Any equity investment in unlisted companies, particularly startups and private equity, carries significant risks that you must understand before investing. This document presents the main risks associated with this type of investment.
Investing in startups and companies in development carries a high risk of capital loss:
The startup failure rate is high: a significant proportion of young companies fail to reach profitability.
In the event of bankruptcy or liquidation, shareholders are repaid last, after creditors.
There is no guarantee of recovering your initial investment.
Shares in unlisted companies are not tradable on a regulated market:
It is generally very difficult, if not impossible, to sell your shares before an exit event (acquisition, IPO).
The typical investment horizon is 5 to 10 years or more.
Your capital remains locked up for an indeterminate period.
Successive funding rounds may dilute your shareholding, reducing your ownership percentage and, potentially, the value of your shares if valuation conditions are unfavorable.
Unlike listed securities:
Unlisted companies are not subject to the same financial disclosure requirements.
Investments do not benefit from any government guarantee or protection scheme.
Valuing your investment can be complex and uncertain.
Investments in early-stage deep tech startups carry additional risks related to the nature of their activities:
Technology risk: the technology being developed may never reach commercial maturity or may prove unviable at scale (technology readiness level, or TRL, still low).
Very long investment horizon: the horizon is often 8 to 12 years or more before any liquidity event.
Dependence on public funding: these companies frequently depend on grants, R&D contracts, or Bpifrance funding to continue their operations.
Regulatory risk: depending on the sector (medtech, biotech, defense, nuclear, etc.), lengthy and costly regulatory approvals may be required before commercialization.
Intellectual property risk: the validity or protection of patents may be challenged, reducing the company's strategic value.
Before investing, we recommend that you:
Only invest amounts you can afford to lose entirely.
Diversify your investments across several companies and asset classes.
Consult an independent financial advisor if necessary.
Fully understand each company's business model and prospects before investing.
⚠ Past performance is not indicative of future results. Your capital is at risk, including the total loss of the amount invested. ⚠
Version: 2.0 — Dernière modification: 04/08/2026
