Ace Aero Partenaires nets further €100m commitment

Greg Gille
@unquotenews
05 January 2021

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Crédit Agricole, its regional subsidiaries and LCL have committed €100m to the aerospace-focused Ace Aero Partenaires fund.

The fund, managed by Tikehau Capital subsidiary Ace Management, was formally launched last July with a €630m first close. It is dedicated to supporting the aerospace sector in the wake of the Covid-19 pandemic.

The fund is targeting €1bn and is backed by institutional investors, aerospace corporates and the French state. The initiative was announced in June 2020 by the French Finance Ministry.

Airbus, Safran, Dassault and Thales jointly committed a total of €200m to the fund at the time of the first close. The French state confirmed its pledge of €200m, with €50m coming from BPI France. Tikehau invested €230m from its own funds in Ace Aero Partenaires at first close.

The fund's aim is to support, reorganise and ultimately strengthen the aerospace supply chain, currently badly affected by the coronavirus pandemic.

It inked its first deal in October when Ace Management acquired Aries Alliance Group, an aerospace machinery and parts manufacturer hitherto owned by Astorg.