By Sam Bridge
Abu Dhabi fund signs agreement with Bpifrance, the French national investment bank, to commit to the LAC 1 Fund
Abu Dhabi-based Mubadala Investment Company on Monday announced the signing of an agreement with Bpifrance, the French national investment bank, to commit to the LAC 1 Fund, its multi-billion euro fund.
The fund aims to raise €10 billion ($10.8 billion) which will be invested in about 15 listed French companies over the next decade.
The memorandum of understanding was signed during a visit to the UAE by Bruno Le Maire, French Minister of the Economy and Finance.
Waleed Al Mokarrab Al Muhairi, Mubadala’s deputy group CEO, said: “Mubadala has a strong track record of performance in France and we continue to see significant investment opportunities in the market.
"Through our partnership with Bpifrance, and the commitment to the LAC 1 fund, we will have access to exceptional businesses in France that deliver compelling returns."
Nicolas Dufourcq, CEO of Bpifrance, added: “In strengthening our partnership with Mubadala, an experienced global institutional investor, we can help businesses across France to overcome their financing challenges and achieve their long-term goals.
"Over the coming years, we anticipate that an even wider range of dynamic French companies will require capital to catalyze their development. Our fund will be well-positioned to deploy capital to businesses in promising sectors that can deliver exceptional returns while contributing to the French economy.”
In 2017, Mubadala joined Bpifrance to create a €1 billion investment platform aimed at private investments in the French economy. The investment platform was designed to foster the growth of French companies across technology, healthcare, education and others while pursuing superior risk-adjusted returns.