Cathay Capital
A unique global investment platform with worldwide cross-border resources
About Cathay Capital

Cathay Capital Group is a global investment platform specialized in cross-border development with a focus on Northern America, Asia, Europe and Africa. The group identifies investment opportunities with the potential to impact the world and accompanies portfolio companies in their international expansion through its ecosystem of partners and the local expertise of its close to 100 employees based in Paris, Shanghai, Beijing, New York, San Francisco, Munich, Tel Aviv and Singapore. Founded in 2007, the Group has completed over 140 buyouts, growth and venture capital investments and manages €3.5 billion in assets, distributed in a range of investment strategies and vehicles.

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employees
Mingpo CAI
Founder & President

Ming-Po CAI is the Founder and President of Cathay Capital, the leading global investment firm created by Entrepreneurs for Entrepreneurs and an expert in creating value through cross-border investment across China, Europe and North America. Cathay Capital, founded by Ming-Po CAI with his business partner Edouard Moinet in 2006, is fully dedicated to helping its portfolio companies’ management teams to succeed beyond their original borders and to accelerate cross-border growth strategies. Cathay Capital’s team of nearly 90 – including 18 partners – is based in Shanghai, Beijing, Paris, Munich, New York, San Francisco, as well as in Tel Aviv, and leverages on Cathay’s unique business model and platform to connect local ecosystems on three continents.

Mr. CAI has more than 20 years of cross-border investment experience and deep expertise in developing China-entry strategies for multinational companies, and in globalization strategies for Chinese companies expanding internationally. Ming-Po Cai today sits on the Boards of several Cathay Capital’s portfolio companies.

Under Ming-Po CAI’s leadership, Cathay Capital has grown to more than EUR 2.5 billion in assets under management and has invested in more than 100 companies across three continents, including tens of star companies such as Suofeiya, Zbom, Meinian Onehealth, Moncler, Poten, Aihuishou, Jingrui, and startups like PDD, Momenta, Drivy, Ledger, Magmode, Shopal, Trifacta, Glovo, Owkin and Chime Bank. Cathay Capital has a range of fourteen funds in three series: smallcaps, midcaps and innovation. Cathay Capital focuses on industries including consumer goods, healthcare, advanced technologies, TMT and mobility, etc.

Ming-Po CAI is a member of the World Economic Forum and holds a Master degree in Management from EM Lyon in France. He is also graduated from China Europe International Business School (CEIBS) in Shanghai, China.

Edouard MOINET
Co-founder & Managing Partner

Edouard Moinet is a Founder and Managing Partner of Cathay Capital. He co-founded Cathay Capital after 12 years of private equity experience, investing in lower- and middle-market companies across various sectors in Western Europe as a former senior executive of Siparex Group, a French middle-market private equity firm with over €1B under management.

During his tenure at Siparex, Edouard was co-responsible for managing the Lyon (and main) office of the Group until 2001, and then led the creation of an office and team focused on Northern France and Belgium. He headed the office until co-founding Cathay Capital Private Equity in 2006.

He has been involved in 45 transactions, a third of which in a lead and/or control capacity, and has sat on the board of over 20 companies. Throughout his investment career, Edouard's realized investments have produced IRR's well into the top-quartile of the industry.

Hervé DESCAZEAUX
Managing Partner

Hervé is Managing Partner of Cathay Capital. He currently holds board positions at Cenexi, Ponroy, Caillau, Neoxam and Moose Knuckles. Prior boards include Echosens and Surys (Ex Hologram Industries).

Prior to joining Cathay in 2012, Hervé was a Partner and member of the Investment Committee at Apax Partners France since 2005. Hervé joined Apax as a Senior Associate in 1998 specializing in leveraged buy-outs in financial and business services and the healthcare sector in France.

Prior to this, he was a Senior Manager in charge of audit and due diligences on international group's operations at PricewaterhouseCoopers in France and in the US.

Hervé is a Chartered Accountant. He graduated from Ecole Supérieure de Commerce de Paris (ESCP business school) in 1989.

Bruno BEZARD
Managing Partner

Bruno Bézard is a Managing Partner of Cathay Capital, and is based in Paris and in Shanghai.

Bruno has developed his career in top level public government of France, in different senior operational management positions in economy, finance and business.

Before joining Cathay, he was Vice Minister of Finance, head of the French Treasury and chairman of the Paris Club. In his previous position, he was head of the French Inland Revenue department (120 000 employees) which he joined after two years in Beijing as minister counsellor for economy and industry in the French Embassy.

Bruno also created and run the French Government Shareholding Agency (Agence des Participations de l'Etat) in charge of all companies in which the French State has a stake, he has therefore an intense experience of corporate governance and M&A.

Bruno has also been economic advisor to the French Prime Minister.Bruno has been sitting on the board of Electricite de France, SNCF, AREVA, La Poste, Thales, Air France, Engie, Peugeot Citroen.

Bruno graduated from Ecole Polytechnique and Ecole Nationale d'Administration. He has also been teaching in these two institutions for many years.

Fabien WESSE
Partner

Fabien Wesse is a Partner of Cathay Capital, based in Paris.

Fabien joined Cathay Capital in 2010, after 10 years of private equity experience at Siparex Group, a French middle-market private equity firm with over €1B under management.

As a seasoned French low- and mid-market private equity investor, Fabien has participated in over 15 transactions, in control and non-control capacities, including succession, growth capital and LBO investments.

These transactions covered a broad range of sectors as diverse as construction, building materials, industrial goods, agri-business, textile, logistics, specialty retail, packaging, and electronics mail order. Fabien has been an active participant of the board of all the companies invested.

Prior to Siparex, Fabien worked in the CFO's office, in Switzerland, of a computer services company.

Fabien is a graduate of the University of Paris Dauphine.

Jérémie FALZONE
Partner

Jérémie is Partner of Cathay Capital, based in Paris.

Jérémie joined Cathay Capital in December 2016, having previously worked for 2 years at Meeschaert Capital Partners, a mid-market private equity fund backed by Meeschaert Group, a French independant family office and asset management company with €6.0bn AUM.

Prior to Meeschaert, Jérémie has made private equity investments for seven years in Western Europe at Argos Wityu, a pan-European investment fund with more than 1bn€ of assets under management. His responsibilities included the origination, execution, monitoring and exit of transactions in the mid-market. He started his career within the M&A team of Sagem Défense Sécurité at Safran Group. At Cathay he is in charge of investment opportunities relative to business and digital services in particular.

Jérémie holds a Master Degree from in Business Administration from Sciences Po Paris and a Master Degree in Business Administration from HEC Paris.

Gwenn DELAMAIRE
Group Managing Director

Gwenn Delamaire is the Group Managing Director of Cathay Capital and is based in Paris.

Prior to joining Cathay Capital Private Equity in January 2019, Gwenn Delamaire spent 17 years in the Artémis Group where she held roles in Investment and Finance before joining Christie’s as General Manager for China.

Artémis Group is the investment company of the Pinault family and the controlling shareholder of Kering, Christie's, and Château Latour.

Joint Artémis in 1999 as Associate in the Investment Department before becoming Chief Financing Officer in 2006, Gwenn was in charge of the strategic and financial management for investments such as Christie’s, Le Point & l’Agefi in addition to running M&A and financial transactions in various sectors and managing relationships with financial institutions.

Gwenn was a member of the Executive and Investment Committees and served as Board member & member of the Audit Committee of Christie’s PLC. She was also Board member of Sebdo-Le Point and Chairman of l’Agefi SA.

In 2012, she moved to Shanghai where she joined Christie’s as China General Manager to launch Christie’s operations in Mainland China, a new market for the world leader in art auctions.

Back from China, Gwenn took an entrepreneurial route with a build-up venture of technology start-ups in the marketing & advertising sector in France.

Cathay Private Equity

Cathay Capital Group is a global investment platform specialized in cross-border development with a focus on Northern America, Asia, Europe and Africa. The group identifies investment opportunities with the potential to impact the world and accompanies portfolio companies in their international expansion through its ecosystem of partners and the local expertise of its close to 100 employees based in Paris, Shanghai, Beijing, New York, San Francisco, Munich, Tel Aviv and Singapore. Founded in 2007, the Group has completed over 140 buyouts, growth and venture capital investments and manages €3.5 billion in assets, distributed in a range of investment strategies and vehicles.

For more information, please visit www.cathay.fr

Cathay Innovation

Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital. It was founded around the shared conviction that supporting innovation entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to the sustainable transformation of the world through innovation and technology. Such transformation is accelerated by leveraging Cathay Capital extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing, Shanghai and Singapore.

To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.

Sanofi joins hands with Cathay Innovation to access transformative innovation in healthcare technology

Shanghai, China – June 9, 2020 - Sanofi announced today a strategic investment in Cathay Innovation, a global venture capital fund created to support entrepreneurs engaged in the sustainable transformation of the world through innovation and technology.

Through this partnership, Sanofi will strengthen its connection to innovative global ecosystems in healthcare, particularly in China, which is the second largest market of the group and a strategic priority in terms of development and innovation.

“As a top priority country for Sanofi, China has impressed us with its dynamic market development and fast progress in digital innovations, demonstrating the potential of becoming a pioneer in digitalized economy,” said Olivier Charmeil, Executive Vice President, Head of General Medicines at Sanofi. “In this context, our strategic partnership with Cathay Innovation will help us access the latest innovations in healthcare technologies, and ultimately translate these into real benefits for the Chinese healthcare system, and people in China and around the world. This partnership marks an important milestone towards our ambition of becoming a leading innovation driver and demonstrates our commitment to contributing to a strong economy of China.”

By leveraging diversified expertise and capabilities of different industries, Cathay Innovation built a unique platform where the disruptive start-ups and industry leaders such as Sanofi can find each otherand combine their complementary strengths to create new transformative innovations for the society.

Through Sanofi's strong expertise in healthcare and through Cathay Innovation’s global platform, entrepreneurs will benefit from this compelling approach that bridges geographies and industries, to improve their innovations and accelerate their development.

“Passionate about improving lives of patients, we are pleased to collaborate with Cathay Innovation and leverage their experience in investment and entrepreneur selection. This strategic partnership will support us on our journey to become a key innovation driver in China, as well as offer us a new way to engage the dynamic innovation ecosystem of health tech start-ups in China,” said Pius S. Hornstein, PhD, General Manager General Medicines and Country Lead, Sanofi China. “When our deep expertise in healthcare meets their novel ideas, we are confident that we can bring more innovative and

meaningful solutions which will transform healthcare and bring real benefits to people in China and across the globe.”

“Building on our strength of identifying visionary entrepreneurs that are inventing the fourth industrial revolution, we are convinced that we will develop a partnership of exceptional quality with Sanofi. We will work closely to leverage new emerging health trends by collaborating with the most promising start-ups in health sector,” said Mingpo Cai, Founder and President of Cathay Capital. “We are more than happy to provide Sanofi with the support of the entire Cathay Capital group to drive transformative innovations in the evolving healthcare ecosystem in China and globally.”

Sanofi has been active in incubation of promising healthcare solutions in the recent years. The Innovation Hub Sanofi established two years ago is now an important accelerator to help local start- ups bring innovative ideas into life.

By accelerating introduction of innovative medicines and vaccines and driving digital innovations, Sanofi is committed to making a real difference to the lives of the Chinese people.

Cathay Capital raises €1.3 billion to support entrepreneurs

May 14th 2020 - Cathay Capital announces that it has raised €1.3 billion to support entrepreneurs, following the final closing of the €800 million Midcap II fund and the achievement of the €500 million target for Cathay Innovation II.

Those two investment vehicles are operational and will enable Cathay's teams to best support start-ups (for Cathay Innovation II) as well as SMEs and ETIs (for Midcap II), helping them to finance and implement their projects.

These two funds are global and will invest locally in companies in the geographical areas where Cathay operates, namely Europe (mainly France, Germany and Spain), Asia (China but also South East Asia via the group's new office in Singapore), and North America.

The teams associated with these two funds will invest in sectors that present significant development opportunities and stand out for their sustainable growth potential, such as healthcare, high-tech industry, new modes of consumption, education and digital services.

Specifically, Cathay Innovation II will continue to support the digital transformation and the industrial revolution induced by artificial intelligence, with major and cross-cutting applications for retail, fintech, healthcare, mobility and energy.

Cathay Innovation II has recently been selected by both the French Ministry of Economy and Finance and the French Ministry of Digital Economy, as one of the few funds qualified for their involvement in financing French technology companies, and more particularly in supporting start-ups in their industrial and commercial development in the scale-up phase.

These two vehicles are in line with their previous vintages and mark a new stage in the development of the Cathay platform, with a significant increase in means made available to entrepreneurs for each of the two strategies (from €500m for Midcap I to €800m for Midcap II; and from €287m to over €500m for Cathay Innovation II).

The raising of these two funds was made possible by the renewed confidence of Cathay's historical investors, and by the arrival of new partners attracted by Cathay's values and achievements, notably international institutional investors.

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