Cases & Deals

BPI France and its general management form Bpifrance, a French public investment bank

Client(s) BPI France (Banque Publique d'Investissement)

Jones Day advised Bpi France and its general management in connection with the creation of Bpifrance, the French public investment bank, with 50% held by the French State through the public industrial and commercial undertaking (EPIC) BPI-Groupe, and 50% held by the Caisse des Dépôts and its subsidiaries.

Jones Day was in charge of the regulatory aspects and implementation of the investment cluster of Bpifrance, which includes:

- Bpifrance Participations (formerly Fonds Stratégique d’Investissement, “FSI”), a fully owned subsidiary of Bpifrance, - Bpifrance Investissement, a management company authorized by the AMF (Autorité des Marchés Financiers, the French financial markets authority) (formerly CDC Entreprises), in charge of the management of existing funds, managed until now by CDC Entreprises, and of new ongoing funds creation,

- FSI Régions, a management company authorized by the AMF, a subsidiary of CDC Entreprises and OSEO, which operates at the heart of regional investment capital.

Jones Day was involved in the design of the investment cluster of Bpifrance, and in the validation of the scheme retained by the AMF. Afterwards, the firm obtained all necessary authorizations from the AMF for a change in shareholding of CDC Entreprises, FSI Régions and Consolidation & Développement Gestion.

Jones Day was also involved in determining the governance rules within the Bpifrance group. Jones Day is also working on the creation of new funds.