Mubadala commits €1bn to BPI France mega-fund

The two parties signed a memorandum of understanding (MoU) that sees Mubadala committing €1bn to the vehicle. LAC I has a target of €10bn and aims to invest in approximately 15 French listed companies over the next decade.

The MoU was signed in the UAE by Waleed Al Mokarrab Al Muhairi from Mubadala and Nicolas Dufourcq from BPI France, in the presence of Bruno Le Maire, the French Minister of Economy and Finance and Khaldoon Khalifa Al Mubarak, Mubadala's CEO and managing director.

Unquote previously reported that BPI France was aiming to hold a first close for the vehicle – then known as Silverlake – in the coming weeks. Sovereign funds, insurance companies and family offices are in line to back the vehicle, according to French publication Les Echos and the New York Times.

Mubadala and the French state's investment arms have a history of collaboration dating back to 2014, when both parties inked their first direct investing partnership. This led to a first tranche of €300m being deployed in the space of three years, notably including a minority stake in the DomusVi deal in 2017.

Also in 2017, Mubadala signed a fresh €500m co-investment agreement with CDC International Capital (CDC IC), a subsidiary of French-state-backed Caisse des Dépôts, with another €500m dedicated to venture investments in partnership with BPI France. The BPI France deal focused on startups and more mature technology companies, and targeted both direct investments and LP stakes in venture capital funds.

BPI France and Mubadala renewed that agreement in 2018 with another €300m tranche. That same year, the 2014 co-investment programme (dubbed the Franco Emirati Fund) was also extended with an additional €700m.

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• Funds
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• BPI France