The Fonds stratégique de participation (FSP) fund, created in 2013 to invest in French companies and owned by 7 French insurrance companies1, has created a dedicated management company, Isalt, 40% owned by Caisse des Dépôts. The objective: doubling the size of its portfolio by 2024.
After having built up a portfolio of 7 holdings valued €2.4bn, the FSP wishes :
- To increase, in the general interest, its capacity to provide long-term support to French mid-cap companies in order to enable them to grow further;
- Strengthen, for the insurers concerned, their shareholding in companies in a context of low interest rates2 ;
- Emphasise the consideration of ESG3 criteria.
Isalt, the French acronym for "Strategic Investments in Long-Term Equity", will ensure the financial management of the FSP from the beginning of 20204. In addition to its part as a leading institutional shareholder, Caisse des Dépôts will provide technical services (middle and back-office, information systems, order reception and transmission).
As the fourth biggest institutional investor in France, we are convinced of the value of joining forces to support the development of French companies. Our long-term commitment to the French economy is the hallmark of our institution. It is therefore quite natural for Caisse des Dépôts to support the ambitions of the FSP.
Éric Lombard
Chief Executive Officer of Caisse des Dépôts
(1) Of which CNP Assurances
(2) Government bonds, which provide little financial income in relation to the commitments made.
(3) Environmental, social and governance: Edmond de Rothschild Asset Management, which has successfully participated in the development of the FSP from the outset, will continue its collaboration with the fund by advising on ESG analysis.
(4) Subject to obtaining the approvals issued by Autorité des marchés financiers