French insurers and Caisse des Dépôts have implemented a EUR 2.2 billion Sustainable recovery investment programme for France (the Programme d'Investissement de Relance Durable France) to support the French economy impacted by the health crisis. This three-pronged investment programme shall mainly benefit mid-caps and SMEs active in the tourism and healthcare sectors, and will be implemented with the formation of several sector-based and mainstream investment funds.
Within this context, Gide has advised the programme's investors for the establishment of a private equity fund that will finance in equity or quasi-equity regional French mid-caps and SMEs whose project is development, innovation and transmission, in particular with a view to fostering the sharing of capital gains and redistribution to employees of those companies financed. Achieving non-financial performance objectives (environmental, social and governance) is a key element of the fund's strategy, which will have an Impact Committee. The fund is managed by Turenne Capital Partenaires.
The fund raised EUR 124 million for its first closing.
Gide's team comprised partner Stéphane Puel, senior associate Clothilde Beau and associate Myriam Danicourt, who work with the investors of the Sustainable recovery investment programme with respect to the formation of several investment funds of this programme.
Turenne Capital Partenaires was advised by Goodwin.
Gide has already advised:
- structuring a financing package dedicated to companies active in the French tourism sector (press release)
- structuring a private equity fund dedicated to financing French tourism companies (press release)
- structuring a private debt fund dedicated to financing French and European companies active in the healthcare sector (press release)