Cases & Deals

Bpifrance forms €3 billion ETI 2020 fund

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

Jones Day advised Bpifrance and its subsidiary, the portfolio management company, Bpifrance Investissement, in the formation of ETI 2020, a €3 billion (US$4 billion) fund. The fund will invest in equity and quasi-equity in transactions of not less than €10 million as a minority shareholder. The fund's objective is to support long-term Medium-Sized Companies (ETIs) in order to accelerate their creation and development, strengthen their innovation capabilities, and promote them as French growth leaders in their international development. Some investments already completed by Bpifrance Participations (formerly Strategic Investment Fund - FSI) will be contributed to this fund which should follow an investment trend of about €300 to €500 million per year.