Growth Equity with 50% Penalty Fees for Missing Impact Targets - Rémi Said (ParTech)
Innovation and Private Capital x auliumShow Notes
Impact investing has been criticized as superficial—labeling without real change—but what happens when a fund puts 50% of its carry at risk unless it triples measurable impact? Rémi Said explains how Partech Impact built a €300M growth equity strategy around companies that deliver both environmental ROI and hard financial returns, and why that dual value proposition isn't a trade-off but a competitive advantage.
The conversation unpacks the mechanics of impact measurement: how the fund selects a single, auditable KPI for every portfolio company—tons of CO₂ saved, competency credits built, EV charging sessions enabled—and tracks it against a five-year target. Said contrasts this with the ESG skepticism now dominating headlines, arguing that long-term trends in decarbonization, energy independence, and industrial cost reduction persist regardless of political cycles or semantic repositioning by mega-funds. The discussion also covers Partech Impact's operating model: minority stakes with board seats, recruiting C-level talent, scaling go-to-market engines, and building M&A playbooks for companies growing from €10M to €100M revenue.
🔋 Why industrial energy optimization and AI-driven cost reduction represent the strongest tailwinds in impact today 🌾 How Xfarm uses geospatial and sensor data to cut farmers' CO₂ emissions, costs, and yields by 20% each—the "three times 20% rule" 🚗 The role of Gireve as a connectivity layer between 600+ mobility service providers and 1,000+ EV charging operators across Europe ⚖️ Why premium valuations follow measurable impact when companies solve real pain points, not regulatory arbitrage 📐 The difference between veto rights and value creation—how governance works when you're not relying on control to drive transformation
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About Rémi Said [General Partner at Partech Impact]:General Partner at Partech Impact, which he co-founded in May 2022, where he leads a €300 million growth-stage impact fund that closed in March 2026. He spent close to eight years at Bain Capital working on the European portfolio, focusing on scaling businesses from €10 million to €100 million in revenue, and previously worked at McKinsey after graduating from Polytechnique and Columbia.About Aulium:Aulium is a video show exploring Innovation and Private Capital, hosted by Thomas Viguier.Connect with us:➡ Aulium on LinkedIn: https://www.linkedin.com/company/aulium➡ Thomas Viguier: https://www.linkedin.com/in/tviguier/
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