The clash that broke out publicly at the end of October 2025 between Anthony Bourbon (founder of Feed and the Blast Club) and Hakim Benotmane (creator of Nabab Kebab and the Hakisition Business Club) goes well beyond a simple ego conflict. This controversy highlights the profound tensions running through the French private equity ecosystem and new participatory investment models.
The private equity (or private equity in French) refers to capital investment in companies that are not listed on the stock exchange. Unlike shares that you can buy on public markets, private equity allows you to invest directly in private companies, generally for:
The main objective? Generate returns higher than traditional markets by taking significant stakes in companies with high potential, then selling these shares a few years later during an “exit” (exit).
Les Investor Business Clubs Are recent structures that democratize access to private equity. Inspired by Anglo-Saxon investment syndicates, these clubs operate according to a simple model:
These clubs are positioned halfway between the traditional investment fund and the informal business network.
The Deal Flow represents the flow of investment opportunities that an investor or club receives and analyzes. The more important and qualitative the deal flow, the higher the chances of unearthing the nuggets. It is a crucial intangible asset in the private equity ecosystem.
These structures, such as the Blast Club or the Hakisition Business Club, promise privileged access to innovative projects, particularly in the tech, food and e-commerce sectors. But this model raises key questions:
What transparency is there in the selection of files?
Are the criteria for selecting projects proposed to members clearly established? How do you objectively measure the potential of a deal? Are conflicts of interest declared systematically?
What real responsibility do managers have?
Do the founders of these clubs have a fiduciary responsibility to their members? What happens if a recommended investment fails?
The Bourbon/Benotmane clash highlighted the Lack of regulation specific to these structures. The cross-accusations relate to:
This type of media polarization significantly undermines the credibility of the sector and weakens the Trust, a for the smooth running of private investments.
Beyond the bad buzz, this fight tarnishes the image of the French entrepreneurial scene, particularly in the tech and food-tech sectors, which are attracting numerous e-commerce projects. Several issues are emerging:
1. Notoriety Takes Precedence Over SubstanceClub founders rely heavily on their personal image and their presence on social networks to attract members. This “starification” tends to push crucial elements into the background:
2. The urgent need for professionalization
The French participatory private equity ecosystem requires a rapid increase in skills in several aspects:
3. The Risk for “Small Carriers”
Neophyte investors, seduced by storytelling and the promise of quick earnings, are exposed to major risks:
This case reveals a fundamental tension: “mainstream” private equity in France is still immature. Not on economic models — which have already been tested internationally — but on three essential pillars:
ExpertiseToo many clubs are created by successful entrepreneurs in their field (food, e-commerce) but without solid experience in investment portfolio management. A good operational person is not automatically a good investor.
Governance
Decision structures, investment committees, and deal validation processes often remain opaque or informal, far from the standards of institutional funds.
Investor protection
Unlike funds regulated by the AMF (Autorité des Marches Financiers), these clubs operate in a regulatory vacuum that leaves members relatively exposed.
Paradoxically, this clash could have positive effects for serious e-commerce project leaders:
Sanitation of the Market
The media coverage of bad practices can accelerate awareness and push actors to be more prevalent. Strong e-commerce projects, with solid financial fundamentals, could stand out more easily.
Market education
This controversy is forcing the ecosystem to talk openly about:
Professionalization of surveys
E-commerce entrepreneurs will now have to better prepare their fundraising efforts, with:
To restore trust and build a sustainable ecosystem, several changes are needed:
1. Full transparency
2. Reinforced pedagogy
3. Adapted regulation
4. Business ethics
This clash also illustrates the power — and the dangers — of social networks in the entrepreneurial ecosystem. While transparency is beneficial, the logic of media clash and escalation can:
The clash between Hakim Benotmane and Anthony Bourbon reveals the structural challenges of French private equity in the era of democratization. For the e-commerce ecosystem, which is particularly concerned by these new forms of financing, several lessons are emerging:
For investors:
For e-commerce project leaders:
For club creators:
This controversy, as uncomfortable as it may be, could ultimately serve as a catalyst for building a more mature, credible, and protective investment culture. The future of French participatory private equity will depend on the collective capacity of players to draw the right lessons from this growth crisis.
