French VCs appeal to French president over budget

The initiative was co-led by Jean-David Chamboredon, the CEO of tech-focused investor ISAI Gestion. The letter attracted 3,000 signatures in just three days, including representatives from established VC houses such as Partech International, 360 Capital Partners, Alven Capital and Idinvest Partners.

The letter's authors are asking President Hollande to take their opinion into account and are asking for a far-reaching consultation in order to avoid stifling the country's budding entrepreneurs and start-ups.

Controversial measures in France's proposed 2013 budget include heavier taxes on exit proceeds as well as the reclassification of carried interest as income for tax purposes.

The country's entrepreneurs have been successful in making their voice heard recently. Loosely organised around the "Pigeons" (fall guys) movement and very active on social networks – thus bypassing traditional trade bodies –  they were able to make the government reconsider some of the new measures, although they now warn of an over-complicated capital gains taxation system.

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• Topics
• Regulation
• France
• France
• ISAI
• IDInvest Partners (AGF Private Equity)
• Alven Capital