75% of the Hivest I* fund's €120mn comes from prominent institutional investors, not least Bpifrance which has invested own capital and via Fonds de fonds de retournement (FFR) managed on behalf of the State through the Programme of Investments for the Future (PIA), Access Capital Partners, the European Investment Fund (EIF) and Swen Capital Partners. 25% has been contributed by French and international entrepreneurs.
Hivest I will make singular investments of €5 to 25mn in companies making €20 to 500mn in turnover, as a leading majority or minority shareholder. It will lend financial and operational support to managers in their plans to transform and grow SMEs and mid-caps, both in France and abroad.
GO Capital Amorçage II
This 1st closing worth €60mn was subscribed by Bpifrance (€20mn) via the National seed fund (FNA) as part of the PIA, the EIF (€20mn), each of the three Regions (Brittany, Normandy and Pays de la Loire, €3mn apiece), local banks (€5mn) and twenty or so entrepreneurs (almost €6mn). The fund hopes to carry out a 2nd closing by the second half of 2017, to bring the total amount to €80mn.
GO Capital Amorçage II will contribute an average of €500,000 during its 1st investment, and up to €2mn in several instalments, based on what stage of commercial development the start-up has reached and the type of project. The fund allows for reinvestment in several stages, to support the company's development phases – up to a maximum of €6mn. It will cover all of the technological and innovative fields represented in West France (digital economy, health and medicine, biotechnology and health-nutrition, ecotechnology, energy transition and service innovation).
* Hivest I is the 1st fund to be launched by Hivest Capital Partners, a private equity firm founded at the end of 2016.