Eurazeo is a publicly listed global investment company headquartered in Paris, France. It was formed in 2001 through the merger of Eurafrance and Azeo, two holding companies with roots stretching back decades in French industrial and financial capital. Shares trade on Euronext Paris under the ticker RF. The firm manages approximately €35 billion in assets across private equity, growth equity, venture, private debt, and real assets – making it one of the largest alternative asset managers in continental Europe.
Eurazeo's entry into digital assets and blockchain is a selective addition to a much broader portfolio. The firm does not position itself as a dedicated crypto fund. Instead, it backs companies at the intersection of financial infrastructure, consumer technology, and digital security where blockchain plays a structural role. With seven tracked positions and two lead investments in the crypto and Web3 space, Eurazeo brings patient capital and institutional credibility rather than the high-frequency deal velocity of native crypto-native funds.
The firm operates through distinct investment platforms: Eurazeo Capital (large buyouts), Eurazeo Growth (scaling technology companies), Eurazeo Venture (early-stage bets), and strategies covering private debt and real assets. Crypto and blockchain investments sit primarily within the Growth and Venture platforms.
Notable investments
- Ledger – Eurazeo's flagship blockchain investment. Ledger is the world's leading hardware wallet manufacturer, with over 6 million devices sold and custody infrastructure used by institutional clients globally. Eurazeo participated in growth rounds helping Ledger scale from a consumer product company into an enterprise-grade digital asset security platform. Ledger's Series C in 2021 raised $380 million at a $1.5 billion valuation – one of the largest European crypto fundraises at the time.
- Fintech and digital payments infrastructure – Eurazeo has backed several fintech companies with blockchain-adjacent payment and settlement technology, consistent with the firm's broader thesis around financial services modernization in Europe and emerging markets.
Public disclosure of the full crypto portfolio is limited. Eurazeo reports at the fund level and does not itemize every position. Specific deal sizes for crypto investments outside of Ledger are not fully disclosed in public filings.
Team
Virginie Morgon served as Chief Executive Officer from 2018 and was the public face of Eurazeo's transformation into a global multi-strategy asset manager. Under her tenure the firm expanded its venture and growth platforms and increased international fundraising. William Kadouch-Chassaing has served as Deputy CEO and Co-CEO overseeing financial and strategic operations. Marc Frappier leads Eurazeo Capital, the large buyout arm. The growth and venture platforms that manage tech and crypto-adjacent investments are run by dedicated sector teams in Paris and New York.
Public information about individual investment partners responsible for specific crypto deals is limited. Eurazeo does not prominently feature deal team names for venture and growth positions in its public communications.
Recent activity
Between 2023 and 2025, Eurazeo continued its stated strategy of consolidating its asset management franchise and raising third-party capital. The firm shifted emphasis toward attracting institutional limited partners outside its historical base of French family and corporate shareholders. In 2023 and 2024, Eurazeo reported strong fundraising across its private debt and growth equity strategies, with North American and Middle Eastern LP interest growing.
On the crypto side, Eurazeo has not made a high-profile new lead investment in blockchain since the Ledger rounds. The firm's posture appears cautious following the broader sector downturn of 2022 to 2023. No major write-downs specific to crypto positions have been publicly disclosed, though Ledger itself faced product security scrutiny in 2023 following a supply chain incident affecting its Connect Kit software library.
Eurazeo's investor relations page and annual reports are available on its official site. The firm is also tracked on Crunchbase. As a listed company, Eurazeo files semi-annual and annual reports with the Autorité des marchés financiers (AMF), France's securities regulator.
Going forward, Eurazeo's crypto exposure is likely to remain concentrated rather than broad. The firm's institutional nature, listed structure, and LP obligations mean it moves deliberately. If digital asset infrastructure – particularly custody, tokenization of real-world assets, or regulated DeFi – matures into institutional-grade markets, Eurazeo's existing position in Ledger and its relationships in European fintech give it a credible entry point for follow-on activity.