Bpifrance, a French national investment bank, has announced the first-stage closing of its LAC 1 fund which has featured significant input from Mena-based investors.
The fund raised $4.87 billion with UAE-based sovereign wealth fund Mubadala signing a memorandum of understanding at the end of May to invest $1.16 billion.
The fund is aiming to raise $11.60 billion which it will invest in 15 to 20 listed multinational companies in France over the next decade.
The fund’s manager stated that it is seeking to forge more partnerships in the Gulf Cooperation Council to reach its investment target.
“The successful closing of LAC 1 fund underpins the attractiveness of France for investors and sovereign wealth funds from the Middle East,” stated Bpifrance.
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