Bpifrance Investissement does not invest in certain business categories (the Doctrine)
• firms dedicated to the financing of infrastructure-building projects (however,
Bpifrance Investissement may invest in the firms involved in building or operating infrastructures);
• companies whose primary activity is land and property development;
• banks and insurance companies;
• media organisations and research institutes, so as to avoid potential conflicts of interest and preserve its neutrality;
• semi-public companies, that moreover may be the subject of financing through the Deposits and Consignments Fund (Caisse des Dépôts).
Nor does it invest in no legal activities (in accordance with French law) (i.e cluster munitions and landmines (on the basis of sector + specific research) are excluded)