À propos
Investment in units of a Specialised Professional Fund (FPS) dedicated to Social and Solidarity Economy (ESS) enterprises in the Nouvelle-Aquitaine region, via SAS Explorer 4 managed by Baltis Patrimoine. The fund, managed by Go Capital (AMF licensed GP 03019), targets an IRR of 8% over 10 years with a BPI guarantee covering 50-70% of participations. The fundraising on the baltis.com platform targets between 500 000 € and 1 000 000 €, subscription period open until 30 June 2026.
Plateforme · 19.0/25
A1 · Statut réglementaire
8.0/8✓ max
- Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
- Maximum applicable score
A2 · Track Record
3.0/6
- Platform statistics partially published
- Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
- No definitive default documented publicly to date
- Actual return versus announced return not officially confirmed
- Penalty applied for opacity of aggregated data
- Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6
A3 · Rigueur de sélection
2.0/4
- Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
- Process described without verifiable quantitative data
A4 · Santé financière
3.0/4bon
- Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
- No listed institutional shareholder but existence >5 years and operational continuity confirmed
A5 · Protection investisseurs
3.0/3✓ max
- agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
- Segregated account via third-party payment service provider (Mangopay, 1pt)
- No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)
Projet · 25.0/75
(30.0 brut, red flags −5)
B1 · Instrument & Structure
3.0/10faible
B1.1: 1/5 - Equity/fund units (unlisted FPS, equity stake acquisition)
B1.2: 1/3 - Dedicated société dédiée (SPV) Explorer 4 but complex law, interposed holding
B1.3: 1/2 - No explicit subordination, but no priority rank registered
B2 · Opérateur & Track record
8.0/15
B2.1: 3/4 - Go Capital (Jérôme Gueret Chief Executive), David Leray appointed; Baltis Patrimoine (Alexandre Toussaint) identified
B2.2: 3/5 - Go Capital AMF GP 03019 licence, active regional PE; Source PE co-management; limited specific ESS
B2.3: 1/3 - First transaction of this type on Baltis
B2.4: 1/3 - Explorer 4 capital 1000€ created 12/2024; Go Capital licensed by AMF; Explorer 4 financial statements unavailable
B3 · Garanties & Sûretés
4.0/15faible
B3.1: 2/9 - BPI guarantee covering 50-70% of participations (not formalised line by line at this stage, conditional commitment)
B3.2: 1/4 - BPI institutional guarantor solid but guarantee activated line by line, not global; Explorer 4 fonds propres 1000€
B3.3: 1/2 - No bank credit; institutional sponsors (Nouvelle-Aquitaine Region, Banque des Territoires) committed to 5M€ each
B4 · Structure financière
6.0/15faible
B4.1: 3/5 - taux de couverture de la dette not applicable (equity fund); target IRR 8% with institutional sponsors, moderately reassuring structure
B4.2: 2/4 - Regional sponsors at 5M€ each (50% of hard cap 20M€); structural own contribution significant
B4.3: 1/4 - No stress test presented; diversification 17-27 participations planned
B4.4: 0/2 - Target IRR 8% net of management fees 2%/year; operator margin not documented
B5 · Pré-commercialisation
3.0/10faible
- Portfolio not yet deployed; initial closing 8M€ announced June 2026
- Dealflow mentioned but not documented in file
- Institutional sponsors committed provide reassurance on fundraising
- SME-NBFI score: insufficient portfolio data
B6 · Permis & Maturité
4.0/5bon
- Go Capital licensed by AMF GP 03019 (regulated management company); FPS declared to AMF; complete and operational legal structure
- All legal documents in order
- Go Capital activity over 5 years
B7 · Marché & Localisation
2.0/3
- ESS Nouvelle-Aquitaine: 3rd dynamic ESS region in France; need documented by regional study
- Commercial real estate market in moderate recovery 2026
- Confirmed institutional demand
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet
−5 pts
No real security registered on this equity fund of €1M - BPI guarantee conditional and not yet activated at time of fundraising.
Points forts
Solid institutional sponsors: Nouvelle-Aquitaine Region and Banque des Territoires at 5M€ each.
Go Capital licensed by AMF (GP 03019), established regional Private Equity expertise.
BPI guarantee covering 50-70% of participations, reducing capital loss risk.
SFDR article 9 fund, aligned with SDGs, strong territorial anchoring in Nouvelle-Aquitaine.
Diversification target: 17-27 participations in varied ESS sectors.
Risques identifiés
Nature of operation: capital investment (shares), not a loan. The displayed score was calculated using the debt grid, which scores under B3 real guarantees that a capital investment does not have by construction. This score is therefore structurally penalising and under review with the capital grid (contractual protections, valuation, dilution, exit mechanism).
Unlisted FPS equity instrument, risk of total capital loss not guaranteed, 10-12 year illiquid duration.
SAS Explorer 4 created December 2024 with 1000€ capital, non-capitalised intermediary.
No portfolio deployed to date; target IRR 8% not guaranteed, performance not verifiable.
Double layer of fees (2%/year Go Capital management plus Baltis fees) reducing effective return.
Baltis acts as CIF/COA (not PSFP for this transaction); promotional document not verified by AMF.
⚠ Avertissement sur les risques
Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.