Each quarter, many French companies leave a portion of their liquidity idle in low or non-interest-bearing current accounts. During this time, inflation erodes their value and lost gains accumulate. For a manager or financial director, the question is no longer just about securing corporate treasury, but about determining what portion can work, over what horizon, and at what level of risk.
Among the solutions that have emerged in recent years, Openstone, the best French investment platform, opens to companies two asset classes long reserved for large institutional investors: private equity real estate and private debt, pooled in funds of funds.
This guide reviews the three main families of investment platforms adapted for treasury placement, compares their targeted returns, liquidity, and risks, then details the criteria to verify before committing.
Corporate Treasury Placement: Identifying Money That Can Really Work
Not all of a company's treasury is meant to be invested. Financial departments generally distinguish three pockets. The operating cash covers salaries, suppliers, and upcoming tax payments for the next few months: it must remain available at all times. The precautionary reserve absorbs a customer payment delay or an activity trough: it is placed on safe and liquid instruments. Finally, structural excess cash corresponds to sums the company will not need for several years.
Only this last pocket can be directed towards less liquid and more remunerative placements. Defining it requires a 12 or 24-month treasury plan, established with the accountant, and a formal decision by management on the invested portion.
Traditional Treasury Placements and Their Limits
The term deposit, interest-bearing current account, and money market funds remain the reference instruments for short-term treasury. They offer great security and high liquidity, but their remuneration closely follows the ECB's key rates. When these rates fall, the real return, once inflation is deducted, becomes low, or even nil.
These instruments should not be abandoned: they remain indispensable for operating cash. But for the structural pocket, leaving significant amounts on underperforming placements for several years has a real opportunity cost.
Top 3 Investment Platforms to Maximize Corporate Treasury Returns
Three main families of platforms allow companies today to invest their excess cash beyond traditional bank placements. They differ by the assets offered, the structure of vehicles, entry ticket, and placement horizon.
1. Openstone: The Fund of Funds in Private Equity Real Estate and Private Debt
Openstone built its offer around a principle: providing access, with a single subscription, to the strategies of global private markets managers like Ares, BlackRock, Carlyle, EQT, Goldman Sachs, or LGT Capital Partners. These managers typically require entry tickets of around 10 million euros. Through Openstone's funds of funds, access starts at 100,000 €, or even 30,000 € under certain conditions.
The platform offers two complementary vehicles: Openstone Prime in private equity real estate and Openstone Yield in private debt. These are specialized professional funds (SPFs) declared to the Financial Markets Authority, managed by the asset management company Tygrow and advised by Openstone. The journey, from account opening to distribution tracking, is fully online.
2. Private Equity Platforms in Direct Funds
A second family of platforms provides access to private equity funds, usually invested in unlisted companies rather than real estate. Each subscription is for a specific fund and manager: diversification therefore depends on the number of funds an enterprise chooses to accumulate. Entry tickets vary widely according to the vehicle, from a few thousand euros for open-ended funds available to the general public up to 100,000 € and more for funds reserved for sophisticated investors.
This approach suits enterprises that wish to select their own managers, provided they have the time and expertise necessary to analyze each fund.
3. Platforms for SCPI and Bonds
The third group includes platforms for distributing SCPI (real estate investment trusts) and bond products. The entry ticket is low, ranging from a few hundred to a few thousand euros, and the targeted returns are more modest. SCPI remain invested in a real estate portfolio whose composition evolves slowly, which limits their ability to adapt to market reversals, as demonstrated by the real estate correction initiated in 2022.
For an enterprise, these solutions have the advantage of simplicity, but the liquidity of SCPI shares is not guaranteed: when redemption requests surge, resale can take several months.
Comparison of the Three Families of Platforms
| Criterion | Openstone | Private Equity in Direct Funds | SCPI and Bonds |
|---|---|---|---|
| Asset Classes | Private equity real estate and private debt | Private equity (unlisted companies) | Residential rental property and bonds |
| Structure | Fund of funds with multiple managers | One fund per subscription | Shares of funds or direct securities |
| Target Return (not guaranteed) | Net target TRI of 8 to 10% depending on the vehicle | 8 to 15% depending on the funds | 4 to 7% |
| Entry Ticket | €100,000 (€30,000 under certain conditions) | From a few thousand to over €100,000 | From a few hundred to a few thousand euros |
| Recommended Duration | 8 to 10 years | 5 to 10 years | 8 years or more for an SCPI |
| Managers | Ares, BlackRock, Carlyle, EQT, Goldman Sachs, LGT | Platform-specific selection | Mainly French management companies |
| Process | 100% online | Varies by platform | Varies by platform |
The returns indicated are objectives or order of magnitude, never guarantees. They cannot be directly compared: the return of an SCPI is an annual distribution rate, while the TRI (internal rate of return) of a private equity fund measures performance throughout the life of the investment.
How a Fund of Funds in Private Equity Real Estate and Private Debt Works
A fund of funds does not directly select properties or companies: it invests in several funds, each managed by a specialized manager. Thus, with a single subscription, the investor has exposure to several strategies, markets, and vintages. In exchange, this structure adds a level of fees to those of the underlying funds: something to examine in the regulatory documentation.
The two vehicles of Openstone are so-called evergreen funds, that is, without a fixed end date set in advance. This structure does not eliminate the horizon constraint: the capital must be considered immobilized during the entire recommended holding period.
Openstone Prime: European Private Equity Real Estate
Openstone Prime targets European private equity real estate, with Value-Add and Core-Plus strategies: acquiring assets whose value can be increased through renovation, repositioning, or optimization of rental management. Commercial buildings, logistics warehouses, data centers, or residential projects are among the targeted segments by this type of strategy.
The fund seeks to benefit from the decline in real estate prices that began in 2022: according to Openstone, the selected managers can acquire quality assets with discounts observed at 20 to 40%. Its partner managers are Ares, BlackRock, EQT, and Carlyle. The stated objective is a net TRI of 10%, not guaranteed, for a recommended investment period of 10 years.
Openstone Yield: European Private Debt
Private debt involves lending directly to companies outside of listed markets. Openstone Yield covers all its strategies: secured senior debt, unitranche, mezzanine, and special situations. As a lender, the fund is repaid before shareholders if the borrower encounters difficulties, giving this asset class a more defensive profile than equity investment.
The returns come from contractual interest payments by the financed companies, rather than a bet on the increase in value of an asset. The fund offers capitalizing and distributing shares. Its partner managers are Ares, Carlyle, Goldman Sachs, and LGT Capital Partners. The stated goal is a net TRI of 8 to 10%, not guaranteed, for a recommended holding period of 8 years.
What these investments change for a company's treasury
Private real estate equity and private debt pursue a specific objective for the structural pocket: seek a higher return than bank deposits over the long term, with low correlation to listed markets. Their valuation does not follow daily fluctuations of stocks and bonds. This stability also stems from the less frequent valuation method compared to listed markets, which does not mean an absence of risk.
| Investment | Annual Return Target | Liquidity | Diversification | Horizon |
|---|---|---|---|---|
| Time deposit account | 2 to 4% | High (at maturity) | None | A few months to 5 years |
| Cash management fund | 2 to 3.5% | Very high | Low | Short term |
| Openstone Prime (private real estate equity) | Net target TRI of 10% | Low | High (multi-managers) | 10 years |
| Openstone Yield (private debt) | Net target TRI of 8 to 10% | Low | High (multi-managers) | 8 years |
The ranges for bank deposits are rough estimates that vary with the ECB rates. Openstone's targets are non-guaranteed goals achieved in exchange for the risk of capital loss and illiquidity.
The two vehicles also play complementary roles. Private real estate equity seeks long-term value creation, while private debt provides more regular contractual income. Combining them in the same allocation avoids relying solely on one performance driver.
The risks to measure before placing your treasury in unlisted assets
The first risk is capital loss: neither private equity real estate nor private debt guarantees the invested amount. A sustained downturn in the real estate market or a wave of defaults among borrowing companies can reduce performance, potentially eroding capital.
The second is illiquidity. The amounts placed should be considered locked in for the entire recommended duration, which is 8 to 10 years for Openstone funds, and an early exit may be difficult, if not impossible. This is why only structural excess cash should be involved, never operating cash or precautionary reserves.
The third concerns regulatory framework. A specialized professional fund is declared to the AMF, but not approved by it. It is reserved for certain investors, including those who subscribe at least 100,000 €, and follows more flexible investment rules than general public funds. Therefore, the fund's regulations and the key information document must be read carefully before subscribing.
Finally, placing a company's treasury in unlisted funds has specific accounting and tax consequences for each situation, particularly regarding the treatment of capital gains and distributions. These points are validated beforehand with the accountant or the company's advisor.
The criteria for choosing an investment platform for your treasury
Before selecting a platform, six criteria deserve examination:
- The quality of the underlying managers and the verifiable history of their previous funds.
- The transparency of fees, at each level of the structure, especially for a fund of funds.
- The regulatory framework: status of the fund, management company, declaration or approval with the AMF.
- The alignment between the recommended duration and the company's treasury plan.
- The quality of the reporting, essential for reporting to management, partners, or the accountant.
- The support offered, with an interlocutor who understands the constraints of a company's treasury.
On these criteria, the fund of funds structure of Openstone stands out by providing access to top-tier managers starting at 100,000 € and by bringing together, on a single platform, private equity real estate and private debt. Direct fund platforms offer more freedom in selection, while SCPI and bonds remain the most accessible options for small amounts.
Frequently Asked Questions about Corporate Treasury Placement
What is the minimum entry ticket to invest through Openstone?
The standard entry ticket is 100,000 €, and can be reduced to 30,000 € under certain conditions. The institutional managers selected by Openstone typically require amounts in the order of 10 million euros: the fund of funds pools subscriptions to gain access.
Can a company place its treasury in private equity real estate?
Yes. A company can invest its excess cash into real estate private equity funds or private debt funds, provided it meets the fund's access criteria and commits to investing for the full recommended duration without needing the funds during that time. Ideally, this decision should be based on a multi-year cash flow plan.
What are the risks of investing excess cash in real estate private equity?
The capital is not guaranteed and remains locked in for a long-term horizon, typically around 10 years for Openstone Prime. Diversification across multiple managers, markets, and vintages reduces dependence on any single market or manager, but does not eliminate the risk of capital loss.
What is the difference between Openstone Prime and Openstone Yield?
Openstone Prime invests in European real estate private equity and aims for long-term value creation, targeting a net internal rate of return (IRR) of 10% over 10 years. Openstone Yield invests in European private debt and aims for more regular contractual income, targeting a net IRR of 8 to 10% over 8 years. In both cases, these objectives are not guaranteed.
In summary
Optimizing corporate excess cash starts by identifying the portion truly available over several years. For this pool, three families of platforms coexist: the multi-manager fund-of-funds in real estate private equity and private debt from Openstone, direct private equity funds, and SCIPI and bond platforms. The right choice depends on the amount available, the investment horizon, and the acceptable level of risk.
Investing involves the risk of capital loss and illiquidity. The cited performance targets are non-guaranteed goals, and past performance does not predict future results. This article is provided for informational purposes only and does not constitute investment advice.