French tech f-o-fs launched

The French Government, Caisse des Dépôts and the European Investment Fund (EIF) have launched a French technology fund-of-funds with €150m for investment. The Fonds de Fonds Technologique (FFT) will invest in venture capital funds with a focus on technology investments.

The vehicle will be managed by Caisse des Dépôts venture capital arm, CDC Entreprises.

This is the third venture capital fund-of-funds launched by the French Government and follows the two launched in 1998 and in 2000 which have so far invested in 31 funds which have in turn invested in 481 technology companies.

The purpose of this joint initiative is to provide additional capital to finance the start-up and development of SMEs in France and also to support the venture capital market by both boosting the capital of existing funds and facilitating the creation of new funds.