SovereignWealthFunds.comBpifrance
Bpifrance: what it invests in
Geography Mainly domestic
Bpifrance: how big it is, and on what basis
In US dollars: about USD 124.9B. EUR 106,327.6 million at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.
Bpifrance: what it publishes
Published 8 · Partly 2 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
- Transparency scoreS4
- 9 of 10
At a glance. Bpifrance is France's public investment bank, owned equally by the State and the Caisse des Depots. It lends, guarantees, insures exports and runs one of Europe's largest state-backed equity books, about EUR 59.8 billion under management in mid 2025. The group balance sheet was EUR 106.3 billion at end 2025, about USD 124.9 billion, and it put EUR 72 billion to work in 2025. S3 S6 S7 S8
Key points
- Committed EUR 4.8 billion of equity in 2025: EUR 2.5 billion of direct growth capital, EUR 0.56 billion of venture capital and EUR 1.75 billion into funds. S9
- Its fund-of-funds book is EUR 21.7 billion across about 700 partner funds. S9
- Has backed about 3,300 companies since 2013 and holds stakes in about 1,000 today. S5
- Average value creation of 5.2 percent a year since 2013; EUR 7 billion paid to its owners in dividends and taxes. S7
- Sold EUR 3.2 billion of stakes in 127 exits in 2025, including Neoen and Eutelsat. S9
- About 60 percent of direct investments go to family firms that had never opened their capital. S5
- Net income was EUR 501 million in 2025, with a CET1 ratio above 25 percent. S3 S6
Interesting facts
- Retail investors can buy in: over 25,500 individuals put almost EUR 400 million into five Bpifrance retail funds, including a defence fund launched in October 2025. S9
- A foreign fund only gets Bpifrance money if it invests at least twice that amount in France. S5
- Its bonds are guaranteed by the State-owned EPIC Bpifrance, so its debt is rated in line with France. S3
Mandate and goals
Finance and support French companies at every stage through credit, guarantees, innovation aid, export insurance and equity, under an investment doctrine set in 2013. It acts as a minority investor that multiplies private capital rather than replacing it. S1 S5
- Back French companies from start-up to mid-cap and large cap, mainly as a minority shareholder. S5
- Invest pari passu with private co-investors on market terms. S6
- Build the French venture and private equity market as a fund-of-funds anchor. S9
- Prioritise industry, climate and deeptech, plus healthcare, software, AI and defence. S9
- Support exports through credit insurance and guarantees run for the State. S1 S9
- Return target: At least 15 percent internal rate of return per direct deal, per the Chief Executive S5
How it invests
| Industries | Industrials and manufacturing, Renewables and climate, Technology, Healthcare and life sciences, Consumer and retail, Infrastructure and utilities S9 S5 |
|---|---|
| Asset classes | Private equity, Venture capital, Public equities, Private credit, Strategic state holdings S6 S3 |
| Stages | Seed, Venture, Growth, Buyout, Public markets, Credit S9 S5 |
| Geography | Mainly domestic. France first; abroad only venture funds in Europe and a small Africa and Mediterranean book (EUR 26M in 2025) S5 |
| Direct / through funds / co-invest | Yes / Yes / Yes S9 S5 |
| Ticket size | No single minimum is published. In 2025 direct growth deals averaged about EUR 15M (EUR 2.48B across 168 companies) and venture deals about EUR 3.6M. S9 |
| Deal sizes seen | About EUR 60M (Verallia, 2015) and up in the deals listed below |
| External managers | Commits to about 700 funds run by around 200 management teams; 40 professionals analyse funds S9 S5 |
| Co-investment programme | Invests alongside private co-investors as a matter of doctrine and runs sector funds with corporate investors, such as InnoBio 3 with pharmaceutical groups S5 S10 |
Asset mix: Fund of funds 36.3%, Capital development (excluding Lac 1) 42.1%, Innovation 15.2%, Lac 1 6.5% (as of 2025-06-30) S6
Largest holdings: Stellantis, STMicroelectronics, Soitec (as of 2025-12-31) S3
Published criteria
- Minority stakes only, invested on the same terms as private co-investors. S6
- At least 15 percent expected internal rate of return per deal; roughly one file in fifteen gets funded. S5
- No leveraged buyouts above about 2.5 to 3 times EBITDA. S5
- No direct turnarounds; turnaround capital goes through independent funds. S6
- Foreign funds must invest at least twice the Bpifrance ticket in France and cannot sit in low-tax jurisdictions. S5
- Fund managers are judged on track record, team, relevance of thesis and network; first-time teams can qualify. S5
Fund commitments
| Manager | Fund | Amount | Year |
|---|---|---|---|
| Various French and European managers | Fund-of-funds subscriptions in 2025 | EUR 1.75B | 2025 S9 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2025 | Mistral AI. Equity stake in the AI company. S9 | Direct investment | Technology | Not stated | Not published | |
| 2025 | AI campus joint venture. Joint venture for a large AI campus in the Ile-de-France. S9 | Joint venture or partnership | Technology | Infrastructure | Not published | |
| 2025 | Veolia. Investment in the water and environmental services group. S9 | Direct investment | Infrastructure and utilities | Public markets | Not published | |
| 2025 | Arverne. Geothermal energy and lithium company. S9 | Direct investment | Renewables and climate | Not stated | Not published | |
| 2025 | WAAT. Electric vehicle charging company. S9 | Direct investment | Renewables and climate | Not stated | Not published | |
| 2025 | Exosens. Increased stake, framed as a defence investment. S9 | Direct investment | Industrials and manufacturing | Not stated | Not published | |
| 2025 | Opella. Investment completed in 2025. S9 | Direct investment | Healthcare and life sciences | Buyout | Not published | |
| 2025 | Brevo. Software company. S9 | Direct investment | Technology | Not stated | Not published | |
| 2025 | Neoen. Stake sold; part of EUR 3.2B of 2025 exits. S9 | Sale or exit | Renewables and climate | Not stated | Not published | |
| 2025 | Eutelsat. Stake sold in 2025. S9 | Sale or exit | Telecoms and media | Not stated | Not published | |
| Not published | InnoBio 3. Biotech fund raised with pharmaceutical groups. S10 | New company or platform | Healthcare and life sciences | Venture | EUR 207M fund | |
| Not published | Biogaran. Took 15 percent alongside BC Partners. S5 | Co-investment | Healthcare and life sciences | Buyout | Not published | 15% |
| Not published | Cerba. Shareholder alongside EQT and PSP. S5 | Co-investment | Healthcare and life sciences | Buyout | Not published | |
| 2015 | Verallia. Invested with Apollo; Bpifrance holds 4 percent. S5 | Co-investment | Industrials and manufacturing | Not stated | About EUR 60M | 4% |
Case studies
Fund of funds that built a market S5 S9
- What: Anchors French venture and private equity funds and backs first-time teams and accelerators.
- When: 2005 onward; scaled after 2013
- Size: EUR 21.7B in about 700 funds
- Why: To grow private capital for French companies rather than invest alone.
- Outcome: EUR 1.75B of new fund subscriptions in 2025.
Verallia: minority alongside a buyout firm S5
- What: Joined Apollo in the glass packaging group as a minority shareholder.
- When: October 2015
- Size: About EUR 60M
- Why: Keeps a French anchor in an industrial company while private capital leads.
- Outcome: Bpifrance holds about 4 percent.
Retail investors in state-backed private equity S9
- What: Opened five funds to individuals, including the Bpifrance Defence Fund launched in October 2025.
- When: 2025
- Size: Almost EUR 400M from over 25,500 people
- Why: To channel household savings into French companies and defence.
- Outcome: The defence fund raised almost EUR 50M in under three months against a EUR 450M target.
Investment process
An investment doctrine adopted by the board in June 2013 and framed by Parliament governs every equity deal. The Bpifrance SA board, chaired by the head of the Caisse des Depots, oversees the group; the boards of Bpifrance Investissement and Bpifrance Participations, chaired by the Chief Executive, oversee equity. S6 S4
| Committee | Role |
|---|---|
| Bpifrance SA board | Group board of State, Caisse des Depots, regional, employee and independent members S4 |
| Bpifrance Investissement and Participations boards | Oversee the equity arms, with independent directors S4 |
- Companies apply through one of about 50 regional offices; fund managers apply to the fund-of-funds team. S5 S1
- Deals are screened against the doctrine: minority stake, co-investors on the same terms, return of at least 15 percent. S5 S6
- About one file in fifteen is funded. S5
- Bpifrance stays as a long-term holder and exits through sales or listings, EUR 3.2B in 2025. S9
How to approach: Companies go through the regional office network and the website; fund managers approach the fund-of-funds division. Individuals can invest through the retail funds. S5
Size and returns
- Headline size: EUR 106.3B (Total assets (balance sheet), as of 2025-12-31) S3 S8
- In US dollars: about USD 124.9B. EUR 106,327.6 million at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.
- Equity assets under management: EUR 59.85B (Assets under management, as of 2025-06-30) S6
- Group equity: EUR 30.0B (about USD 35.2B) (Net assets or equity, as of 2025-12-31) S3
- Return, since 2013: 5.2 percent a year (average value creation rate) S7
- Staff: About 700 staff at Bpifrance Investissement, the equity arm S5
- Size over time (EUR billion): 2023 52.0, 2024 57.3, 2025-06 59.85 S6
Leadership
| Name | Title | Since |
|---|---|---|
| Olivier Sichel | Chairman of the board (Director General of the Caisse des Depots) S4 | Not published |
| Nicolas Dufourcq | Chief Executive Officer S5 | 2012-10 |
| Christian Bodin | Chairman and CEO, EPIC Bpifrance S3 | 2019-05 |
| Alexis Zajdenweber | Board member for the State (Commissioner for State holdings) S4 | Not published |
| Carole Delga | Board member for the regions S4 | Not published |
| Pierre-Andre de Chalendar | Board member, qualified person S4 | Not published |
| Marie Adeline-Peix | Chair, Bpifrance Regions S4 | Not published |
| Emmanuel Charron | Government Commissioner S4 | Not published |
Governance and transparency
- Legal basis: Law no. 2012-1559 of 31 December 2012; Bpifrance SA is a licensed credit institution S1 S6
- Oversight: Supervised by the ACPR and directly by the European Central Bank as a significant institution; subject to EU state aid rules S6
- Auditor: Forvis Mazars and KPMG SA, appointed to the 2028 accounts S3
- Santiago Principles: Full IFSWF member S2
- Bonds are guaranteed by EPIC Bpifrance: EUR 62.4B of guarantee commitments at end 2025. S3
- Board members of EPIC Bpifrance receive no pay. S3
Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2005 | CDC Entreprises starts fund-of-funds investing. S1 |
| 2008 | Fonds Strategique d'Investissement set up. S1 |
| 2012-12-31 | Bpifrance created by law; Nicolas Dufourcq appointed. S1 S5 |
| 2013-06-25 | Investment doctrine adopted by the board. S6 |
| 2015-10 | Verallia investment with Apollo. S5 |
| 2017 | Takes over public export guarantees from Coface. S1 |
| 2025-10 | Bpifrance Defence Fund launched for retail savers. S9 |
| 2026-03-25 | Record EUR 72B mobilised in 2025; results released. S7 |
| 2026 | First EUR 1B European Green Bond. S1 |
For family offices
Bpifrance co-invests as a minority partner alongside private investors, and its fund-of-funds arm backs private managers. Individuals and family offices can also buy into its retail funds. S5 S9
- Co-investing next to Bpifrance in French growth and mid-cap deals, where it takes a minority stake on the same terms. S6
- Family office managers raising funds can seek a Bpifrance anchor commitment if they invest in France. S5
- Retail and private investors can buy into its retail funds, such as the defence fund. S9
- Bpifrance retail funds (including the Bpifrance Defence Fund): Individual investors S9
- BIG event: Entrepreneurs, investors and partners; annual event https://bigmedia.bpifrance.fr/ S11
Reports
- EPIC Bpifrance annual report 2025: https://www.bpifrance.fr/download/media-file/1637132 S3
- Business review 2025: https://www.bpifrance.fr/download/media-file/1353938 S9
- Half-year consolidated accounts 2025: https://www.bpifrance.fr/download/media-file/534377 S6
Common questions
Is Bpifrance a sovereign wealth fund?
It is a public investment bank with a large state-backed equity arm, and a full IFSWF member. S2 S1
Who owns Bpifrance?
EPIC Bpifrance, for the French State, and the Caisse des Depots, with 49.18 percent each. S3
How big is Bpifrance?
EUR 106.3 billion of group assets at end 2025 (about USD 124.9 billion) and EUR 59.8 billion of equity under management in mid 2025. S3 S6
How much does Bpifrance invest per deal?
No minimum is published. It takes minority stakes, targets at least 15 percent IRR and funds about one file in fifteen. S5
Who runs Bpifrance?
Nicolas Dufourcq is Chief Executive; Olivier Sichel chairs the board. S4
Does Bpifrance invest abroad?
Mainly in France. Foreign funds qualify only if they invest at least twice the Bpifrance ticket in France. S5
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- Polish Development Fund (PFR) Poland · PLN 49.77B
- Export and Investment Fund of Denmark (EIFO) Denmark · DKK 76.5B
All sovereign wealth funds in Europe · All strategic development funds · All funds in France
Sources
- S1Wikipedia, Bpifrance
- S2IFSWF, members list
- S3EPIC Bpifrance, annual report 2025 with audited group accounts
- S4Bpifrance, Board of directors (French)
- S5French National Assembly, hearing of Nicolas Dufourcq, 9 April 2026 (French)
- S6Bpifrance Group, half-year consolidated accounts to 30 June 2025 (French)
- S7Bpifrance, 2025 annual results release, 25 March 2026
- S8ECB reference rate via Frankfurter, EUR per USD on 31 December 2025
- S9Bpifrance, 2025 business review, 17 February 2026
- S10Refrance, InnoBio 3 raises EUR 207 million (French)
- S11Bpifrance BIG media, twelfth edition of BIG (French)
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