Agence des participations de l'État
Service à compétence nationale attached to the Minister for the Economy of French State (Ministère de l’Économie et des Finances)
Also known as APE, French State Shareholding Agency, État actionnaire
French State shareholding agency (2004) managing stakes in about 85 companies, incl. minority listed holdings in Airbus, Safran, Thales, Engie, Orange and Renault; portfolio €209.1bn (June 2025).
- HEADQUARTERS
- Paris, France
- FOUNDED
- 2004
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 3 people
FOCUS
- STAGES
- GrowthBuyout
- ASSET MIX
- Public equitiesDirect investments
- GEOGRAPHY
- France
WHAT IT IS
Government-backed Fund. Public money — a state or EU-backed vehicle investing on behalf of taxpayers, often with policy goals.
ABOUT
The Agence des participations de l’État (APE) was created by decree n° 2004-963 of 9 September 2004 to exercise the State’s role as shareholder, separate from its regulatory and tax functions; since 2011 it reports directly to the Minister for the Economy and is headed by the Commissaire aux participations de l’État. At 30 June 2024 its portfolio covered 85 entities: 71 unlisted companies, 10 listed companies and 4 run-off structures. Besides majority-owned public companies (EDF, SNCF, La Poste, RATP), it holds minority stakes in listed groups such as Airbus (10.86%), Safran (11.23%), Thales (26.06%), Engie (23.64%), Orange (13.39%) and Renault (15.01%). The APE reported a portfolio value of €209.1bn at 30 June 2025, of which €67.9bn in listed companies.
INVESTMENT THESIS
Since 2017 the State’s portfolio is focused on three types of company: strategic companies that contribute to France’s independence, companies carrying public-service or general-interest missions where regulation would not suffice, and companies in difficulty whose failure could create systemic risk; its stated priorities are performance, resilience and responsibility.
PORTFOLIO (16)
- Airbus (10.86%)NOTABLEIndustrial & Manufacturing
- Safran (11.23%)NOTABLEIndustrial & Manufacturing
- Thales (26.06%)NOTABLEIndustrial & Manufacturing
- Engie (23.64%)NOTABLEClimate & Energy
- Orange (13.39%)NOTABLESoftware & SaaS
- Renault (15.01%)NOTABLEMobility & Logistics
- EDF (100%)NOTABLEClimate & Energy
- Air France-KLM (27.98%)Mobility & Logistics
- Eramet (27.13%)Industrial & Manufacturing
- La Française des Jeux (21.09%)Consumer & E-commerce
- Groupe ADP (50.63%)Mobility & Logistics
- Dexia (46.81%)Fintech
- La Poste (34%)
- Naval Group (62.25%)Industrial & Manufacturing
- Orano (90%)Climate & Energy
- Chantiers de l’Atlantique (84.34%)Industrial & Manufacturing
TEAM
LINKS
FAQ
Agence des participations de l'État is a government-backed fund based in Paris, France, founded in 2004.
Yes. Agence des participations de l'État invests directly in private companies.
Agence des participations de l'État invests at Growth and Buyout stages in Industrial & Manufacturing, Climate & Energy, Mobility & Logistics and Media & Entertainment.
Key people at Agence des participations de l'État include Alexis Zajdenweber (Commissaire aux participations de l’État, Director General), Guillemette Kreis (Director of Holdings, Services and Finance) and Romain Valenty (Director of Holdings, Energy).
Agence des participations de l'État's investments include Airbus (10.86%), Safran (11.23%), Thales (26.06%), Engie (23.64%), Orange (13.39%), Renault (15.01%), EDF (100%) and Air France-KLM (27.98%), among others.
The most recent publicly reported investment by Agence des participations de l'État is Eutelsat (Acquisition of the 13% stake held by Bpifrance (commitment to a capital increase taking the State to 29.99%)), announced in Jun 2025.
No. Agence des participations de l'État invests its own capital and does not raise money from outside investors.