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Government-backed FundPuts its own capital into companiesLAST VERIFIED Oct 2026 · 4 SOURCES

NACO – Nouvelle-Aquitaine Co-Investissement

Regional co-investment fund (SASU) of Région Nouvelle-Aquitaine

Also known as NACO, Naco, Nouvelle-Aquitaine Co-Investissement

Nouvelle-Aquitaine Region’s co-investment company (SAS created 2016, launched 2017), funded by the Region and EU; equity in regional start-ups and SMEs, up to €5M per company; piloted by M Capital.

HEADQUARTERS
Bordeaux, France
FOUNDED
2016
AUM
—
OUTSIDE CAPITAL
No — own capital only
TEAM LISTED
1 people

Focus

STAGES
SeedSeries AGrowthBuyout
SECTORS
Industrial & ManufacturingHealthTechBiotech & Life SciencesClimate & Energy
ASSET MIX
Direct investmentsVenture capital
GEOGRAPHY
France

Overview

Nouvelle-Aquitaine Co-Investissement (NACO) is a single-shareholder SAS created in December 2016 and launched by the Région Nouvelle-Aquitaine in September 2017, replacing the co-investment vehicles of the three former regions (Aqui-Invest, Dynalim and FCOI Poitou-Charentes). It co-invests in equity alongside private investors in regional start-ups and SMEs at creation, development and transmission stages, with up to €5M per company. By January 2025 it had financed 115 companies (97 still in portfolio) for €74.5M invested in rounds totalling €517M. It was first run by Aquiti Gestion and is now piloted by M Capital (Toulouse).

PORTFOLIO (8)

  • Aelis Farma (6.2%)NOTABLE
    Biotech & Life Sciences
  • TreeFrog Therapeutics (3.3%)NOTABLE
    Biotech & Life Sciences
  • Asphalte (7.5%)
    Consumer & E-commerce
  • Curlim
  • Sunna Design
    Climate & Energy
  • Poietis
    Biotech & Life Sciences
  • ICOHUP
  • Chamberlan
    Industrial & Manufacturing

People

  • Jean-Pierre Renaudin
    Vice-president of the fund (registered as Président of the SAS) · source

Frequently asked questions

NACO – Nouvelle-Aquitaine Co-Investissement is a government-backed fund based in Bordeaux, France, founded in 2016.

Yes. NACO – Nouvelle-Aquitaine Co-Investissement invests its own capital in private companies.

NACO – Nouvelle-Aquitaine Co-Investissement invests at Seed, Series A, Growth and Buyout stages in Industrial & Manufacturing, HealthTech, Biotech & Life Sciences and Climate & Energy.

NACO – Nouvelle-Aquitaine Co-Investissement's stated ticket size is Up to €5M.

Key people at NACO – Nouvelle-Aquitaine Co-Investissement include Jean-Pierre Renaudin (Vice-president of the fund (registered as Président of the SAS)).

NACO – Nouvelle-Aquitaine Co-Investissement's investments include Aelis Farma (6.2%), TreeFrog Therapeutics (3.3%), Asphalte (7.5%), Curlim, Sunna Design, Poietis, ICOHUP and Chamberlan.

No. NACO – Nouvelle-Aquitaine Co-Investissement invests its own capital and does not raise money from outside investors.