Key Takeaways
- • The Tibi Initiative, launched in 2020 to finance French technology companies, has raised its Phase 2 target to €9–10 billion deployed by LPs by end-2026, which would push total LP capital allocated beyond €15 billion, according to its Activity Report as of March 31, 2025.
- • LPs have already deployed nearly €6.2 billion since 2023 against the original €7 billion Phase 2 commitment for 2023–2026, with venture capital and tech growth equity objectives already met.
- • Initiative LPs, numbering 37 including 5 foreign institutions, have invested €12.5 billion in total since 2020 and represent close to 30% of assets under management of accredited funds (35% for first-time funds).
- • The 30 accredited global tech funds, with about €15 billion in assets versus €400 billion in France's overall listed equity allocation, play a structuring role in French IPOs, including OVH, Believe and Planisware.
- • Investments by accredited venture funds are 80% within the EU (45% in France), 10% in the UK and 10% in the US, with 32% of capital in deeptech and 25% in energy and ecological transitions.
Summary
The Tibi Initiative, launched in 2020, aims to channel large volumes of private savings into French technology companies with the ambition of building European and global leaders. Phase 1 (2020–2022) allocated €6.4 billion to late-stage venture capital funds and global tech listed equity funds. Phase 2, with a commitment target of €7 billion for 2023–2026, extends the strategy to early-stage funds and breakthrough innovation, with a focus on deeptech, transitions and defense. As of March 31, 2025, the initiative reports €12.5 billion invested in total by its LPs, and LP demand is significantly ahead of Phase 2 commitments, with nearly €6.2 billion deployed since 2023.
The initiative's 37 long-term investors include 23 insurers and mutuals, 6 corporates, 2 pension funds, 2 funds of funds, 2 family offices, the Caisse des Dépôts and France 2030. The mission has revised its Phase 2 target upward to €9–10 billion deployed by end-2026, citing the current investment pace, the evolution of interest rates and life insurance inflows. Per the report, 150 funds have been accredited across asset classes, generating nearly 500 gross recruitments, with over a quarter of accredited VCs being first-time funds.
In venture capital and tech growth equity, the 120 accredited funds have raised nearly €30 billion toward a €45–50 billion final-close target, with about €13 billion deployed into startups and scale-ups. Around fifteen funds aim to raise more than €1 billion each. Thirty-six first-time funds have raised €7.3 billion. Sector allocation since 2020 shows 32% of capital in deeptech (9.5% in biotech), 25% in energy and ecological transitions, 18% in health, 25% in software and 7% in fintech. Pure defense applications remain marginal but fall within dual-use technologies, which the report says represent 10–20% of deeptech investments.
The listed segment is presented as critical to technological sovereignty. The report notes the near absence of European IPOs and dominant passive investing preferences. The 30 accredited global tech funds, with about €15 billion in assets, actively participated in recent French IPOs including OVH, Believe and Planisware. Fund size remains the main concern: the largest accredited fund manages around €4 billion and the next about €3 billion, with several funds still building track records. The report cites an IMF Article IV consultation with France as recognition of the initiative's contribution to the French tech ecosystem.
The initiative's 37 long-term investors include 23 insurers and mutuals, 6 corporates, 2 pension funds, 2 funds of funds, 2 family offices, the Caisse des Dépôts and France 2030. The mission has revised its Phase 2 target upward to €9–10 billion deployed by end-2026, citing the current investment pace, the evolution of interest rates and life insurance inflows. Per the report, 150 funds have been accredited across asset classes, generating nearly 500 gross recruitments, with over a quarter of accredited VCs being first-time funds.
In venture capital and tech growth equity, the 120 accredited funds have raised nearly €30 billion toward a €45–50 billion final-close target, with about €13 billion deployed into startups and scale-ups. Around fifteen funds aim to raise more than €1 billion each. Thirty-six first-time funds have raised €7.3 billion. Sector allocation since 2020 shows 32% of capital in deeptech (9.5% in biotech), 25% in energy and ecological transitions, 18% in health, 25% in software and 7% in fintech. Pure defense applications remain marginal but fall within dual-use technologies, which the report says represent 10–20% of deeptech investments.
The listed segment is presented as critical to technological sovereignty. The report notes the near absence of European IPOs and dominant passive investing preferences. The 30 accredited global tech funds, with about €15 billion in assets, actively participated in recent French IPOs including OVH, Believe and Planisware. Fund size remains the main concern: the largest accredited fund manages around €4 billion and the next about €3 billion, with several funds still building track records. The report cites an IMF Article IV consultation with France as recognition of the initiative's contribution to the French tech ecosystem.
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