Caisse des Dépôts launches social economy investment fund
French public savings institution Caisse des Dépôts has launched the NovESS investment fund in partnership with public and private firms (BNP Paribas, BNP Paribas Cardif, CNP Assurances, Crédit Coopératif, Ircantec and Mutuelle Nationale Territoriale).
The fund will invest €100m in the financing of companies, foundations, mutual insurances and associations that are involved in social economy, with 90% of the assets invested being own funds.
Caisse des Dépôts and BNP Paribas will cover respectively 49% and 20% of the initial €50m investments.
The fund will primarily target associations and companies whose projects need investments comprised between €1m and €5m. The fund will also invest €100,000 to €500,000 in innovative projects with strong added value as well as in projects whose development is speeding up.
French boutique Mandarine Gestion has been mandated to manage the fund alongside Le Comptoir de l’Innovation which will bring its expertise in social economy.