Case No. 7. Co-investment between public and private equity investors: the case of an innovative company financed by a mixed syndication

Cas n° 7. Le co-investissement entre capital-investisseurs publics et privés: le cas d'une entreprise innovante financée par syndication mixte

Jonathan Labbé ()
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Jonathan Labbé: IAE Nancy - IAE Nancy School of Management - UL - Université de Lorraine, UL - Université de Lorraine, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: This chapter examines the role of private equity in financing innovation in France, with a particular focus on the interactions between public and private investors. It explores the mechanisms and effects of mixed syndication, in which these two types of actors co-invest in innovative companies. The main case study concerns a young company specializing in Hard Tech, located in the Grand-Est region, which received funding through a syndication involving Bpifrance, the Institut Lorrain de Participation, the Grand-Est Region, and business angels. The chapter discusses governance issues, as well as the challenges and benefits of mixed syndication, particularly regarding its impact on transparency, accountability, and the alignment of interests between public and private actors. It concludes by highlighting the importance of this form of financing in promoting innovation in France, while pointing out the specific challenges arising from diverging objectives among different types of investors. The discussion also emphasizes the different levels of risk and expected returns. For private equity investors (PEIs), innovation, in addition to financial performance, can serve as an indicator of a company's overall performance and is often considered a primary criterion when selecting a project to finance. The chapter then explores the roles and characteristics of the various actors involved in financing innovation in France.

Keywords: Financement; syndication mixte; Public-privé; Start-up; Innovation; Capital-investissement (search for similar items in EconPapers)
Date: 2025-08-05
Note: View the original document on HAL open archive server: https://hal.univ-lorraine.fr/hal-05219941v1
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Published in Finance Entrepreneuriale, Ellipses, (pp. 137 - 156, 2025, Collection Études de cas, ISBN 978-2-340-10512-6

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05219941

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