Matthieu Bordeaux-Groult is co-founder and CEO of ROCE Capital. He leads the company, its compliance framework and the business development. Previously, Matthieu was a Partner and European equity sales at Exane BNP Paribas in New York (2009-2015) and London (2015-2020). Within the research department, he participated in the origination and distribution of several IPOs. Matthieu began his career at Richelieu Finance (2005-2008) as a buy-side equity analyst and assistant fund manager for the Richelieu Special fund. Matthieu graduated from Institut Supérieur de Gestion in 2005.
Independent investors in European equities with a fundamental approach
ROCE Capital invests in high-quality companies with long-term convictions. Our investment decisions are driven by a focus on returns on capital employed and free cash flow generation.
About us
Founded in 2020 by Matthieu Bordeaux-Groult and Michael Niedzielski, ROCE Capital is an independent asset manager owned by its founders and partners.
We offer a simple and transparent investment product for private and institutional clients through two European equity funds: ROCE Fund and ROCE Large Cap
ROCE Capital SAS is based in Paris and is authorized and regulated by the French Financial Markets Authority (AMF) under No. GP-20000008.
Our DNA
Expertise
The team combines rich and complementary experiences in financial analysis and European equities.
Rigor
Investing in equities requires a rigorous and time-tested investment process. Deep knowledge of companies and a clear assessment of their valuation are its cornerstones.
Proximity
ROCE Capital is a long-term partner for its investors.
Our team
Michael Niedzielski
Michael Niedzielski is co-founder and fund manager of ROCE Capital. Previously he worked at T Rowe Price (2015-2020) advising the International Discovery Strategy (5-star Morningstar) on its European investments in small & mid-caps. Prior to T Rowe Price Michael was a senior analyst and sector fund manager at Fidelity Management & Research in Boston and London (2007-2015). Michael began his career at JP Morgan in London (2002-2004) within its M&A advisory department. Michael graduated with an MBA from Columbia Business School in 2007 and with a BA in economics from the University of Chicago in 2002.
Cyril Freu
Cyril joined ROCE Capital in 2025. He has over 25 years of experience in equity markets. He spent a significant part of his career at DNCA Finance (2009–2018), where he managed the absolute-return equity strategies and served as Co-CIO. Previously, he held various roles at IXIS CIB (1998–2009), initially as a sell-side financial analyst and then as a proprietary trader. More recently, he ran Financière Célovisée, an investment holding company active in both listed and unlisted markets. He holds a postgraduate degree from Sciences Po Paris and a Master from Paris-Dauphine University. He is a member of ROCE Capital’s Executive Committee and is the portfolio manager of ROCE Large Cap.
Christophe Billon
Christophe joined ROCE Capital in 2022 as a Financial Analyst. He is co-manager of ROCE Fund since September 2024 and of ROCE Large Cap since its launch in November 2025. Previously, he worked as an equity analyst on European companies within BDL Capital Management (2017-2020) and Noria (2020-2022). He notably covered different sectors such as TMT, automobile and industrials. Christophe graduated from Paris-Dauphine university with a Master in Banking and Finance in 2016.
Tom Marchi
Tom Marchi joined ROCE Capital in 2024 as a Financial Analyst. He is also responsible for the company’s sustainable investment policy.
Previously, Tom worked as an analyst covering European micro, small, and mid caps, notably at Gay-Lussac Gestion and TP ICAP Midcap in Paris. He holds an MSc in Finance from NEOMA Business School and has passed the first two levels of the CFA program, as well as the CFA ESG certificate.
Our funds
Our principles
Sustainability
ROCE Capital will donate 10% of its performance fees to childhood cancer research, a cause that is dear to its founders. Know more
ROCE Capital is a signatory of the Principles for Responsible Investment (PRI) supported by the United Nations.
ROCE Fund meets
the requirements of Article 8
of the European SFDR Regulation.
