Five Arrows
The alternative assets arm of the Rothschild & Co Group
Founded in 2009, Five Arrows manages a series of funds primarily dedicated to corporate and secondaries private equity, as well as broadly syndicated loans and direct lending. We focus on both Europe and North America, with a team of more than 320 people working across six offices – Paris, London, Luxembourg, New York, Los Angeles and San Francisco.
On the banks of the Thames and only a five-minute walk from New Court, Vintners Place has been the London home of Five Arrows since 2023
Investment approach
Our investment approach centres on identifying companies with highly defensible market positions; business models with high visibility of organic unit volume growth and strong free cash flow conversion; strong management teams; and multiple operational levers to unlock latent value.
Given the Five Arrows investment approach, experience has shown that the sectors most relevant to us are healthcare, education, data & software, and tech-enabled business services.
The level of specialisation is highest for our Corporate Private Equity business, and the level of diversification is highest for our Credit Management business – due to the nature of its mandate and structure.
The Rothschild family’s long investing tradition has shaped the Five Arrows approach to investing. Three intertwined principles define who we are today: a deeply ingrained passion for investing, equal emphasis on risk and return, and a culture of partnership.
Strategies
Corporate Private Equity
Established in 2009, our Corporate Private Equity business today manages €11.8 billion, with a team of 101 investment professionals investing a series of funds focused on growth and buyout deals in the European and North American mid-market.
Multi-Strategies
Our Multi-Strategies business manages €5.7 billion, with a team of 40 investment professionals focused on general partner-led secondaries, private equity funds of funds, co-investments, and minority direct growth and buyout investments focused on sustainability.
Direct Lending
Our Direct Lending business manages €4.1 billion, with a team of 17 investment professionals. We provide customised senior and subordinated debt financing solutions to privately-owned businesses across the European and North American mid-market.
Credit Management
Rothschild & Co’s history in liquid credit dates back more than two decades. Today we manage €9.6 billion, with a team of 30 investment professionals managing secured, sub-investment grade credit across a range of European and North American funds and investment mandates in well-diversified portfolios.
> To learn more about Five Arrows, visit our website
Key numbers
€31.2bn
AuM
€5.6bn
raised in 2025
€314m
total revenue in 2025
328
people (FTE)
6
offices
€37.8bn
raised*
€31.7bn
invested*
€17.2bn
distributed*
*since Five Arrows inception in 2009
Five Arrows— highlights of 2025
Deepening sustainability across investment strategies
The Five Arrows investment philosophy is deeply rooted in long-term thinking, leading to a sustainability strategy that is concrete and actionable, with quantified, time-bound targets on key issues to ensure measurable progress and accountability.
To further reinforce our focus and portfolio impact, we have established Sustainability Committees in each of our investment strategies. These bodies are designed to promote targeted engagement with portfolio-level sustainability considerations and to support the effective execution of the strategy across our investment verticals.
- As majority shareholders in Corporate Private Equity, we actively support our portfolio companies in implementing sustainability action plans and leverage Board participation to drive data-driven value creation opportunities.
- In Direct Lending, we integrate sustainability-linked mechanisms into loan agreements and promote ESG dialogue with borrowers.
- For Multi-Strategies, we focus on collaboration with our fund manager partners to advance sustainability outcomes at both their fund and portfolio levels.
- In Credit Management, where direct engagement is not possible, we integrate sustainability considerations through an ESG scoring tool both pre-investment and during the holding period.
During 2025, we launched one new Sustainable Finance Disclosure Regulation Article 8 product, Five Arrows Principal Investments V (European middle market private equity fund).
Five Arrows Assets under Management (AuM) reached €31.2 billion at the end of 2025, up 11% from December 2024.
We delivered this increase primarily by securing €5.6 billion of new capital, across all our strategies. Recurring revenue reached €227 million, up 12% from 2024. Although our performance-related revenue decreased compared to 2024, this was mainly due to unrealised foreign exchange losses on our USD-denominated positions due to the significant weakening of the USD. These offset the valuation uplifts achieved through our successful exits last year, and the unrealised valuation gains on our corporate private equity and secondaries portfolios.
Selected transactions
Hublo is a French next-gen healthcare talent management SaaS provider. We followed Hublo for two years through our work and prior experience in healthcare software and talent management. We secured this transaction through our strong track record in European healthcare software; scaling software businesses into category leaders; combining local presence with global reach to accelerate internationalisation; and the strength of our portfolio operations group to accelerate value creation. We see significant opportunity to further develop Hublo organically and through M&A.
Aspire is a leading UK full-service IT provider, offering managed IT services, cyber-security, public and private cloud solutions, and connectivity to more than 2,000 SME customers. Since our Direct Lending funds first supported the business in 2022, the company has demonstrated industry-leading organic growth and customer retention metrics. Due to the strong relationship developed with Aspire’s founding entrepreneur and majority shareholder, Five Arrows was selected as the sole debt provider to support a refinancing of the business.
StarRez is a leading global provider of property management software solutions for student housing. Having studied the EdTech and PropertyTech sectors for many years, our conviction and ultimate success in winning this deal was helped by our significant experience in these areas and the strong relationships we had developed with the StarRez management over a long period of time. Our plan is to accelerate organic growth, which includes entering new market adjacencies, as well as to grow through M&A.
Adit is the European leader in strategic intelligence and international support, providing highly strategic and mission-critical services to more than 1,000 corporates, government agencies and public bodies across more than 130 countries. Our Direct Lending funds first supported the business in 2022 and due to the team’s close relationship with the CEO and management team, we remained a key financing partner for the business as it completed a recapitalisation.
BID Equity is a bespoke multi-asset secondary transaction, comprised of two leading German B2B software companies, both characterised by highly defensive business models. The transaction provided liquidity to BID Equity’s existing investors and time to complete the buy-and-build and necessary integration for both companies. We were the lead investor in this proprietary transaction which was structured to ensure robust alignment of interests through a significant GP reinvestment and active governance mechanisms.
Softway Medical is a leading healthcare software services provider in France. In April 2025, we sold our majority stake generating a 5.0x gross multiple of investment. During our ownership, we helped the company evolve from being France-focused into an international player, driven in large part by an enhanced management team. Additionally, we provided advice and guidance during six strategic acquisitions, resulting in over 3x revenue growth and nearly 5x EBITDA growth.
GLI invests in the equity tranche of CLOs managed by our global Credit Management team. We issued two new CLOs following the launch of GLI’s third vintage fundraising during 2025. We also refinanced the liabilities of one CLO and reset seven others, extending their investment periods as well as the size in three of the cases. In line with our core strengths, the team continues to proactively manage its CLO issuance programme to take advantage of attractive market conditions to increase projected investor returns.
