BPI France to hold first close for Silverlake fund - reports

BPI France executive director Nicolas Dufourcq disclosed the information while presenting the firm’s activity report, according to several news sources.

Sovereign funds, insurance companies and family offices are backing the vehicle, according to French publication Les Echos and the New York Times. The fund should be officially launched by minister of economy and finance Bruno le Maire, both reports added. 

The fund would be considerably larger than the average fund raised by BPI France. According to Unquote Data, in the past 10 years the only fund over €1bn raised by the GP was ETI 2020 Fund, closed on €3bn in 2013. 

Les Echos reported that the latest fund is a continuation of the strategy employed for the fund Fonds Stratégique de Participations, closed in 2013, as it was also backed by insurance companies (BNP Paribas Cardif, CNP Assurances, Crédit Agricole Assurances and Sogécap).

Silverlake should back around 15 companies in the long-term, having an investment period of 10 years, according to the reports.

BPI France was not available for comment at the time of publication.

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