France – Europe: EIF announces a €40 million investment in Fonds Stratégique des Transitions (FST) managed by ISALT to accelerate the development of an innovative and low-carbon French industry.

Version en français ici

• Backed by the InvestEU programme, this investment supports the development of a competitive and decarbonized French industrial sector.
• The Fonds Stratégique des Transitions (FST) managed by ISALT aims to invest in 15 to 20 innovative French industrial SMEs and mid-cap companies in key sectors such as alternative energy, decarbonized industry, quality of life, and technological innovation.
• This investment comes as the FST prepares its final closing above €300 million in late March 2025, further strengthening its capacity to accelerate the scale-up of pioneering French companies.
• The FST stands out as one of the top players in terms of fundraising size and achievable target, positioning itself as one of the leading French funds in its “growth” category.

A strong signal for European industrial and technological competitiveness The European Investment Fund (EIF) announces an investment of €40 million in the Fonds Stratégique des Transitions (FST), a private equity fund managed by ISALT and dedicated to fostering a new generation of competitive, innovative and decarbonized French industrial leaders. With a target size above €300 million, the FST focuses on long-term investments in high-potential companies that play a strategic role in France’s industrial transformation and Europe’s technological sovereignty.

Since its launch in 2023, the FST has already invested in four promising companies:

• Tissium – a medtech company developing next generation of reconstructive polymers for surgical uses.
• Intact – specializing in regenerative plant-based ingredients including high quality proteins.
• Unseenlabs – a space technology company providing civilian and military tools and solutions for maritime surveillance.
• Energies de Loire – a company specialized in the construction and operation of photovoltaic plants which contributes to driving the energy transition in local communities.
• A fifth investment will be announced shortly .

With the upcoming final closing in late March 2025, the FST will continue its mission of supporting innovative French industrial SMEs and mid-cap companies, ensuring that environmental, technological, and social transitions remain at the core of their development strategies.

Key Institutional public and Private Backing

The FST Fund was launched in March 2023, with the support of Caisse des Dépôts et Consignations (CDC) and the Fonds Stratégique de Participations (FSP) managed by ISALT, an Alliance of seven major French insurers whose strategy is to champion “New Industry” by providing long-term investments in the capital of French leaders.  

In June 2024, the FST reached a major milestone by securing the support of leading French public and private institutional investors for its second fundraising round amounting 206M€, including Arundo RE, Abeille Assurances, BPI, CAPSSA, CCR, Covéa and EDF Invest. Their commitment strengthens the fund’s ability to provide long-term, stable capital to innovative industrial players, driving the transition towards a competitive and decarbonized French industry.

In line with EIF’s and InvestEU’s objectives and mission, the investment into FST will strengthen the European public market ecosystem.  This operation represents one of the first investments from the InvestEU IPO initiative in a cross-over fund that targets minority stakes in innovative and fast-growing companies that are considering an IPO or that are currently being listed or have been listed in the past on primary or secondary stock exchanges.

With EIF’s additional €40 million investment announced today, the FST is well positioned to achieve its target of over €300 million at final closing.

Ambroise FAYOLLE, vice-president of EIB Groupe stated: " The European Investment Fund’s €40 million investment in the Fonds Stratégique des Transitions managed by ISALT, is a strong signal of our commitment to fostering a new, competitive, and decarbonized French industry. By backing innovative SMEs and mid-sized industrial companies, we are helping to accelerate their scale-up and contribute to Europe’s strategic autonomy in key sectors such as alternative energy, sustainable industry, and technological innovation.”

"This investment marks a key milestone in our mission to support forward-looking funds that drive sustainable and technological transitions. The Fonds Stratégique des Transitions embodies a long-term vision for industrial innovation, helping high-potential French companies scale up while integrating environmental and social priorities into their growth strategies. We are proud to partner with ISALT to strengthen Europe’s industrial competitiveness and innovation ecosystem", said Marjut FALKSTEDT, EIF Chief Executive.

"At ISALT, we believe that financing the next generation of French industrial leaders requires patient, strategic capital and a strong commitment to sustainability. With the support of the EIF, the Fonds Stratégique des Transitions can continue to invest in breakthrough companies that will shape the future of key innovative industries. By taking significant long-term stakes and participating actively in their governance, we ensure that these companies not only scale up but do so with a deep commitment to innovation, decarbonization, and social resilience", said Nicolas DUBOURG, President of ISALT

"As part of our commitment to growing our portfolio companies, in line with our cross-over strategy, we also support those that meet the necessary conditions and wish to explore a potential IPO in the future," added also Patricia SALOMON, General Manager of ISALT. 

Background information:

About ISALT

ISALT is an independent asset management company (AMF approval no. GP-19000045) dedicated to long-term investments in the capital of French companies. Since its inception in 2020, ISALT has aimed to develop a long-term investment platform, providing stable and constructive capital to both listed and private French companies operating in key sectors of the economy. ISALT implements an investment strategy focused on acquiring significant, long-term equity stakes and actively participating in corporate governance. The firm manages the Fonds Stratégique de Participations (FSP) and the Fonds Stratégique des Transitions (FST). For more information, please visit: https://www.isalt-gestion.com/

About the Fonds Stratégique des Transitions, managed by ISALT

The Fonds Stratégique des Transitions (FST) is dedicated to innovative SMEs and mid-sized companies. Launched in March 2023 with the support of the Caisse des Dépôts and the Fonds Stratégique de Participations (FSP)—which ISALT has managed since 2013—the FST was established as a société de libre partenariat (SLP). Its objective is to support the industrial scale-up of French innovative SMEs and mid-sized companies with a clear vision of the future needs of society. Focusing on companies with advanced and robust technologies, the FST aims to facilitate their industrial expansion by financing production capacity while ensuring that environmental, technological, and social transitions remain at the core of their strategy. The fund is classified as an Article 8 fund under the SFDR regulation.

The FST is not subject to AMF approval and is available exclusively to professional investors as defined in Article L.533-16 of the French Monetary and Financial Code. The fund’s investment objectives, strategy, associated risks—including capital loss risk—and fees are detailed in its regulatory documentation. The information provided above is for informational purposes only and does not constitute a contractual commitment or investment advice.

About the European Investment Fund

The EIF is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinances instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

About InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the Member States, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and thus mobilising at least €372 billion in additional investment.

Press contacts

EIF

Christophe Alix
c.alix@eib.org  | Tel.: +33 6 11 81 30 99

Website: www.eif.org  | X: @eif_eu 

FST / ISALT

Etienne Boulet
eboulet@bonafide.paris  |Tel. : +33 6 34 19 63 57

Website: https://www.isalt-gestion.com/  | LinkedIn