AXA and Barclays add support to CDC

AXA Private Equity and Barclays Private Equity have added their support to Caisse des Depots et Consignations (CDC), which operates under the government backed initiative France Investissement. The investors join AGF Private Equity, Groupe Caisse d'Epargne, Natixis, Finama Private Equity and Societe Generale Asset Management. CDC invests in SMEs via its investment wing CDC Entreprises. The addition of the two private equity houses will see a new EUR50m fund-of-funds created, to which AXA PE will bring 60% of the capital with the remaining 40% coming from the public domain.

Barclays PE for their part will contribute EUR30m to CDC's funds. Ongoing negotiations may see an eighth partner bring their support to the program by the end of 2008. Since its creation nearly two years ago France Invesissement has invested EUR817m on behalf of their partners, EUR587m of which was allocated by CDC Entreprises.

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