Trésor-Info - Publications de la direction générale du Trésor - tibi-initiative

L’initiative Tibi atteint 14 milliards d'euros investis et se donne une ambition européenne en 2026

2026-02-19T00:00:00+01:00

Structurante pour l’écosystème français du capital-risque et du capital-croissance, Tibi a permis l’homologation de 160 fonds et a renforcé les secteurs stratégiques comme la « deeptech » (technologie de rupture), les transitions écologiques et la santé. Comme annoncé par les ministres des finances Roland Lescure et Lars Klingbeil, la France et l’Allemagne travaillent au lancement d’une plateforme européenne de financement du capital-risque.

Une dynamique d’investissement plus rapide que prévu

La première phase de l’initiative (2020-2022) avait permis de mobiliser 6,4 Md€, au-delà de l’objectif initial, principalement en faveur du capital-croissance et des fonds d’actions cotées « global tech » (technologie mondiale). Forte de ce succès, la phase 2 visait un objectif d’engagements de 7 Md€, avec une extension du périmètre vers l’« early stage » (stade précoce) et l’innovation de rupture, notamment dans les secteurs de la deeptech et des transitions écologiques.

Au 30 septembre 2025, 7,6 Md€ ont déjà été investis dans le cadre de la phase 2, malgré une conjoncture de marché défavorable marquée par la remontée des taux d’intérêt. Les investisseurs partenaires de l’initiative ont ainsi atteint l’objectif annoncé pour l’ensemble de la période 2023-2026 avec plus d’un an d’avance, confirmant leur engagement durable dans cette classe d’actifs. Compte tenu de cette dynamique, l’objectif global de l’initiative a été rehaussé de 13 à 15 Md€ à l’été 2025, avec une cible désormais estimée entre 9 et 10 Md€ pour la seule phase 2, si le rythme d’investissement se maintient.

Un écosystème de fonds renforcé et diversifié

Au-delà des montants engagés, l’initiative Tibi a contribué à structurer en profondeur l’écosystème français du capital-risque et du capital-croissance. À ce jour, 160 fonds ont été homologués, couvrant l’ensemble des verticales technologiques. Les 127 fonds de non coté ont levé 34 Md€, avec un encours cible proche de 50 Md€, et ont déjà déployé plus de 16 Md€. Les 33 fonds cotés gèrent quant à eux plus de 17 Md€, ils participent systématiquement aux processus d’introduction en bourse des sociétés françaises. Ils ont ainsi été structurants lors des dernières cotations en bourse « tech » avec 25% du livre d’ordres des difficiles « IPO » (introductions en bourse) d’OVH et de Believe et une très grande activité sur Planisware.

L’initiative se distingue également par sa capacité à faire émerger de nouvelles équipes : près d’un tiers des fonds homologués sont des « first-time funds » (premiers fonds d’une stratégie d’investissement), qui ont bénéficié d’un soutien significatif des LPs, y compris dans un contexte de marché dégradé. Cette qualité et cette diversité de l’offre constituent un facteur clé de stimulation de la demande et de montée en gamme de la place financière française.

Sur le plan sectoriel, pour la partie non coté, l’allocation des capitaux reflète les priorités stratégiques définies conjointement avec les pouvoirs publics :

34 % des montants investis en deeptech (dont la biotech) ;
25 % dans les transitions énergétiques et écologiques ;
25 % dans la santé ;
avec une contribution significative aux technologies duales, notamment dans les domaines de l’IA, du cyber, du spatial ou des systèmes autonomes.

Une évaluation positive de l’Inspection générale des finances

La mission d’évaluation conduite par l’Inspection générale des finances (IGF) a confirmé le succès de l’initiative Tibi, tant du point de vue de la mobilisation des investisseurs institutionnels que de l’impact sur le financement des entreprises technologiques.

L’IGF souligne notamment que, depuis 2020, les entreprises technologiques ont bénéficié en moyenne de 5,2 Md€ d’investissements par an, soit trois fois plus que sur la période 2011-2018, et que la part du segment « growth » (capital-croissance) dans les levées de capital-investissement a été multipliée par dix.

La mission met également en avant le caractère particulièrement efficient du dispositif, mis en œuvre pour un coût budgétaire quasi nul, et son rôle déterminant dans le renforcement de la place de Paris comme centre de financement de la technologie en Europe.

Au regard de ces résultats, l’IGF formule deux recommandations :

Le lancement d’une troisième phase afin d’accompagner les investisseurs institutionnels sur l’intégralité du cycle d’investissement, soit une durée d’une dizaine d’années. Selon l’IGF, cette phase permettrait d’ancrer durablement leur présence sur la classe d’actifs, notamment par le recyclage des distributions. Elle recommande de renforcer l’émergence de grands fonds de capital-croissance et de deeptech, identifiés comme un enjeu stratégique, y compris pour le financement des technologies duales et de la base industrielle et technologique de défense comme le quantique ou le New Space (nouveaux acteurs du spatial).
L’européanisation de l’initiative : l’IGF considère que mobiliser les institutionnels européens sur le modèle de l’initiative Tibi permettrait d’augmenter les capitaux disponibles pour le financement des entreprises technologiques.

Consultez l’évaluation de l’initiative Tibi réalisée par l’IGF

Lancement d’une plateforme européenne pour le financement du capital-risque

Les ministres français et allemand des finances, Roland Lescure et Lars Klingbeil, ont inscrit, dans leur feuille de route publiée le 19 janvier 2026 à la suite du rapport Noyer-Kukies, le lancement d’une plateforme européenne fondée sur les modèles Tibi et WIN comme première priorité opérationnelle pour le financement des « scale-ups » (entreprises ayant dépassé le stade de la start-up) européennes.

Cette initiative, portée conjointement par la France et l’Allemagne et ouverte aux autres États membres volontaires, vise à structurer un cadre commun de mobilisation des investisseurs institutionnels européens vers des fonds de capital-risque et de capital-croissance pan-européens. En capitalisant sur les mécanismes éprouvés de coordination public-privé et de dialogue stratégique avec les investisseurs développés dans Tibi et WIN, cette plateforme doit permettre de franchir un cap dans l’intégration des marchés de capitaux européens, d’accroître la capacité de financement des scale-ups et de renforcer l’autonomie stratégique de l’Union européenne dans les secteurs technologiques clés.

> En savoir plus sur le rapport Noyer-Kukies

TIBI initiative: a target raised to €15 billion

2025-09-16T00:00:00+02:00

Tibi initiative: a target raised to €15 billion

Activity Report as of March 31, 2025

Launched in 2020, the Tibi Initiative has the strategic objective of financing the development of French technology companies with the ambition to become European and global leaders. It seeks to channel large volumes of private savings into technological innovation. The first phase (2020–2022) enabled the allocation of €6.4 billion to late-stage venture capital funds and “global tech” listed equity funds. With a commitment target of €7 billion for the 2023–2026 period, Phase 2 aims to amplify this initial success by incorporating early-stage funds and breakthrough innovation projects, with a particular focus on the strategic priorities of deeptech, transitions, and defense.

Today, 37 long-term investors are among the LPs of the initiative, including 5 foreign institutions. They include 23 insurers/mutuals, 6 corporates, 2 pension funds, 2 funds of funds, 2 family offices, the Caisse des Dépôts, and France 2030.

Key Results as of March 2025

€12.5 billion have been invested in total by LPs since the launch of the initiative in 2020.
Beyond the amounts invested, LPs maintain close dialogue with funds, with a median of 11 individual LP investments in venture capital and 3 in listed global tech.
LP demand is significantly ahead of Phase 2 commitments, with nearly €6.2 billion deployed since 2023, compared with the €7 billion commitment for the entire period through 2026. Objectives in venture capital and tech growth equity have already been met.
Supply-side dynamics are also highly satisfactory: 150 funds have been accredited across all verticals of the asset class, leading to nearly 500 gross recruitments. Over a quarter of accredited VCs are first-time funds. The mission is convinced that the quality of supply is a key factor in shaping and stimulating demand.

For Phase 2, we maintain an upwardly revised target of €9–10 billion deployed by LPs by the end of 2026, considering the current pace of investment, the evolution of interest rates, and inflows from life insurance. This would raise the total capital allocated by LPs in the initiative to beyond €15 billion.

VENTURE CAPITAL AND TECH GROWTH EQUITY

France today is home to a very active technology financing ecosystem, by far the strongest within the EU.

A very dynamic marketplace

Nearly €30 billion have already been raised by the 120 accredited funds to date, with a target of €45–50 billion by final close. Around €13 billion have been deployed into startup and scale-up financing.
The ambitions of funds have grown in line with demand: around fifteen funds hope to raise more than €1 billion each, in keeping with our initial aspiration to see ten “billion-euro funds”[1] emerge, capable of leading large scale-up funding rounds of €70–100 million.
The initiative has also spurred the creation of many first-time funds: 36 such funds have raised €7.3 billion, targeting €9.6 billion at final close.

Initiative LPs are making a very significant contribution to fundraising, including for new teams. They represent close to 30% of assets under management, and 35% for first-time funds, with strong participation even in the recent adverse global context.
Investments by accredited funds are strongly European-oriented: 80% within the EU (45% in France), 10% in the UK, 10% in the US. These allocations reflect both our wish to finance the most ambitious French firms, and the geographic diversification required by LPs, while ensuring exposure to the global deal flow of top venture funds.
Co-investment in industrial projects is an important focus of the initiative: LPs directly contributed to Verkor’s latest fundraising in 2024. The mission is convinced that LP co-investment alongside VCs can significantly accelerate the financing of large industrial projects, including those initiated by established companies through the spin-off of breakthrough innovation projects.

Strong Strategic Sectoral Alignment

The initiative finances all technological verticals, without exclusivity. However, public authorities, LPs, and the mission have agreed to give particular attention to sectors rich in intellectual property, sovereignty issues, and environmental and public health impact.

Since 2020:

32% of capital has been invested in deeptech (9.5% in biotech) by initiative funds, whether specialized or large generalists.
50 accredited deeptech funds (18 in health) have raised €9.5 billion with a target of €14.9 billion (€5 billion and €6.6 billion in health), with LP contributions of 33% and 28% respectively.
25% of capital invested in energy and ecological transitions.
18% in health (including biotech).
Pure defense applications remain marginal, but they fall within the broader dual-use technology sector, representing 10–20% of deeptech investments (AI, cybersecurity, space, drones, electronic warfare, etc.). This highlights the critical role of deeptech in line with government objectives to strengthen the French defense industrial and technological base.
25% of capital allocated by initiative LPs has been invested in software, and 7% in fintech.
Accredited VCs are present in more than half of French fundraising rounds above €50 million, and in more than 70 Next40/FT120 companies, including 18 unicorns.

A LISTED SEGMENT ESSENTIAL TO SAFEGUARD TECHNOLOGICAL SOVEREIGNTY

Global tech funds remain limited in size but are critical to ensuring the success of French IPOs.

The very role of stock markets is being questioned in Europe: the dominant investor preference for passive strategies, heightened market volatility, and the near absence of IPOs in Europe.
The 30 accredited global tech funds are critical in this context. Despite relatively small assets under management compared with France’s overall listed equity allocation (€15 billion vs. €400 billion), they systematically and actively participate in the IPO process of French companies. They played a structuring role in the recent IPOs of OVH and Believe and were very active on Planisware.
These funds thus disproportionately enhance the ecosystem’s ability to structure ambitious equity financings in France. With 20–25% exposure to European equities, they show a strong domestic bias in a global technology universe where Europe represents only 5% of market capitalization. Their international exposure strengthens the expertise required to make large-scale investments in upcoming IPOs of Next40 companies.
Fund size is, however, our main concern, given the difficulties of active management in Europe. The largest accredited fund manages around €4 billion, the next €3 billion. The other funds were created within the last five years and are still establishing their track record with many LPs. Two funds are approaching €1 billion, while half a dozen manage more than €400 million. This illustrates both their disproportionate influence in French IPOs and the necessity to continue supporting them vigorously[2].

ACCELERATING TO SCALE AND SUPPORTING DEEPTECH

The initiative significantly amplifies the financing of technology funds and the companies they support. It fosters entrepreneurial dynamism and intellectual capital. It firmly maintains its focus on the strategic priorities agreed with LPs: transitions, health, deeptech, and defense. We also cooperate with institutions such as École Polytechnique and industry associations to organize executive education for LPs in these fields. The initiative aims to contribute to France’s long-term leadership in Europe. The contribution of the Tibi initiative to France's tech ecosystem was highlighted by the IMF in its Article IV consultation with France[3]

[1] Tibi Report – “Financing the 4th Industrial Revolution”, submitted to Ministers Bruno Le Maire and Cédric O, July 2019.

[2] Fund-of-funds “Global Tech Listed” launched by France 2030 / Banque des Territoires with €500 million

[3] France : 2025 Article IV Staff Report

The Tibi Initiative : Phase-2 and Perspectives

2024-05-15T00:00:00+02:00

1 - Phase 2 of the Tibi initiative: Amplifying the notable success of Phase 1

Phase 1 of the Tibi Initiative

Launched in 2019, the "Tibi" initiative positioned France as the leading technology investment ecosystem within the European Union. It aimed to increase the financing capacity of technology companies by mobilizing the savings of institutional investors (LPs). In 2019, 21 French institutional partner investors committed to invest €6 billion between 2020 and 2022 in late-stage private equity funds and in publicly traded tech funds established in France (Global Tech). The French State acted as a "facilitator" of this French finance marketplace initiative, through political support and coordination orchestrated by the French Treasury.

The partner investors of the initiative exceeded their promise to invest €6 billion in "Tibi 1", with a total of €6.4 billion invested in approved funds. The commitment of the LPs from Phase 1 is also measured by the investment pace of the approved funds (9 investments over 3 years on average by the LPs).

The initiative was a catalyst for the tech ecosystem, with nearly €30 billion injected, of which about two-thirds went into “Tibi” labeled late-stage private equity funds and one-third into approved publicly traded funds. This acceleration has contributed, in addition to other initiatives carried by the French State, making France the EU country that raised the most funds since 2022. In 2023, French technology companies raised €8.3 billion, compared to €6.6 billion in Germany.

Phase 2 of the Initiative

"Tibi 2" aims to consolidate this achievement with a commitment of €7 billion from LPs. This new phase covers a broader scope: in addition to late-stage and publicly traded tech segments, an early-stage segment continues to feed the primary pool of technology startups and the financing of breakthrough innovation projects.

Beyond merely financial flows, Phase 2 aims to strengthen France's competitive advantages: density, diversity, and depth of the ecosystem; size of the managed capitals; support for the most ambitious startups; and the dynamic of the human ecosystem. It also aims to better target market segments that are less well covered: financing of deep tech and industrial and ecological transitions; financing of breakthrough innovation in established companies; enhancing of the primary financing capacities of the stock market ecosystem.

The base of partner investors in the initiative has significantly expanded during Phase 2. It increased from 21 investors initially, then to 30 at the launch of Phase 2 in June 2023, and to 35 investors in May 2024. This demonstrates the attractiveness of this national project, which now involves not only institutional investors but also large corporations and Family Offices.

In this context, the mission continued its work of persuading investors who wish to commit to medium-term technology financing. In May 2024, five new partner investors joined the Tibi initiative: Groupe ADP, La Française des Jeux, MACSF, Mérieux Développement, and Pfizer.

The mission notes a significant enhancement of the ecosystem's ambitions. As of the end of April 2024, the mission had received nearly 130 applications for approval for Phase 2, with 54 funds approved by the end of April 2024 (50 in the non-listed segment and 4 in the listed segment). More than 15 venture capital fund candidates intend to manage more than one billion euros each. According to the mission, this ambition appears credible for the vast majority of them.

2 - The Tibi initiative benefits both the fund ecosystem (listed and unlisted) and French startups

(i) A diversified and large unlisted ecosystem

Since the launch of the initiative, 92 venture capital and growth capital funds have received the “Tibi” label in the unlisted segment, managing €22 billion to date and targeting a portfolio of €35 to €40 billion. Partner investors have contributed to more than a quarter of the funds raised. The dry powder of the approved funds is estimated at €13 billion. Given the upcoming fund applications (new or successors to those already approved), it is estimated that the technology funds of the French financial marketplace will manage between €40 and €50 billion by 2026, with the potential to have around fifteen late-stage funds managing more than €1 billion each.

The 92 approved funds reflect the diversity and quality of the French financial marketplace: 53 late-stage funds (including 15 first-time), 37 early-stage funds (including 7 first-time), and 2 secondary funds (including 1 first-time). The mission counts 43 generalist funds, 34 deeptech funds (including 16 health funds), 13 ecological/energy transition funds, including 3 impact funds, and 2 secondary funds. A quarter of the approved funds are "first timers," demonstrating the entrepreneurial dynamism of the marketplace. Numerous recruitments at all levels of seniority followed the development of the funds. Effectively, the unlisted funds have recruited 348 people (including 174 seniors) since their labeling, a 40% increase in workforce for the French finance marketplace, according to the inititaive.

The approved funds invest in highly diversified sectors, with deeptech leading (27% of the total investments made by the approved funds), followed by software (23%), platforms (22%), and fintech (6%). Across the board, the health sector accounts for nearly 20% of investments, and ecological and energy transitions over 10%. The deeptech sector includes primarily companies in the health sector (medtech and biotech) and to a lesser extent, energy (5% of the total investments of the funds), cybersecurity (4%), mobility (2%), and AI (1%). The expansion of the initiative to include early stage and funds focusing on energy, ecological, or digital transitions contributes significantly to increasing investments in deeptech and transitions and correspondingly decreases the proportion of investments in platforms.

(ii) A growing nascent listed ecosystem, capable of significantly participating in the IPOs of French tech companies

Since the launch of the initiative, 29 Global Tech funds have been approved within the listed segment. As of December 2023, they manage €15 billion. LPs have contributed to nearly 20% of the assets under management. The largest fund manages €4 billion, the second €2 billion, and three others have assets exceeding €650 million (compared to none in 2022). A point of attention is the increase in the size of other players which have, for most of them, been created very recently. Critical size of a fund is often considered a necessary condition to be considered for investment by institutional investors. Therefore, the action of Global Tech funds must be accompanied by a greater participation of generalist funds in IPOs.

The investments of listed Global Tech funds cover a very diversified set of sectors (health, cleantech, fintech, cloud, AI, robotics, semiconductors, industry 4.0, particularly), which mainly focuses on large cap (80%) and to a lesser extent, on small and mid-cap (20%). Among these 29 Global Tech funds, 20 are generalists, 5 are dedicated to ecological and energy transitions, 3 funds cover AI, 1 fund covers the silver economy (or seniors' economy), and specifically targets the IPOs of French companies.

The development of the funds has been accompanied by numerous recruitments at all levels of seniority. The listed Global Tech funds have recruited 55 people (including 32 senior level) since their approval.

(iii) A very substantial contribution to the financing of the most ambitious French startups

The Tibi-approved VC funds invest primarily in France, due to domestic bias, while being geographically diversified. They thus see a very large part of the international deal flow and testify of the international influence and reputation of France. The approved late-stage funds have invested nearly 50% of their portfolio in French startups and scale-ups, 30% in the rest of the EU, and 20% in the rest of the world (mainly in the USA and the UK). It comes to no surprise that early-stage funds are proportionaly more allocated in France than are late-stage funds (54% vs 47%, respectively) and less allocared in the rest of the world (14% vs 20%, respectively). The proportion of investment in the EU, excluding France, is similar between these two asset classes, at 33%.

Approved funds are present in almost all major fundraisings in 2023 and more than half of fundraisings over €50 million. They contributed to 90% of the fundraisings exceeding €100 million and 56% of the fundraisings exceeding €50 million. Additionally, since the beginning of the initiative, the approved funds have invested in 14 French unicorns and nearly 50 startups from the Next40/FT120.

On the stock markets, the approved Global Tech "listed" funds have invested 10% of their portfolio in France, 11% in the rest of the EU, and 79% in the rest of the world (mainly in the United-States). This allocation reflects the reality of the technological investment universe, albeit with a European bias. These proportions are expected to improve positively with the emergence of major European listed values, still in growth stage in the VC portfolios. The mission can be perceived as a reminder that supporting Global Tech funds leads to the strengthening of the ecosystem of qualified managers capable of taking structural positions in the future IPOs of French companies.

Consequently, the Global Tech funds from the listed segment have been systematically active during the IPOs of French companies by participating in the price setting exercice. These funds thus constituted 25% of the order books for OVH and Believe. They were also at the forefront of the recent IPO of Planisware (April 2024), which was heavily oversubscribed.

(iv) In 2023, despite adverse economic conditions, LPs’ investments have been overally satisfactory

The investments of the partner investors continued in 2023, despite a challenging interest rate market environment. The dynamics were very heterogeneous in 2023, but overall, the investments exceeded the expectations set that year for the initiative. The partner investors indeed invested €2.5 billion since the launch of Phase 2, of which about two-thirds were in the approved unlisted late stage and early stage funds, and one-third in the approved listed equity funds. In the unlisted segment, €1.3 billion were invested in “Tibi” labeled funds.

3 - Perspectives of the Tibi Initiative

i) Regarding LPs’ commitments:

"Tibi 2" retains the goal of reaching €10 billion for three main reasons: (i) the commitment of new investors, (ii) the anticipated improvement in the financial environment which will enable an increase in the investments from partner investors; (iii) the quality of the offering from funds and financing projects (performance, teams, and investment thesis in particular), which is likely to stimulate investor demand.

ii) Regarding financial instruments:

Financing breakthrough innovation projects constitutes a second pillar of "Tibi 2". This involves financing high-risk industrial projects with a proven technological component, via Special Purpose Vehicles (SPV), Joint Ventures (JV), or spin-offs from listed or unlisted French companies. These projects may offer interesting risk-return profiles, particularly after initial technological de-risking. Several projects have already been brought to the attention of the initiative.

iii) Regarding IPOs:

IPOs are a strategic objective of the initiative, primarily because they represent the preferred exit strategy for venture capital investments. This is largely due to IPOs providing substantial comfort regarding the ongoing independent development of successful French startups. However, it has been noted that across Europe, including the United Kingdom, IPOs are hindered by the limited engagement of institutional investors. This challenge stems from both cyclical and structural issues, with a notably insufficient proportion of capital invested in conviction strategies. Promoting the initiative's Global Tech funds is a preliminary measure to address this issue. The mission will continue to explore and implement strategies both in France and internationally to enhance the efficacy and appeal of IPOs.

iv) Regarding investors:

Internationalization of the initiative will continue to be developed, in a context where several European projects are being established to achieve similar results. The mission will seek reciprocal relationships to increase the number of LPs of the initiative and foreign investment funds operating in France, particularly with the support of Experts en Financement des Entreprises Technologiques (EFET). The EFET comprises about fifteen investment banks and placement agents who support the mission pro bono to raise awareness among international investors and funds about the attractiveness of the French ecosystem.

The robustness, density, and depth of the French technology financing ecosystem are not only objectives but also prerequisites for the mission's success. Since the initiative’s validation, the funds involved have made a total of 403 hires, with 90% of these positions located in France and more than half at a senior level.

v) Regarding training:

The mission will persist in its efforts to scale up the ecosystem by co-organizing a variety of conference and training sessions. Since 2019, it has provided LPs with events that cover a broad spectrum of technological themes, including IPOs, semiconductors, artificial intelligence, energy transition, and quantum technologies. These events are led by experts from accredited funds, startups financed by these funds, and the EFET. Additionally, a diploma-awarding training cycle focused on HealthTech, offered through the École Polytechnique Executive Education, was made available to the initiative’s partner investors and the funds. This program aims to enhance the engagement of investors with this strategic asset class vital to France and was collaboratively designed by France Biotech, the Health Innovation Agency, and the initiative itself. Plans to introduce future training cycles focused on other deep tech verticals are underway.