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A new president for France
13/06/2007. Although, since his election as French president, there have been no direct public statements by Nicolas Sarkozy or his new government on private equity, an analysis of his campaign speeches - and the early measures taken by his government - do give some hints to the incoming French administration's approach to private equity, says SJ Berwin. 
France: Liabilities of nominated directors, observers and members of supervisory boards
12/10/2005. Under French law – as in the UK – there is no specific rule for nominated or non-executive directors, says SJ Berwin. All directors are subject to the same set of duties and liabilities.
Developments in France
17/05/2005. The French private equity and venture capital market has been turbulent in recent years, says SJ Berwin, with some strong activity in some sectors, and some very quiet times for others. Three regulatory changes could help to revive the fortunes of those parts of the market that have been in the doldrums.
Public To Privates in France
08/11/2004. The predicted boom in take privates of French listed companies has yet to materialise. During the last five years, there has been an average of six public to private deals each year in France, compared to 39 in the UK, says SJ Berwin. What’s more, the average market capitalisation of French targets is half that of those in the UK.
Trends in European / US Private Equity
01/11/2004. Weil, Gotshal & Manges in conjunction with mergermarket look at trends in European/US private equity. In this report, they include a special feature on France, frequently cited as one of the more attractive destinations for private equity investment opportunities, in part due to the reorganisation of large French companies, but also considered one of the more challenging, from a legal and cultural perspective. This special report examines whether those views are still prevalent.
A new regulator for French funds
15/10/2003. Private equity firms operating in France have recently begun to operate under a new financial markets regulator, the Autorité des Marchés Financiers. The new body's remit includes procedures relating to buy-outs and IPOs and is backed by unprecedented legal powers, explains SJ Berwin.
Financing French SMEs
09/07/2003. Tightening bank credit and a lack of IPO opportunities are making it increasingly difficult for French small and medium-sized companies to finance their growth, according to Aurel Leven NextStage. This sector provide an ideal deal flow for private equity funds looking to invest in France
French investors' income tax position in a multinational private equity fund
07/05/2003. A favourable income tax position is crucial to an investor's decision to commit to a multi-national private equity fund. Nicolas Not of Baker & McKenzie explores the different ways in which a fund may be structured and the effect various models have on the tax position for French investors.
The role of the FCPI in the financing of innovation
25/03/2003. The FCPI, or ‘Fond commun de placement dans l'innovation', was set up in 1997 by the French government to encourage investment in small private companies (with fewer than 500 employees). In this overview of the FCPI, the French venture capital association AFIC takes a look at the structure's success and its role in encouraging a more entrepreneurial culture. In French.
L'indicateur chausson finance - first half-year 2002
24/03/2003. Investment by French venture capital firms into high-tech companies fell for the fourth semester in a row to E254m, according to the Chausson Finance report for S2 2002. In French.
L'indicateur chausson finance - second half-year 2002
24/03/2003. For the first time in two years, French venture capital investment in high-tech companies increased marginally, to E271m. In the previous period, some E254m was invested. But despite this small rise, investment levels remained below those in the second semester of 1999, according to the latest report from Chausson Finance. In French.
L'indicateur chausson finance - second half-year 2001
24/03/2003. The total invested by French venture capital firms into high-tech companies fell for the third quarter running in the second semester of 2001 to E306m, according to Chausson Finance. In French.
Investment activity in France, H1 2002
17/02/2003. The increased interest in the French private equity market in recent months is confirmed by figures released by the Association française des investisseurs en capital (AFIC).
French merger control rules: the new legal regime
29/01/2003. On 18 May 2002, new rules on merger controls came into force in France. Alain de Foucaud of LeBoeuf, Lamb, Greene & MacRae discusses the new rules and explains when a merger would be subject to the new legislation.
Telecom: advantage, France and Germany
27/01/2003. Pushed mainly by advances in the mobile-telephone sector, the productivity of the French and German telecommunications industries rose strongly in the late 1990s. By the end of the decade, German productivity had even surpassed US levels. Although further gains are likely as data communications services improve, each of the three countries examined in this McKinsey Global Institute study faces a different challenge to push telecom productivity ahead.
Take privates in France
21/01/2003. With interest in the French private equity market increasing, it is important for investors to understand the rules surrounding private equity transactions in France. SJ Berwin takes a look at the ways in which ‘take-privates' are regulated.
Is the liberalisation of the French energy sector gathering momentum?
26/11/2002. Deregulation is making the energy sector more attractive to investors all over the EU. In France, however, there are unique factors that have made liberalisation more difficult to implement. Dominique Brault of Coudert Brothers explains the issues and provides an overview of the situation in France, as well as the possibilities for the future.
How to achieve high IRRs in the current economic climate
19/11/2002. The French private equity market has grown substantially in recent years. But, says Dominique Gaillard of AXA Private Equity, with increasing numbers of ‘Anglo-Saxon' private equity houses eager to get into the French market, the fight for deal making is tougher than ever.
New trends and opportunities in the private equity market in France and in Europe
16/09/2002. The opportunities for institutional investors in private equity in Europe have risen at a phenomenal rate of the last few years. But what should investors be looking at when they make the decision to commit capital to a French private equity fund? AXA Private Equity looks at the possibilities of Fonds Commun de Placement à Risques as well as the increasing opportunities in Europe more generally.
The latest developments in private equity funds in France
10/04/2002. Private equity funds in France are structured as fonds communs de placement à risques. What are the characteristics of these structures? AXA Private Equity offers an explanation, giving an outline of the opportunities available in the European private equity market.
Private Equity Overview - France 2000
13/08/2001. The French private equity sector had more than E15.9bn of portfolio capital under management at the end of 2000. All areas of the market were active, especially the buy-out sector. This EVCA overview has the key figures.
L'indicateur Chausson Finance second half-year 1999
29/05/2001. French private equity investments increased by a staggering 236 per cent between 1998 and 1999, according to this report by Chausson Finance. (In French)
New world order
29/05/2001. Corporate finance activity and private equity deal flow in France are gaining recognition in the international investment arena. Zephus outlines some of the major deals that have contributed to its increased profile.
L'indicateur Chausson Finance first half-year 2000
29/05/2001. Investments in French private equity increased by 143 per cent in the first half of 2000, compared with the previous half-year. This report by Chausson Finance provides the details. (In French).
Private equity overview - France
29/05/2001. The French private equity market is developing fast, with independent and semi-captive private equity firms becoming the the dominant type of investor. Here, the EVCA provides a comprehensive overview of the market, including tables and charts on funds raised and types of investment.
L'indicateur Chausson Finance second half-year 2000
29/05/2001. The end of 2000 saw the first decrease in private equity investments since 1998. Still, year-on-year growth has remained strong, says this report from Chausson Finance. (In French).
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