A further step is taken in the development of the investment programme “Insurers – Caisse des Dépôts Sustainable Stimulus France”, with the selection of the manager Montefiore Investment to invest and manage the Nov Tourisme – unlisted shares Sustainable Stimulus France fund.
This €170 million fund brings together 16 leading French institutional investors, including the main French insurers, Caisse des Dépôts and Fonds de Réserve des Retraites.
The objective of this fund is to strengthen the equity of French SMEs and ETIs in the tourism, catering and leisure sectors, which have been heavily impacted by the pandemic. In addition to providing essential financial support, it has the ambition to contribute to the emergence of a generation of innovative and resilient companies in this sector, with a knock-on effect on the entire sector. With a 10-year maturity, the fund will invest EUR 5 to 10 million per company in equity and quasi-equity, generally as a minority shareholder.
The Nov Tourisme fund – unlisted shares Sustainable Stimulus France, complements the EUR 38 million fund managed by the October crowdfunding platform, which aims to grant loans of EUR 30,000 and over to companies in the Tourism sector.
The management companies selected in this Tourism strand have all accepted the programme’s ambitious ESG agenda and will therefore support companies in their efforts to make progress on sustainable development issues, in particular the use of natural resources and employment. For example, Montefiore Investment has committed to devoting part of its remuneration to professional training grants for tourism-related professions.
“With over EUR 200 million to be invested in the Tourism sector thanks to this institutional alliance, we are clearly going beyond our initial commitments”, says Florence Lustman, President of the Fédération Française de l’Assurance. “This demonstrates our determination to directly contribute to the resilience of the tourism sector and its stakeholders of all sizes”.
More information on the investment programme “Insurers – Caisse des Dépôts Sustainable Stimulus France”.