A&O Shearman Advises Bpifrance on Creation of Bpifrance Défense Fund for the Defence Sector

A&O Shearman advised Bpifrance on the creation and structuring of the Bpifrance Défense fund. The transaction involved the launch of Bpifrance Défense, a retail investment fund designed to allow individual investors to place capital in companies primarily unlisted in the defence sector and in technological sovereignty. With a target size of €450 million, the fund is the fifth offering in the Bpifrance Entreprises range aimed at retail investors and represents the group’s first thematic retail fund. The fund is intended to invest, both directly and indirectly, in more than 500 non-listed companies within the Base Industrielle et Technologique de Défense (BITD), including start-ups, small and medium-sized enterprises and mid-caps (ETI). At launch, leading financial institutions associated with the vehicle included Groupe BPCE, Axa France and Meilleurtaux Placement. Antoine Sarailler, partner at A&O Shearman in France, commented that the fund constitutes a major advance in developing dedicated investment solutions for strategic sectors and welcomed the firm’s role in structuring the vehicle by drawing on its private capital expertise and deep knowledge of the defence sector. A&O Shearman represented Bpifrance with a team composed by: Antoine Sarailler (partner), Benjamin Lacourt (partner) and Romane Chéry (associate) on fund and asset management matters; Brice Henry (partner), Pascal Molinelli (counsel) and Paul Weber (associate) on financial regulation matters; and Guillaume Valois (partner) and Carole El-Beze (associate) on tax matters.

A&O Shearman Advises Bpifrance on Creation of Bpifrance Défense Fund for the Defence Sector

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