MAIF
Also known as Groupe MAIF, Mutuelle Assurance des Instituteurs de France
Niort-based mutual insurer with €24.0bn of assets (end-2025), €4.9bn of insurance investments unlisted. Invests in impact and biodiversity funds (Blue Ocean, Objectif Biodiversité); Tibi partner.
- HEADQUARTERS
- Niort, France
- FOUNDED
- —
- AUM
- €24B (2025)
- OUTSIDE CAPITAL
- No — own capital only
- TEAM LISTED
- 4 people
Focus
- STAGES
- —
- SECTORS
- —
- ASSET MIX
- Venture capitalImpact
- GEOGRAPHY
- FranceEurope
Investment arms & vehicles
- Former in-house start-up investment vehicle; renamed Ternel in April 2024 and moved to Capital Croissance, with MAIF staying core LP (25–30%) of its new €120M fund (Maddyness, 25 Apr 2024)
- Wholly owned impact investment subsidiary (Niort): €40M investment capacity, €0.5–2.5M tickets (average €750k) as minority equity and/or quasi-equity in impact companies over two years old raising at least €1M; generalist, five priority themes (education and fundamental rights, cities in transition, circularity, biodiversity, climate)
- MAIF Forêts€50M forestry vehicle (acquires forest assets) created in 2022 with France Valley, fully subscribed by MAIF and MAIF VIE
Overview
MAIF is a French mutual insurer based in Niort; its group held €24.0bn of assets at the end of 2025, of which €21.1bn managed by its investment department, and its insurance entities held €4.9bn of unlisted investments (gross book value). At end-2025 it reported €1.41bn of remaining commitments to equity, loan, real-estate and private equity funds. It selected SWEN Capital Partners' start-up fund Blue Ocean in 2022, set up the €50M MAIF Forêts forestry vehicle with France Valley, and is a founding investor of the Objectif Biodiversité initiative and a partner of the Tibi initiative.
PORTFOLIO (2)
- Blue Ocean (SWEN Capital Partners) — selected in 2022Climate & Energy · since 2022
- Objectif Biodiversité initiative funds (founding investor)Climate & Energy
People
Links
Frequently asked questions
MAIF is a institutional investor based in Niort, France.
Yes. MAIF invests its own capital in private companies. It also commits capital to third-party funds as an LP.
Key people at MAIF include Pascal Demurger (Chief Executive Officer (Directeur général)), Nicolas Boudinet (Deputy Chief Executive Officer (Directeur général délégué)), Hélène N’Diaye (Chief Executive Officer, MAIF VIE) and Carole Zachéo (Director of Investments).
MAIF's investments include Blue Ocean (SWEN Capital Partners) — selected in 2022 and Objectif Biodiversité initiative funds (founding investor).
No. MAIF invests its own capital and does not raise money from outside investors.