24 Nov 2025

A&O Shearman Advises Bpifrance on Launch of Bpifrance Défense Fund

"A&O Shearman advised Bpifrance on the creation and structuring of the Bpifrance Défense fund, a thematic vehicle targeting EUR450 million to enable retail investors to back primarily unlisted companies in the defence and technological sovereignty sectors. The fund will seek to invest, directly and indirectly, in over 500 companies within the Defence Industrial and Technological Base. Launch partners include Groupe BPCE, Axa France and Meilleurtaux Placement."

A&O Shearman advised Bpifrance on the creation and structuring of the Bpifrance Défense investment fund. The Bpifrance Défense fund is a thematic vehicle aimed at allowing retail investors to invest in primarily unlisted companies operating in the defence and technological sovereignty sectors. With a target size of EUR450 million, the fund is the fifth in the Bpifrance Entreprises range for individual investors and the first thematic fund in that series. It is intended to invest, both directly and indirectly, in over 500 unlisted companies within the Defence Industrial and Technological Base (DITB), including start-ups, small and medium-sized enterprises and mid-sized businesses. To support the fund's launch, Bpifrance has partnered with leading financial institutions including Groupe BPCE, Axa France and Meilleurtaux Placement. Antoine Sarailler, Partner at A&O Shearman, said the fund marks a significant milestone in the development of investment solutions targeting strategic sectors. A&O Shearman represented Bpifrance with a team composed by: Antoine Sarailler, Partner, Paris; Benjamin Lacourt, Partner, Paris; Romane Chéry, Associate, Paris; Brice Henry, Partner, Paris; Pascal Molinelli, Counsel, Paris; Guillaume Valois, Partner, Paris; Carole El-Beze, Associate, Paris.
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