French innovation and local investment funds’ infows up 11%

The French asset management association AFG and the French investors’ association for growth Afic have reported inflows of €861m for French innovation (FCPI) and local investment funds (FIP) in 2015.

Net inflows have risen by 11% year-on-year (€773m in 2014). FCPIs have accounted for €490m and FIPs for €371m of the net new money recorded in 2015.

If inflows have been growing continually over the past three years, the report highlights they are still far from levels recorded in 2008 (€1.18bn).

FCPIs and FIPs are opened to subscriptions for a period of 14 months since 2014, against eight months before. In 2015, some €685m inflows have been in FCPIs and FPIs launched in 2015 and €176m in funds launched in 2014.

A total of 99,000 retail clients have subscribed to French innovation and local investment funds last year, up 2% in comparison with 2014 but down 32% compared to 2008. However, AFG’s report underlines the average investment in these funds has hit a record of €8,740 (€600 more than in 2008).

The average size of these funds has also topped an all-time high (€10.6m for FIPs and €10.9 for FCPIs).

Lastly, the report finds out 90% of investments made by French innovation funds have been concentrated in the following sectors : digital, biotechs, telecoms and energy transition.

As for the local investment funds, inflows have mainly been in funds investing in non-listed companies based in Ile-de-France, Bourgogne-Franche Comté, Rhône-Alpes-Auvergne and Provence-Alpes-Côte d’Azur.

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