Private Equity
Bpifrance is the French Sovereign Fund. We aim at increasing the capital supply to startups, SMEs and mid-caps through direct and Funds of funds investments.
Funds of funds
Mission
Bpifrance’s Funds of funds activity aims to increase the capital supply to companies while generating sustainable and long-term returns on investment.
It seeks to have a positive impact on the industry at three levels:
- Build the funding continuum for companies seeking capital
- Support the development of management companies
- Accompany the investors ecosystem
Activities
Investment
The Funds of funds team of Bpifrance invests alongside public and private investors in regional, national and international investment funds, at all stages of maturity, from seed to turnaround, including venture capital, growth, expansion capital and buyout.
These partner funds are selected based on the investment team's proven track record, the strategy's differentiation and positioning, the ability to provide strong operational support to portfolio companies, the adoption of responsible investment best practices, and the team's ability to raise substantial funds from third-party investors (banks, insurance companies, pension funds, endowment funds, private funds of funds, family offices and individuals).
The investment activity is organised into three teams:
Operating team
The Operating team is responsible for accompanying our ecosystems. We support partner GPs with their growth and sustainability challenges, strengthen relationships with co-LPs and operate a Strategic Investor Program for subscribers.
Retail
Since 2020, Bpifrance has been making private equity accessible to individuals in France through its 'Bpifrance Entreprises' funds. This enables individuals to support French and European SMEs and mid-cap companies while diversifying their saving solutions*. Meanwhile, the Retail team is working to democratise private equity by supporting this ecosystem and developing educational initiatives.
* As a reminder, this is a risk-bearing capital investment with no guarantee of performance
€21.5 bn
Assets under management
44
Funds of funds vehicles
700
Funds in portfolio
230
GPs relationships
6.000 +
Underlying companies
as of December 2025
Management Committee
Adeline Lemaire
Executive Director
Funds of funds team
Florent Debienne
Managing Director of Venture & Growth Funds Investments
Rémi Berteloot
Managing Director of Small Cap Funds Investments
Jean-René Jégou
Managing Director of Regional Funds Investments
Marianne Wlassewitch
Managing Director of the Operating team
Gorka Gonzales
Managing Director of Retail Funds
Digital Team
Thomas Rocher
Digital Transformation Director
Maud Richecoeur
Digital Acceleration Manager
About
Activity review
Watch this motion video to learn about the key figures and trends of Bpifrance Funds of funds activity and those of its partner funds.
Capital Invest 2025
The latest edition of Capital Invest took place in June 2025, at the Maison de la Mutualité in Paris.
This event brings together the ecosystem of Bpifrance’s partner funds and players from the private equity industry.
Relive the 2025 edition and discover testimonials and insights shared by the speakers.
Le MAG' 2025 : Bpifrance private equity market vision
Find out about the Funds of funds team’s vision for the private equity market and its analyses of key market trends.