This is a study of the effects of alternative investors on a range of work and employment practices in France, paying specific attention to whether investors are indigenous or not. We use data from a detailed survey of French firms, and set our research in the context of the literature on comparative capitalisms. We find that PE investments from abroad are associated with greater job insecurity, less spending on training, and lower wages, but French PE investments are not. We explore the reasons behind this variation, and the implications for theory and practice.