The entrepreneur-investor model is becoming more prominent in France, as the traditional line between entrepreneurs and investors is blurring. This hybrid figure, known as the "operator-investor," combines financial capital with hands-on entrepreneurial experience to support small and medium-sized enterprises (SMEs) over the long term. This model is expected to play a key role in addressing the large wave of business succession anticipated in the coming years. In France, the business world has historically been divided between entrepreneurs who build companies and investors who provide financing. However, in other countries, the boundary between these roles has long been more porous, as seen in concepts like operator-led investing and entrepreneurship through acquisition. These approaches highlight the idea that capital alone is not enough to create value in a company, and that the experience of someone who has managed, developed, and sold a company is equally important. The idea of the operator-investor is not new in France, as entrepreneurs have long reinvested their capital and experience into other companies. What is changing today is that this practice is becoming more structured and is evolving into an investment model in its own right. This model is not meant to replace traditional investment funds but to complement them by offering an alternative approach to the role of a shareholder. The operator-investor contributes not only as a capital provider but also as a strategic partner and an entrepreneur who can contribute concretely to a company's transformation and development. This evolution is particularly relevant as France faces the challenge of transmitting hundreds of thousands of SMEs in the coming years. Expanding the pool of people capable of taking over and developing these companies is seen as a positive development. The operator-investor's experience influences how they evaluate a company, looking beyond financial metrics to factors such as commercial organization, processes, management quality, employee capabilities, and the ability to execute a strategy. This experience allows the operator-investor to implement changes that enable a company to continue growing, including professionalizing a sales force, revising an organization, structuring governance, and investing in technology. The emergence of this new investor model coincides with a significant wave of business succession in France, with Bpifrance estimating that 370,000 SMEs and ETIs could be affected by a succession by 2030. This transition presents challenges for managers who have dedicated decades to their companies, as they must consider not only financial aspects but also the future of their employees and the company's identity. The return of long-term investment, or "entrepreneurial investment," is seen as an important evolution in the investment landscape. This approach allows for decisions that prioritize long-term growth over short-term results, enabling investments in technological platforms, brands, international presence, and teams whose effects may be measured over several years. This shift towards long-term thinking is increasingly influencing the entrepreneurial investment landscape.