BpiFrance seeks more Gulf investors for its LAC I fund

French national bank ready to deploy first tranche of capital

  
Business analysis stockmarket chart in tablet and computer for investment in crisis and finance business planning selective stock. Image used for illustrative purpose.

Business analysis stockmarket chart in tablet and computer for investment in crisis and finance business planning selective stock. Image used for illustrative purpose.

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Bpifrance, a French national investment bank, is now ready to deploy 4.2 billion euros ($4.8 million) that has been successfully raised in the first stage of its LAC I multimillion fund, which the UAE’s Mubadala has invested in.

The French firm seeks to raise 10 billion euros for the fund to be invested in 15 to 20 listed companies in France with a market capitalisation of more than 500 million euros.

In a statement on Wednesday, the manager of the fund said it is seeking to “open more partnerships” in the Gulf Cooperation Council (GCC) region so that it could reach its investment target.

In February this year, Abu Dhabi state investor Mubadala signed a memorandum of understanding (MoU) with Bpifrance to commit 1 billion euros to the fund.

“The investment by Mubadala was completed at the first closing of the fund on 26th May 2020,” the company said.

“With a current investment capacity close to 4.2 billion euros, including over 3.2 billion euros raised from investors and 1 billion euros of debt, this fund invests in French listed multinationals, leveraging on Bpifrance’s knowledge of the technological transitions and on its strong expertise in the governance of listed companies,” it added.

Aside from Mubadala, the fund has also attracted investments from more than 20 participants in its first closing.

The other investors include Axa, BNP Paribas, Aviva France, Natixis, Covea, CNP Assurances, Credit Agricole Assurances, Cardif, Groupe Generali, Groupe VYV, Societe GEnerale Assurances, le groupe Caisse des Depots and Orange, among many others.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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