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Bpifrance Investissement

PRI reporting framework 2017

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Basic Information

OO 01. Signatory category and services

01.1. Select the services you offer.

% of assets under management (AUM) in ranges

% of assets under management (AUM) in ranges

01.2. Additional information. [Optional]


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

France

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

358 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2016

04.2. Indicate your total AUM at the end of your reporting year, excluding subsidiaries you have chosen not to report on.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. How you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 35 0 0
Fixed income 0 0 0 0
Private equity 10-50% 34 10-50% 31
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish our asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]

1. The important part of listed equity is mostly due to a small number of holdings (5) which represent a very big part of the amount of our direct invesments, and therefore, a very important part of our assets under management (around 500). The total number of listed companies in our direct portfolio is 45, to be compared to the total number of directly invested companies : about 500.

2. Actually,most of the time, the way we act as an investor in listed companies is quite similar to the way we act as an investor in a non listed company. For instance, we do have a seat at the board. The part of our invested asset managed in an other way is very small. So we've followed the recommandation of PE Preface (Investments in publicly listed companies … may be reported in this module when PE investors have a strategy aimed at securing significant control of listed equity holdings. Significant control is typically achieved through a proportion of ownership that confers on an investor influence over the nomination or appointment of board members or other roles of influence beyond the voting of proxies and shareholder engagement)..

So we've answered

- in the SAM part of the reporting framework for our private equity externally managed assets (31% of AUM)

- in the PE part for the larger part of our internally managed assets (non listed equities+ part of listed equities managed as a PE investor) 

- in the LEI and LEA parts for a small part of our intenally managed assets (listed equity holdings managed in an other way) 


OO 07. Fixed income AUM breakdown (Not Applicable)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

 

 

Developed Markets

 

 

Emerging, Frontier and Other Markets

Total
100%

09.2. Additional information. [Optional]

All our direct invesments in companies concern European companies (mostly French). Almost all our funds of funds invesments are in funds investing in European/French companies too. Just one among the fund of funds we manage, and one fund we've invested in, invest out of Europe (in Maghreb and Machrek for the fund of funds, and in China for the fund). It represents a very small part of our total assets under management (0,5%).


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