Léo-Paul Godchaux
Co-founder & CEO
LPex-iVesta- 7
- years in Private Markets
- €1bn
- in commitments managed
- 60+
- investments completed
- 4
- asset classes
Strategic allocation, portfolio construction, manager selection and monitoring.
Obsidia Partners · Investment Office 2.0
Private Markets investment advisory, augmented by technology.
We help LPs structure and run their Private Markets programs. Investor expertise, backed by a proprietary data infrastructure.
LP & GPExperience on both sides of the table
€1bnin commitments managed
€5bnof fundraising supported
60+investments completed
Combined experience of the founding partners, prior to Obsidia.
We turn data into memory.Memory into decisions.
Our view
Growing markets. More complex portfolios.
$25tn
in Private Markets AuM expected by 2030, growing 13% a year.
In $tn. Source: Preqin 2025.Financial complexity
- Distinct asset dynamicsEach asset class has its own cycle, risk and liquidity.
- An allocation that keeps movingCalls and distributions constantly shift the balance.
- Manager selection is decisivePerformance dispersion makes GP selection the key decision.
- Liquidity to manageMeet calls without leaving capital idle.
Operational complexity
- Scattered dataPortals, inboxes and data rooms fragment the picture.
- Heterogeneous formatsPDFs, spreadsheets and notices resist consolidation.
- No standardisationEach GP has its own methods, metrics and calendar.
- Manual workRe-keying and reconciliation crowd out analysis.
The challengeTurning this complexity into a clear reading of the portfolio, in service of the decision.
Our role
An extension of your investment team.
Your team has the expertise and the convictions. What it often lacks is the execution capacity to match the program's ambition. That is what we bring.
Your team
- Sets the strategy
- Decides in committee
- Owns GP relationships
Obsidia
- Analyses and recommends
- Executes and documents
- Structures the data
-
Senior capacity
Investors from both LP and GP backgrounds, working on your files, without hiring.
-
Infrastructure, ready to use
GP data collected, structured and analysed, with no internal IT project.
-
Your governance, unchanged
Your investment committee decides. We prepare, analyse and execute.
Our approach
One investment cycle. Two engines.
At every stage, our team's judgment and the platform's reach work together.
Select a stage of the cycle
01 / 04Strategic asset allocation
Our expertise
- Tailored allocation across asset classes
- Risk-return and diversification
- Liquidity constraints built in
The platform
- Exposure targets tracked
- Continuous drift from target allocation
Obsidia Intelligence
The intelligence layer for Private Markets.
A proprietary data model that turns scattered information into structured, historised and reusable knowledge.
Scattered informationStructured knowledge→ Investment decision
The platform, in practice
A consolidated view
- Fund, strategy and total portfolio
- Realised and unrealised kept apart
- Every figure linked to its document
Obsidia
HomePortfolio MonitoringOverviewCash-Flow ManagementDocument CollectionInvestment IntelligencePipelineDue DiligenceAsset AllocationCommitment PacingObsidia AIPortfolio overviewLast verified 14 Feb 2026 · 13 of 15 funds reported
Commitment€254.4m15 funds
Called€141.3m56% called
Distributed€30.2mcumulative
NAV€152.8mlatest reporting
Net IRR11.4%pooled
TVPI / DPI1.30x0.21x DPI
Funds by vintage
| Fund | Vintage | NAV | TVPI | Net IRR | Status |
|---|---|---|---|---|---|
| Lumiverse Education IVenture | 2017 | €17.1m | 1.33x | 16.2% | Audited |
| Helion Transition IBuyout | 2019 | €16.8m | 1.28x | 6.9% | Reported |
| Verdara Infrastructure IVInfrastructure | 2019 | €15.9m | 1.16x | 4.6% | Flat NAV 2Q |
| Crestmark Capital VIIBuyout | 2019 | €20.5m | 1.42x | 10.2% | Reported |
| Aurelis Ventures VVenture | 2021 | €6.1m | 0.95x | -2.2% | Data conflict |
Exposure % of NAV · look-through
Illustrative interface · sample data
Team
LP and GP experience, backed by an engineering team.
Founding partners
Merlin Mialon
Co-founder & COO
GPex-Ardian- 7
- years in Private Markets
- €5bn
- of fundraising supported
- 2
- investor tools deployed
- 4
- asset classes
Fundraising, investor relations, due diligence and data structuring.
Engineering
Arthur Meyniel
Founding Engineer
Software · ex-ArdianFull-stack development, workflow automation, business tool integration.
Oscar Burdin
Founding Engineer
Data & Platform · ex-ArdianData pipelines, unified reference data, OCR & LLM integration, traceability.
Obsidian is a naturally dark volcanic stone.
It expresses our conviction about the opacity of private markets. Once cut, it reveals its value.
Insights
Our perspectives on Private Markets, portfolio intelligence and AI in investment management.
All insights →The LP infrastructure gap
Why the capabilities built by large institutions remain out of reach for most Private Markets investors.
From portfolio monitoring to portfolio intelligence
Monitoring describes last quarter. Intelligence anticipates what the portfolio will need from you.
Building an Investment Office 2.0
Where AI changes the economics of Private Markets work, and where judgment must stay human.
Talk to us
Let's build your Investment Office 2.0.
Investor expertise and data infrastructure, working for your Private Markets program.