Estate from 2017 to 2018.


Earlier in his career, he worked at the General Inspection of Crédit Agricole Indosuez (now Crédit Agricole CIB). He has over 25 years of experience in the industry.


Olivier is a graduate of HEC Paris, where he earned a degree in business management in 1994.

Benoît Choppin – Head of Private Equity


Before joining CAPZA in 2006 as a Senior Investment Manager and later becoming Managing Partner and Co-Head of Flex Equity, Benoît began his career in the Corporate Banking department of Crédit Lyonnais in London, followed by a position at EPF Partners (now APAX Small Caps). At CAPZA, he was quickly promoted to Investment Director in 2008, Director in 2010, Partner in 2014, and Managing Partner in 2021.


Benoît notably contributed to the creation of the Flex Equity franchise and is also actively involved in the fundraising process for the Flex Equity strategy.


He is a graduate of ESSCA (2003).

Flex Equity
Flex Equity
Flexible financing solutions combining equity and mezzanine
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95 transactions since 2004
Source: CAPZA as of 30/06/2025
Flex Equity Mid-Market
Flex Equity Mid-Market
Flexible solutions to support mid-caps in their development projects.
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13 transactions since January 2021
Source: CAPZA as of 31/12/2024
Growth Tech
Growth Tech
A partner of choice for high growth Tech companies
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8 transactions since 2021
Source: CAPZA as of 31/12/2024
Artemid
Artemid
Senior Loans
The senior financing expert
for small and mid-sized corporates
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More than 150 transactions since 2014
Source: Artemid as of 31/12/2024
Transition
Transition
Balance sheet solutions for strategic milestones
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16 transactions since 2018
Source: CAPZA as of 31/12/2024
Private Debt
Private Debt
Leading mid-market
direct lender
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150 transactions since 2004
Source: CAPZA as of 31/12/2024
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