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                  • Sustainability / ESG / Impact

                  Private debt and impact investing: lenders' investor contribution

                  30 January 2026

                  Private debt and impact investing: a collective approach to market structuring

                  Against a backdrop of profound change in investor and corporate expectations, private impact debt is emerging as a rapidly evolving financing tool. In light of this growth, France Invest intends to play its role as a market leader to the fullest by supporting industry players in developing robust, credible, and shared practices.

                  This is the context for the best practice guide entitled “Private debt and impact investing: lenders’ investor contribution” developed by France Invest’s Impact Commission. The result of a collective effort between September 2024 and November 2025, this guide brings together contributions from several management companies involved in sustainable and impact private debt, with the aim of fostering joint and operational reflection for the benefit of the entire market.

                  Breakfast meeting to discuss the guide, at France Invest, Friday, January 30, 2026

                  Structuring an emerging asset class

                  While impact-driven private debt meets a growing demand for investments that combine financial returns with measurable social and environmental impact, its development is accompanied by structural challenges: heterogeneity of practices, lack of harmonized standards, complexity of impact measurement, and increased transparency requirements. In this context, lenders play a key role, both in selecting projects and in supporting companies throughout the life of the investment.

                  By proposing a common framework, France Invest and the members of its working groups aim to contribute to the gradual structuring of this asset class, promoting convergence of practices and strengthening the credibility of impact initiatives.

                  A guide to sharing, harmonizing, and elevating practices

                  Designed as a tool for industry in the broadest sense, this guide covers the entire private impact debt investment cycle: defining impact strategies and objectives, integrating impact into investment processes, selecting and financing impact companies, structuring incentive debt instruments, engaging lenders over the long term, and aligning financial and non-financial performance.

                  Drawing on concrete feedback and operational recommendations, it aims to share lessons learned in the field, encourage dialogue between stakeholders, and contribute to the collective raising of market standards. Through this work, France Invest is continuing its commitment to a responsible, structured private equity and debt industry that supports the economic transition.

                  English version

                  French version

                  Contributors

                  • Allianz Global Investors : Alexandra Tixier, Gaelle Allet, Gauthier de Saint Louvent
                  • Amundi : Ugo Muscatelli, Tennessee Petitjean
                  • Ardian : Louise Doucet
                  • GENEO Capital Entrepreneur : Yohan Lellouche 
                  • LGT Capital Partners : Alix Jariel, Etienne Haubold 
                  • Tikehau Capital : Vincent Lemaitre 
                  • Symbiotics : Gael Marteau, Constantin Augier

                  Acknowledgments

                  Thank you to those who participated in the morning presentation of the guide – to the co-chairs of the France Invest commissions for their support and to the experts of our panel for their insights:

                  • Mathieu Cornieti, Co-Chair of the Impact Commission
                  • Edouard Veber, Co-Chair of the Private Debt Commission
                  • Adrien Desbois (European Investment Fund)
                  • Damien Brisemontier (France Invest)

                  Secret Link

                  Sophie Paturle elected Chair of France Invest

                  19 June 2025

                  Following today’s General Assembly, the Board of Directors of France Invest – the French private equity association – unanimously elected Sophie Paturle (Demeter IM) as Chair of the organisation for a two-year term. She succeeds Bertrand Rambaud (Groupe Siparex), who held the role since June 2023.

                  As Managing Partner at Demeter, a pioneering and leading private equity player dedicated to the ecological transition, Sophie Paturle brings extensive experience in private equity, acquired successively at BTP Capital, Crédit du Nord, Société Générale and then at Demeter, a company she co-founded in 2005.

                  An active member of France Invest for nearly 25 years, she founded and chaired the “France Invest with Elles” Commission and the Commission on Industry and Ecological Transition. She has also previously served on the Board of Directors.

                  Deeply committed to innovation, the ecological transition and industrial sovereignty, Sophie Paturle also serves on the boards of the CNRS (French National Centre for Scientific Research), IFP Energies Nouvelles, and several Demeter portfolio companies. She is also an Ambassador for France 2030.

                  Sophie Paturle, a Knight of the Legion of Honour, is a graduate of Sciences Po Paris.

                   
                  A presidency of continuity and action

                  In his outgoing speech, Bertrand Rambaud congratulated his successor and stated:

                  “Over these two years (…), our industry has done more than just withstand a complex environment, as illustrated by the €50 billion injected last year into the French economy by private equity. (…) I am confident that Sophie Paturle – whom I know to be committed, determined and driven – will rise to these crucial challenges.”

                  In her inaugural address, Sophie Paturle remarked:

                  “In the face of major challenges affecting our competitiveness, sovereignty, and climate transition, private equity has a key role to play. It is a catalyst for economic, social, and environmental transformation. France Invest will carry this ambition: The future is capital. Investment builds it.”

                  New Board and Executive Committee  

                  Seven new Board members were elected at the General Assembly:

                  Deux mandats d’administrateurs, déjà en fonction, ont été renouvelés : Christine Demode, Mérieux Equity Partners et Cécile Mayer-Levi, Tikehau. 

                  Sept administrateurs poursuivent quant à eux leur mandat : Marie Arnaud Battandier, Ardian ; Nicolas Celier, Ring Capital ; Gwenola Chambon, Vauban Infrastructure Partners ; Guillaume Cousseran, Seven2 ; Anne-Cécile Guitton, NCI ; Gwenaelle Le Ho Daguzan, Ambienta ; Martin Vial, Montefiore Investment. 

                  Two current Board members had their mandates renewed: Christine Demode (Mérieux Equity Partners) and Cécile Mayer-Levi (Tikehau).

                  Seven other Board members continue their terms: Marie Arnaud Battandier (Ardian), Nicolas Celier (Ring Capital), Gwenola Chambon (Vauban Infrastructure Partners), Guillaume Cousseran (Seven2), Anne-Cécile Guitton (NCI), Gwenaelle Le Ho Daguzan (Ambienta), and Martin Vial (Montefiore Investment).

                  A new Executive Committee has been appointed on the proposal of Sophie Paturle. Its members are:

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                  2023 Activity and Commitment Report

                  This activity report highlights the actions carried out by the association throughout 2023.

                  read the report (in french)

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                  Manifesto : 16 concrete proposals to unleash the potential of private equity in Europe

                  23 February 2024

                  In the context of the upcoming European elections, France Invest intends to contribute to the debate and published a manifesto of 16 concrete proposals to unleash the potential of private equity in Europe.

                  The French private equity market, including private equity, private debt and infrastructure financing, represents a tremendous opportunity to strengthen our sovereignty, stimulate innovation, create value, foster job creation and contribute to general prosperity. 

                  In an ever-changing world, with its many challenges, private equity is an essential cog in meeting tomorrow’s needs. By investing in promising initiatives and supporting bold entrepreneurs, we are shaping a future in which Europe is resolutely competitive, sustainable and inclusive.

                  In this manifesto, we set out our ambition: to give greater support to businesses, to help them transform at every stage of their development, to encourage long-term investment, and to promote a Europe that is stronger in the world, greener and more innovative, more equitable and inclusive.

                  1984 – 2024 : 40 years of impact and innovation!

                  This year, France Invest celebrates its 40th anniversary! An opportunity to measure and celebrate the influence of its members on the development of the French entrepreneurial ecosystem.

                  Since its creation in July 1984, France Invest and its members have been active and privileged witnesses to, as well as players in, the evolution of the French entrepreneurial ecosystem.

                  As we celebrate this anniversary, let’s take stock of the growing importance of the private equity, private debt and infrastructure industries! Today, nearly 10,000 start-ups, SMEs, ETIs and infrastructure projects benefit from the funds raised, the investments made and the expertise made available to them. Who can claim to have created hundreds of thousands of jobs over the past 40 years, and to have injected over €275 billion of equity capital into the real economy (over €30 billion invested in 2023 alone)?
                  It’s not a matter of boasting, but of humbly taking the time to realize what this represents!

                  It’s not a matter of boasting, but of humbly taking the time to realize what it all means!

                  France Invest, an association of more than 440 investment management companies and nearly 200 partner members of the ecosystem, ensures that it is always in step with the expectations of investors, companies and society in general. The economy is changing, at an unprecedented pace and in unprecedented proportions, and more than ever it needs private capital to keep pace. With private equity, the growth and transfer of businesses, the energy transition, digitalization and competitiveness are issues that are tackled head-on, as close to the ground as possible and to the reality of companies. These are key issues for the sovereignty and strength of the French economy!

                  Pour ce quarantième anniversaire : 

                  For its fortieth anniversary :

                  France Invest will continue, especially this year, to bring together, mobilize and animate its members, who are so committed to consolidating the economy of our territories, building the infrastructures of tomorrow, making unlisted companies more robust and supporting their transformations.

                  France Invest will continue, especially this year, to organize regional and national meetings between investors and companies, so that everyone can exchange ideas, get to know each other, measure and concretize fertile collaborations.

                  France Invest will continue, especially this year, to illustrate the work of its members in the media, trade fairs and other forums, reporting on the success stories of the companies it supports, whether in terms of launch, development, innovation or transfer.

                  France Invest will continue, especially this year, to convince our public decision-makers (French and European) of the growing and essential role played by private equity players in meeting the challenges facing start-ups, SMEs and ETIs.

                  … in short, to prove the contribution of the private equity industry to sustainably strengthening the economy and the wealth of the French people.

                  An ambitious program, but when you’re 40, you’ve got experience, energy, maturity… and so many strings to your bow!

                  French private equity outperformance (Alpha)

                  05 July 2023

                  The French private equity outperformance study is carried out by France Invest and Gottschalg Analytics.

                  6th edition

                  2022

                  Download the study

                  Methodology

                  France Invest – Gottschalg Analytics partnership

                  The goals of the partnership

                  • Shed a new light on the industry’s performances, considering its specifities.
                  • Give France Invest’s new benchmark references, including towards main stock markets.
                  • Promote this asset class to an insider public and offer a better visibility on the performance achieved by the French private equity players to French and foreign LPs.

                  Organization of the partnership

                  • France Invest gives Gottschalg Analytics Performance Analytics an anonymous database on the net performance of its members.
                  • Gottschalg Analytics Performance Analytics calculates the alpha of the asset class compared to a reference market (CAC 40).
                  • France Invest promotes the study in collaboration with Gottschalg Analytics Performance Analytics.

                  Private equity: robust performance over the long term, outperforming other asset classes

                  05 July 2023

                  France Invest (Association of Investors for Growth) and EY are today presenting the 29th edition of their annual study on the net performance at the end of 2022 of French private equity players (private equity and infrastructure funds).

                  Key lessons:
                  1) Robust performance to the end of 2022 (14.2% net per annum over 10 years)
                  2) A slight decline over the year (performance over 3 years at 15.2% net per annum compared with 19.5% at the end of 2021, a year of strong recovery)
                  3) Outperforms all other asset classes over the long term, demonstrating the ability of supported companies to create value across cycles
                  Download the study
                  download the press release

                  Bertrand Rambaud, Chairman of France Invest, comments: “After a strong recovery in 2021 following the end of the health crisis, 2022 marks a return to the average. The slight fall in yields seen this year can be explained by a downturn in the tech sector, a more uncertain economic environment and inflationary pressures. Over the longer term, the industry continues to deliver robust returns for its subscribers, outperforming all other asset classes over the long term. Through these cycles, the companies we support adapt and maintain the process of value creation in their businesses. This is how French private equity helps to strengthen our economy in the long term.”

                  A/ Consistently robust performance over the long term

                  At the end of 2022, despite a more uncertain environment in recent months, long-term performance is consolidating at a high and stable level at 14.2% per year over 10 years[1].

                  The year 2022 was marked by macroeconomic developments (inflation, rising interest rates, rising energy costs, falling financial markets, etc.) which brought the economic situation back to normal after the strong recovery seen in 2021. The downturn in the tech sector and the overall adjustment in valuations across all segments should also be taken into account. As expected in this context, private equity returns at the end of 2022 are falling slightly.

                  B/ Outperforms all other asset classes over the long term, demonstrating the ability of supported companies to create value across cycles

                  Private equity outperforms all other asset classes over the long term.

                  Whatever the segment selected (venture & growth, development capital, buyout capital, mixed vehicles, infrastructure funds), long-term performance is high.

                  This outperformance bears witness to the value-creation capacity of the companies we support, and to the ability of private equity funds to support their investments over the medium and long term, so that they perform better through economic cycles.

                  “The 2022 performance of private equity measured over 10 years (14.2%), albeit slightly down on last year, maintains a significant yield differential of around 4 points compared with the CAC 40 or CAC All Tradable stock market indices,” points out Stéphane Vignals, partner at EY Strategy and Transactions. “This demonstrates the resilience of private equity across economic cycles and the ability of private equity players to have effectively supported the management teams of the companies in which they invest in the situation of inflationary and geopolitical tensions that we experienced in 2022” adds Stéphane Vignals. 

                  Methodological reference: See footnote[2]

                  [1] Given the average lifespan of vehicles (between 8 and 10 years) and the length of time over which investments are made, the final performance of vehicles is built up over the long term: the most relevant performance indicators are those relating to horizons of at least 5 years, particularly performance over 10 years or since inception.

                  [2] Note: 2022 scope and calculation method 

                  As with previous years’ studies, the 2022 edition is based on data that is broadly representative of the French market: it covers almost 900 vehicles managed by 146 management companies. The number of vehicles covered has risen sharply since 2017. In addition to growth in the market and in the number of players, it is also due to the long-term viability of those players who have demonstrated repeated good performance with their subscribers.

                  All the reports on the net performance of French private equity players

                  The net performance of French private equity players study is carried out by France Invest and EY.

                  • Net performance of French private equity players at end 2019

                  Methodology and definition

                  The France Invest / EY study on the performance of French private equity players has been the benchmark for the French market since 1994.

                  It is based on information reported by France Invest members via a European data collection platform (European Data Cooperative), and reviewed by EY, which ensures the consistency and robustness of the statistics published.

                  Net IRR corresponds to the net IRR calculated since inception (1987), taking into account all the flows of mature funds built up since 1987. It is calculated over a variable period, starting from a fixed inception (1987 in our study).

                  The net IRR over 10 years corresponds to the net IRR calculated over the last 10 years from 31 December 2022, taking into account all the flows of mature funds for which a net asset value (SCR) or estimated value (FCPR) is available at the start of this period, i.e. 31 December 2012. We then consider the assets or estimated value of the fund at 31 December 2012 as the theoretical investment at the start of the period. It is calculated for a fixed term, over a rolling period (at the end of 2022, the 10-year IRR is calculated over 2013-2022).

                  Net IRR is the IRR achieved by a subscriber on his or her investment in a private equity vehicle (venture capital mutual fund (FCPR), venture capital company (SCR), Limited Partnership, etc.). It takes into account negative flows relating to successive calls for funds and positive flows relating to distributions (in cash and sometimes in securities) as well as the net asset value of the units held in the vehicle on the calculation date.

                  This rate is net of management fees and carried interest.

                  It includes the impact of cash, the time effect and the estimated value of the portfolio.

                  Private equity activity in 2022

                  30 March 2023

                  Private equity activity in 2022: resilient investments, a slowdown in fundraising in the second half of the year and renewed interest from individual investors

                  • 2,857 businesses and infrastructure projects were the subject of €36bn in investment in 2022. The French market stands out from the global market with a limited decline in investment in SMEs.
                  • €41.5 billion was collected from investors, for an average investment term of 5 years, with a slowdown observed in the second half of the year.
                  • As in 2021, individuals and family offices, with 19% of direct subscriptions and via life insurance, confirm their interest in private equity (excluding infrastructure).

                  France Invest (Association des Investisseurs pour la Croissance — association of investors for growth) and Grant Thornton today present the 2022 activity of French private equity players (companies and infrastructure projects). This activity report is once again a benchmark: 309 management companies participated (i.e., a coverage rate of 93%).

                  Download the press release
                  donwload the study
                  Download the databook

                  Claire Chabrier, President of France Invest, comments: “The year 2022 was in many ways affected by external factors. Our industry was impacted in the second half of the year, notably by a slowdown in fundraising. Nevertheless, the overall performance for 2022 remains positive: the French private equity industry remains active and continues to finance start-ups, SMEs and mid-caps, so they can be more robust and more successful. It is perfectly equipped to navigate in uncertain times when companies must weather repeated crises while continuing to innovate and accelerate their economic and ecological transitions. At the same time, we note the renewed interest of individual investors and family offices in our industry: they represent 19% of fundraising. We are already playing our role as a bridge between savings and the financing of the economy and will continue to do so.“

                  1. Global data for private equity players in 2022: investments are maintained, more businesses and infrastructure projects are supported, but fundraising is slowing down

                  2,857 businesses and infrastructure projects
                  funded and supported in 2022 (versus 2,495 in 2021)

                  • In 2022, French private equity and infrastructure players invested €36bn (+1% compared to 2021) in 2,857 businesses and infrastructure projects (+15% compared to 2021).
                  • The main sectors funded are industry, digital, health (including biotechnology) and renewable energy.
                  • At the same time, €41.5 billion in savings were raised from institutional and private investors (-1% compared to 2021).
                  • The attractiveness to international investors is confirmed, who represent 55% of the funds raised (compared to an annual average of 49% over the last 10 years).
                  • These apparently stable figures compared to 2021 nevertheless reflect a significant shift between the first and second half of the year (details below). In particular, the slowdown in fundraising in the second half of the year reverses the historical trend of a more active second half of the year than the first.

                  2. Focus on the private equity market (excluding infrastructure): slightly lower investments and a higher number of businesses supported

                  Investments

                  • In 2022, the amounts invested reached €24.7bn (-9% compared to 2021). This slight decrease is explained by the reduction in investments of over €100m.
                  • Primary transactions (companies opening their capital to a France Invest member for the first time) represent 48% of the amounts invested over the year (identical to the annual average over the last 10 years).
                  • 2,681 companies were assisted in 2022 (+4% compared to 2021). This very high level is therefore not affected by the reduction in the number of operations in the second half of the year.
                  • A slight contraction inthe amounts invested in the buyout segment, particularly for deals of over €100m, is partly explained by the sharp drop in bank financing in the second half of the year, which was a limiting factor for the implementation of certain large deals.
                  • It should be noted that transactions in the venture and growthsegments are up by +11% in terms of amounts invested and +13% in terms of number compared to 2021.
                  • The top three sectors invested in are: industry, digital and health, in line with the trend of recent years.

                  Fundraising

                  • Overall, fundraising increased slightly to €25.4bn, driven in particular by a number of fundraising projects in excess of €1bn.
                  • However, fundraising fell between the first and second half-year (-50 %). While historical data shows a more dynamic second half of the year, the second half of 2022 reached its lowest level since H2 2017.
                  • Investors are still very diversified and international fundraising remains at a high level of 40 %.
                  • As in 2021, individuals and family offices, with 19% of direct and life insurance subscriptions, confirm their interest in private equity (excluding infrastructure). These funds were raised directly or via unit-linked life insurance (€4.8bn). Institutional investors are of course still in the majority (82%), but this development confirms the trend observed over the last two years.

                  3. Focus on the infrastructure market: very high levels of investment driven by the environmental transition and mobility/transport

                  Investments

                  • Investments are on the rise at €11.6bn (+30% compared to 2021), driven again in 2022 by financing for renewable energies (€3.9bn and 61% of projects supported in terms of number).

                  Raising capital

                  • The level of fundraising decreased to €16bn (-7% compared to 2021), due to the decrease in large-scale fundraising.
                  • As observed historically, the main investors are pension funds, funds of funds and insurers, which account for 80% of the amounts raised.
                  • 80% of capital is raised internationally (compared to an annual average of 69% over the last 4 years).

                  Thierry Dartus, Partner, Transaction Advisory Services, Grant Thornton emphasises: “2022 was full of contrasts. Activity remained buoyant generally, despite a macroeconomic and geopolitical environment that was not very favourable to private equity. After a dynamic first half of the year, the tightening of financing conditions for LBO transactions had an impact on activity. However, fundraising remained stable over the period at nearly €40bn. Even if the number of companies invested in increased in 2022 (+14% with 2,900 companies), the decrease in amounts is observed in the segment of tickets above €15m and in the sectors of the economy most exposed to the current uncertainties (BtoC, health and digital in particular). It is premature to draw conclusions from this inflection for the first months of 2023. The companies have strong balance sheets and good results. A possible decrease in inflation could facilitate private equity activity in the coming months.”

                  The overall amounts for 2022 for
                  private equity (including infrastructure) and private debt:
                  €53.7bn invested and €52.8bn raised

                  Best practice guide for private debt sustainability-linked financing

                  Produced by the Private Debt Committee (fr), this guide aims to promote good practices among all stakeholders involed in the implementation of sustainability-linked financing, also called sustainability-linked loans or ESG KPIs. It also aims to improve and strengthen the integrity of these transition tools and avoid “green washing” or “impact washing.”

                  Read the guide in English

                  Read the guide in French

                  Membership charter

                  Within the framework of its activities, France Invest has adopted a best practice guide for private debt sustainability-linked financing.

                  This guide contains recommendations that the management company, as a member of France Invest, wishes to support.

                  In this context,

                  • the management company hereby authorises France Invest to use the name and logo of the management company on its website, as well as in any internal or external communication, in support of the principles and recommendations set out in this guide;

                    To this end, a logo in .jpg or .png format is addressed via the form opposite.
                  • The management company undertakes to provide France Invest with information relating to the application of these best practices, for the purpose of compiling market-wide statistics, under the conditions set out in the Association’s articles of association.

                  The company may terminate this agreement at any time by sending a letter sent to France Invest or by email.