Citizen Capital

Justine Bur is Director at Citizen Capital, bringing 20 years of experience in impact investing and infrastructure development. He has structured and closed equity and debt investments across emerging markets, including establishing a $200M renewable energy platform for the Asia Pacific region, and has managed large-scale greenfield energy and infrastructure projects ranging from $50–200M globally. With engineering training from École des Mines de Paris and a master's degree in Environmental Assessment & Evaluation from LSE, Bur has worked across 20+ countries in Africa, Asia, and Latin America, leading multicultural teams in technical, environmental, legal, and financial capacities.

Flora Velle-Bonvouloir joined the Growth team at Citizen Capital in 2018, where she works with portfolio company leaders on development, structuring, and performance, drawing on experience in strategic analysis and financial management. She began her career as a Private Equity Analyst at Bpifrance, then worked in Transaction Services at EY conducting financial due diligence across sectors including industry, retail, and business services. She graduated from EM Lyon, studied at East China Normal University in Shanghai, and earned a dual law degree with Université Lyon III.

Alexis Leydet is an Impact VC Analyst at Citizen Capital while pursuing a Master's in Management and Strategy at Dauphine PSL. His background includes studies at HEC Montréal in management and finance, specialized training in environmental engineering at Polytechnique Montréal, and four years of experience at DéfPhys Sans Limite, a nonprofit focused on disability inclusion, where he developed expertise in fundraising and stakeholder engagement. His current work involves impact assessment, ESG analysis, business plan advisory, and impact measurement tool development.

Anas Jaballah is a cofounder at Margin Ventures, a venture capital firm investing in founders addressing systemic challenges. He brings 15+ years of experience across venture capital, private equity, fund-of-funds, and management consulting at BCG, along with research and development background at EDF. His focus areas include innovation strategy, sustainability, and impact investing across Europe, MENA, and Africa.

Clara Deniau is Chief Impact Officer at Citizen Capital, where she leads the development and deployment of impact strategies across the firm's investment vehicles and supports portfolio companies in structuring and measuring their impact. She previously worked as an ESG & Impact consultant at Better Way, and gained experience at an extra-financial rating agency and in ESG research for a broker. She holds a Master's in International Affairs and Development (sustainable development) from Université Paris Dauphine, also studied at the University of Oslo, and is a certified B Leader.

Diane Roujou du Paty is CEO and co-founder of Panora, an AI copilot platform designed for insurance brokers. The platform automates repetitive administrative tasks including quotation, data entry, and offer comparison, while incorporating data security and regulatory compliance features such as KYC and anti-money laundering support. Panora is hosted in Europe and positions brokers as central to the client advisory process.

Inès Talhouarne joined Citizen Capital in early 2026 as an Investment Director within the Growth team. She previously worked in the Small Cap team at idiCo (formerly part of Omnes Capital), supporting companies in education, agri-food, and B2B services including software and consulting, and began her career as a Transaction Services analyst at Mazars. She holds an engineering degree from AgroParisTech in life and environmental sciences and technologies.

Léa Malaterre joined Citizen Capital in early 2024 as an investment associate on the Growth team and was elected a member of the mission committee by the team in 2025. She began her career at Weinberg Capital Partners' impact fund, where she helped finance SMEs with positive social or environmental impact through growth capital and LBO transactions, including companies in energy transition sectors such as circular economy and renewable energy. She holds degrees from Sciences Po Aix in International Affairs and an ESSEC Master in Management with a specialization in corporate finance, and also studied at the University of New South Wales in Sydney.

Luis Marini-Portugal has over 30 years of investment experience. He began his career at JP Morgan in capital markets for six years, then helped found Eurazeo, where he spent 13 years, including his last five as a board member (Directoire) and chief investment officer. He joined Citizen Capital in 2015 and also serves as Senior Advisor and investment committee member at Elyan, and holds board roles at Edify and Groupe Labruyère.

Raphaëlle Gay is head of marketing and communications at Citizen Capital, a role she created in September 2024 to support the firm's growth and visibility. She has over ten years of experience across innovation, impact entrepreneurship, and support programs, spanning startups, large corporations, associations, and public sector organizations. Before joining Citizen Capital, she was operational director of La French Tech Nantes, where she structured an innovation ecosystem and led support programs, partnerships, and editorial content.

Rémi Marreau is an Investment Director at Joliba Capital, where he focuses on West and Central Africa. He has more than 15 years of experience, including 10 years in direct investments across emerging and frontier markets, with expertise spanning private equity, private debt, and risk management. He has led and managed over 20 transactions across sectors in Sub-Saharan African markets including Côte d'Ivoire, Senegal, Nigeria, Ghana, Benin, Kenya, Tanzania, and Rwanda.

Victoire Gaillard joined Citizen Capital in December 2024 as a Chargée d'Affaires within the Growth team. She previously spent five years in private equity and venture capital at funds including InnovaFonds, Société Générale Capital Partenaires, and Creadev, helping finance French startups and SMEs, particularly in the industrial sector. She holds a degree from HEC Montréal and a Master's in corporate finance from Université Paris-Dauphine.

Zoé Constantin joined Citizen Capital as a partner in 2025. She has over 20 years of experience in investment, M&A, corporate finance and valuation gained in investment banking, consulting and private equity, working on deals across many sectors and sizes. Previously a managing director at Impact Partners, she focuses on originating, executing and monitoring investments with strong social and environmental impact, and works closely with management teams on strategy, governance, M&A and impact roadmaps. She holds the CFA charter and a dual degree from KEDGE Business School and Fachhochschule Münster.

Antoine Vedrenne is a Partner at Citizen Capital responsible for its agriculture and biodiversity strategy, including the Agri Impact fund, and manages the Citizen CIS fund dedicated to impact contracts. He has nearly 20 years of experience in private equity, including 10 in impact investing, having started at the small/mid-cap LBO fund Parquest Capital before financing social and solidarity economy organizations in the agri-food sector at Esfin Gestion. He is a graduate engineer of the Ecole Polytechnique and the Ecole des Ponts ParisTech.

Aurore Aspar joined Citizen Capital in 2021 within the team focused on Agriculture and Associations strategies, and now works primarily on Agri Impact. She previously worked at Esfin Gestion, a social and solidarity economy investment fund, and at LVMH Holdings in Paris and New York as a project manager in finance departments. She is a graduate of the École nationale des ponts et chaussées, trained as an engineer specialized in economics, management and finance, and also studied project and infrastructure financing.

François-Henri Champagne joined Citizen Capital in June 2019 and was part of the early-stage team through 2024, now serving as an Operating Partner overseeing several early-stage portfolio companies. He previously worked in credit portfolio management at La Française AM and in private debt at Eiffel Investment Group, and volunteered for six months at a social center in Val-de-Marne. He is a graduate of École Polytechnique (X2014) and holds a Master's in International Finance from HEC Paris.

Jonathan Piquet joined Citizen Capital in 2019, first as investment director and then as partner leading the firm's Growth & Development Capital fund. He previously managed development capital operations across Africa at Proparco and held investment roles in French private equity funds, including at Bridgepoint Capital where he worked on lower midmarket development and buyout deals. He holds a degree from ESSEC Business School with a specialization in social entrepreneurship and studied at Columbia University's School of International and Public Affairs.

Laurence Méhaignerie began her career in journalism before working on social diversity and equal opportunity issues, including co-authoring a 2004 report for the Institut Montaigne with Yazid Sabeg and serving as an associate researcher there. She later worked in the cabinet of minister Azouz Begag until 2006, then founded the impact fund Citizen Capital in 2008, which grew to roughly 280 million euros under management by 2024.

Mehdi Belkahla joined Citizen Capital in 2020 on the Growth team and currently serves as operating partner for several portfolio companies. In 2025 he launched Margin Ventures, a fund backing underrepresented entrepreneurs, in strategic partnership with Citizen Capital. He previously worked as an Associate in Rothschild & Co's Global Advisory team advising on M&A and financing across telecoms, retail and services, with earlier internships at Ardian and Morgan Stanley. He holds a degree from ESCP Business School and also studied at Queen's University in Canada.

Pierre-Olivier Barennes co-founded Citizen Capital with Laurence in 2008 and has around 30 years of finance experience, including 27 in private equity. He previously held financial roles including at the Schneider group in Istanbul, and joined Bridgepoint Capital in 1998, where he became a director investing in industry, transport and logistics, distribution and real estate. At Citizen Capital he oversees investment activities and overall fund management, having led about fifteen direct investments and completed 8 exits. He holds a degree from HEC.