Government-backed FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 11 SOURCES

Bpifrance

Co-owned: the Caisse des Dépôts and the State-owned EPIC Bpifrance each hold 49.18% of Bpifrance SA (31 Dec 2025) Caisse des Dépôts

Also known as Banque publique d’investissement, BPI France, Bpifrance Investissement, Bpifrance Participations

French public investment bank created in 2012, owned by the Caisse des Dépôts and the State’s EPIC Bpifrance (49.18% each); invests directly in companies and as LP in PE/VC funds.

HEADQUARTERS: Maisons-Alfort, France
FOUNDED: 2012
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 7 people

Focus

STAGES: SeedSeries ASeries BGrowthBuyout
SECTORS: Deep Tech Artificial Intelligence Software & SaaS Biotech & Life Sciences HealthTech Climate & Energy Industrial & Manufacturing
ASSET MIX: Venture capitalPrivate equityFunds (as LP)Direct investments
GEOGRAPHY: France

Investment arms & vehicles

Lac1
Fund supporting listed French multinationals (e.g. Bureau Veritas, IPSOS, Vusion Group, Alstom); €793M of the Large-Cap team’s €1.3bn invested in 2024
Fonds SPI – Sociétés de Projets Industriels
Funds dedicated to industrial projects; €61M invested and four new investments in 2024
Fonds Innovation Défense (FID)
Fund launched in 2021 by the Agence de l’innovation de défense and Bpifrance; equity and quasi-equity in innovative companies
Definvest
Defence fund launched in 2018 by the DGA and Bpifrance (€50M, doubled to €100M in 2022); nearly €70M invested in 27 companies (March 2025)
French Tech Souveraineté
State mandate to secure French companies in sovereign technologies; €114M invested in 2024 (new: McPhy Energy, Phaxiam Therapeutics, The Exploration Company)
Large Venture
Growth-stage fund; €134M invested in 2024 including new investments in H, Electra, Bioptimus and Fasst

Overview

Bpifrance was created by the law of 31 December 2012, combining OSEO, CDC Entreprises and the Fonds Stratégique d’Investissement. At 31 December 2025 the Caisse des Dépôts and the State-owned EPIC Bpifrance each held 49.18% of the holding company. Besides loans, guarantees and export insurance, it invests equity directly through innovation capital and development capital teams and commits to private equity and venture funds through its fund-of-funds business. In 2025 it invested €2.5bn of development capital in 168 companies and its funds of funds committed €1.8bn, with €21.7bn of assets under management.

PORTFOLIO (20)

Mistral AINOTABLE
Bureau VeritasNOTABLE
AlstomNOTABLE
H (AI startup)
Artificial Intelligence · since 2024
Electra
since 2024
Bioptimus
since 2024
Alice & Bob
The Exploration Company
since 2024
Unseenlabs
IPSOS
Vusion Group
Fives Group
since 2024
Socotec
since 2024
Exosens
since 2024
Chapsvision
Criteo
Exited
Jeito (partner fund)
Partech Growth (partner fund)
Keensight IV and V (partner funds)
Ardian Growth II (partner fund)

People

Nicolas Dufourcq
Chief Executive Officer (Directeur général); Chairman and CEO of Bpifrance Participations, Chairman of Bpifrance Investissement · source
Arnaud Caudoux
Executive Director, Deputy CEO · source
Paul-François Fournier
Executive Director, Innovation · source
José Gonzalo
Executive Director, Mid & Large Cap and SME Equity · source
Adeline Lemaire
Executive Director, Fund of Funds · source
Marie Adeline-Peix
Executive Director, Regional Partnerships and Territorial Action · source
Pascal Lagarde
Executive Director, International, Strategy, Research and Development · source

Frequently asked questions

Bpifrance is a government-backed fund based in Maisons-Alfort, France, founded in 2012.

Yes. Bpifrance invests its own capital in private companies. It also commits capital to third-party funds as an LP.

Bpifrance invests at Seed, Series A, Series B, Growth and Buyout stages in Deep Tech, Artificial Intelligence, Software & SaaS, Biotech & Life Sciences, HealthTech, Climate & Energy and Industrial & Manufacturing.

Key people at Bpifrance include Nicolas Dufourcq (Chief Executive Officer (Directeur général); Chairman and CEO of Bpifrance Participations, Chairman of Bpifrance Investissement), Arnaud Caudoux (Executive Director, Deputy CEO), Paul-François Fournier (Executive Director, Innovation) and José Gonzalo (Executive Director, Mid & Large Cap and SME Equity).

Bpifrance's investments include Mistral AI, Bureau Veritas, Alstom, H (AI startup), Electra, Bioptimus, Alice & Bob and The Exploration Company, among others.

Yes. Bpifrance manages capital from outside investors.