International Capital Development

Our ambition: to develop long term international partnerships in support of the development of French businesses.

International Capital Development


International Capital Development’s mission is to develop long term partnerships with sovereign funds and other international institutional investors, in order to co-invest in SMEs and Mid-caps that are mainly based in France. Depending on the investment objectives of its different partnerships, Bpifrance may also invest in regions other than France (for instance in the Middle East, Africa, Asia and Russia) in order to support French companies in their international development.

In December 2018, Bpifrance took over the direct investment activity in partnerships with sovereign wealth funds and other institutional long-term investors previously conducted by CDC International Capital.

This investment activity began in February 2014 and has since been developed through seven partnerships primarily dedicated to investing in private equity transactions with robust financial models and proven track records.

Our investment strategy

Bpifrance International Capital acts as a minority investor alongside sovereign wealth funds and other institutional investors with investment tickets (equity, quasi-equity funds or debt) of €15 million to €200 million, with the possibility of syndicating additional amounts to third party investors.

Bpifrance International Capital and its partners invest with a view to obtaining market returns but have a more flexible and long-term approach than other traditional players.

Positioned as an active minority investor, Bpifrance International Capital supports its sovereign wealth fund partners in their investments in France and can therefore also give the businesses in which it invests access to its global network of partners.

Our partners

Since 2007, a global network of investors including the largest pension funds and sovereign wealth funds in the world has been built, which has specifically resulted in the creation of two complementary cooperation platforms: the Institutional Investors Roundtable (IIR), and the Co-investment Roundtable of Sovereign and Pension Funds (CROSAPF), which aims to create a co-investment networking organisation for international institutional investors. Bpifrance is a member of both organisations.



Bpifrance (formerly CDC IC) and CIC Capital set up the Sino-French Third-Countries Investment Fund on 14 November 2016. The purpose of this investment platform is to give French and Chinese companies access to new markets and business opportunities while leveraging their respecting networks and resources.


Bpifrance (formerly CDC IC) and KIC signed the Franco-Korean co-investment partnership on 3 June 2016 in order to support French and Korean companies with development plans or economic interests in France. KIC seeks to invest up to €500 million in a wide variety of sectors in France or in other geographical areas and in minority tickets of between €50 million and €200 million. Bpifrance may invest alongside KIC an amount of capital representing at least 25% of KIC’s contribution.


On 26 June 2015, KHC, a leading investment portfolio company listed on the stock exchange (Tadawul) and located in Riyadh, Saudi Arabia, and Bpifrance (formerly CDIC) entered into a framework agreement pursuant to which KHC opened its capital to a consortium of large French companies including Aéroports de Paris, Axa, Eiffage, Engie, Eren Groupe, Orange, Safran and Suez Environnement, supported by BPifrance, with a view to fostering business opportunities in Saudi Arabia.

KHC and Bpifrance (formerly CDC IC) also decided up to set up the Franco-Saudi Investment Fund, which has been operational since 1 January 2017. The purpose of the FSIF, which is advised by Five Capital Advisors, a jointly-owned subsidiary of Bpifrance and KHC based in Dubai, is to invest in projects backed by French companies as part of their development in Saudi Arabia and in GCC (Gulf Cooperation Council) countries.qatar-investment-authority-qia-logo

Future French Champions (FFC), is a French joint venture jointly-owned by the Qatar Investment Authority and Bpifrance (formerly CDC IC). FFC has been operationa since May 2014. With funds of €300 million, it aims to invest in French companies with strong growth potential.


The partnership between Bpifrance (formerly CDC IC) and Mubadala, FEF, was originally a €300 million co-investment platform, the purpose of which is to invest in companies located in France (or in geographical areas of common interest for both partners) in a wide variety of sectors and with high expectations on investment returns. The fund can also invest in the infrastructure and property sectors. In 2019, the FEF was renewed with an additional commitment of €500 million, and potentially up to €700 million. In addition, Bpifrance has signed a €300 million co-investment MOU to invest in French tech, either directly or through funds of funds.russian-direct-investment-fundThe €300 million co-investment partnership between the RDIF and Bpifrance (formerly CDC IC) has been active since January 2016 and mainly focuses on investing in companies located in France and/or Russia.

José Gonzalo

A few figures


amont under management Bpifrance share


businesses in portfolio


Our partners

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