Paris-based Atlantic Vantage Point (AVP) — formerly known as AXA Venture Partners — has unveiled a new €1.5 billion growth fund, one of the largest late-stage venture capital funds in Europe. The firm expects to raise €1 billion by the end of 2025 and aims to close the fund by mid-2026.
This marks AVP’s debut in the growth-stage space, positioning it among a select few European VCs with billion-euro-plus funds. Other notable peers include Swedish VC EQT, which launched a €2.4 billion fund in 2022, and France’s Eurazeo with a €1.6 billion fund in 2021. UK-based Index Ventures also closed a $1.5 billion (€1.3 billion) growth fund last year.
A New Chapter of Independence
Originally launched in 2016 as the corporate venture arm of French insurance giant AXA, AVP opened to external LPs in 2020. The firm recently became fully independent following a management buyout prompted by AXA’s sale of its asset management division to BNP Paribas.
AXA remains a strong backer, committing €750 million to the new fund.
AVP is also actively deploying capital from a €200 million early-stage fund and a €450 million early growth fund. The new €1.5 billion fund will focus on investing in up to 18 late-stage companies, with investment sizes ranging from €50 million to €150 million.
AVP will target scaleups with around €100 million in annual recurring revenue (ARR) that are eyeing IPOs within three to five years.
AVP is Supporting European Tech at Scale
The European Investment Fund (EIF) has joined AXA as an anchor investor in AVP’s growth fund under the European Tech Champions Initiative (ETCI). Launched in 2023, the ETCI aims to help European VCs write large-scale cheques — traditionally dominated by American firms and sovereign wealth funds.
“The European growth market is developing, but major deals are still largely funded by U.S. investors,” says François Robinet, Managing Partner at AVP. “This creates uncertainty for European scaleups and often leads them to relocate abroad. Our goal is to be a reliable funding alternative rooted in Europe.”
While EIF’s exact commitment hasn’t been disclosed, ETCI investments typically average around €200 million per fund.
Competing Globally, Investing Strategically
While the fund’s focus is primarily on Europe, AVP also plans to invest in the U.S. Robinet emphasizes the importance of being active in the world’s most developed growth capital market.
“To be a strong European tech investor, you need U.S. experience. It’s where the major IPOs happen and where the growth segment is mature,” he says. “If we want to compete with U.S. funds, we need to compete in their market too.”
