Bpifrance launchs multi-billion euro fund to support French firms

(Reuters, Paris, 30 January 2020) French public investment bank Bpifrance has raised several billion euros from private and sovereign investors for a new fund that can be used to fend off activist investors targeting French companies. The new fund would give extra financial firepower to Bpifrance, which already manages a 15 billion euro portfolio of state shareholdings. In addition to managing French state shareholdings, Bpifrance's main business lines also include offering guarantees for banks' business loans and export credit insurance. In addition, Bpifrance has signed up to the Poseidon Principles to become the 17th signatory with a collective aim to limit carbon emissions from ships.