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Q & A — 14 November 2024

What impact has the Pacte law had on the private equity investment in France?

The PACTE (Plan d'Action pour la Croissance et la Transformation des Entreprises) law, passed in 2019 in France, has had a significant impact on the private equity sector by making it easier for individuals and institutions to access this type of investment (broadening the funds eligible for life insurance, promoting ELTIFs and supporting retirement savings). Here are a few key effects:

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1. Expansion of private equity funds eligible for life insurance policies

The PACTE Act opened up life insurance policies, a very popular investment in France, to private equity funds, such as Fonds Professionnels de Capital Investissement (FPCI), Fonds Professionnels Spécialisés (FPS) and Sociétés de Libre Partenariat (SLP). This has given access to private equity vehicles to a wider range of retail investors, enhancing portfolio diversification and return opportunities.

2. Towards the promotion of European Long-Term Investment Funds (ELTIF)

The PACTE law framework has encouraged the use of ELTIFs to enable savers to invest in unlisted companies via long-term closed-end funds. These private equity funds aim to pave the way for private investors to diversify their portfolios into different unlisted private assets, such as infrastructure, by offering them a more accessible framework.

3. Support for retirement savings

By simplifying and making more attractive retirement savings schemes with the PER 'Plan d'Épargne Retraite), the PACTE law has enabled part of these savings to be channeled into investments in unlisted assets such as private equity, private debt or infrastructure. This supports long-term corporate financing while diversifying savings options for individuals.

In summary, by expanding the private equity funds eligible for life insurance, promoting ELTIFs and supporting retirement savings, the PACTE law has encouraged the development of private equity by broadening and facilitating access to this asset class for individual investors and strengthening the financing capabilities of French companies, particularly SMEs and ETIs.

Q & A

How much to invest in private equity

As the private equity market opens up to a much wider audience, the question of the ideal amount to invest is being asked more and more frequently.

Q & A

What is a private debt fund and how to invest?

Find out how a private debt fund works in France, its characteristics, advantages and associated risks, and how it differs from a private equity fund.

Q & A

Is there a good market timing in private asset investments?

Private equity investors often ask the question: is there such a thing as good market timing? In the unlisted sector, there are significant differences in performance between managers. And with interest rates rebounding, selectivity is all the more crucial. In particular, you need to identify whether now is the right time to gain exposure to a particular strategy. When it comes to unlisted investments, the notion of ‘market timing’ does not have the same meaning as it does on the stock market.