Closing of the Investment Programme’s Healthcare Component of “Assureurs – Caisse des Dépôts Relance Durable France”: The first investment has taken place


A further step has been taken in the implementation of the ‘Insurers - Caisse des Dépôts Sustainable Recovery France’ investment programme with the closing of the Healthcare component, a major part of this €2.2 billion programme. The last tranche, totalling €780 million financed by 19 insurers and 3 institutional investors, aims to strengthen health sovereignty in France by investing in healthcare research, infrastructure, logistics and services.

Three funds dedicated to the healthcare sector have been set up: the Healthcare Unlisted Equity Fund, the Healthcare Unlisted Debt Fund and the Healthcare Listed Equity Fund. They will provide funding primarily to:

  • the relocation of research laboratories or drug production units,
  • the development of services useful to healthcare: personal services, home care, telemedicine,
  • the research, innovation and development of medicine, technology and healthcare devices,
  • the prevention of diseases.

As such, the companies selected by the funds will have to increase their production capacity in France. The financial and extra-financial impact of this component will be assessed throughout its implementation to reflect the positive contribution of these investments.

This financing strategy will take into account the challenges of the healthcare sector, their change over time and the dynamics of discovery.

The governance of this component is based on an Investors Committee and a Scientific Advisory Board chaired by Elisabeth Hubert, former French Minister of Public Health and Healthcare Insurance, which is composed of 12 leading experts from the world of health. The role of the Scientific Advisory Board has been to advise investors in their selection of management companies to assess their investment and management proposals.

The three selected asset managers are Eurazeo, Eiffel Investment Group and Tocqueville Finance:

  • NOV Healthcare Unlisted Shares

The €420 million, 10-year fund will provide equity capital to some fifteen French SMEs and ETIs to support their development. Part of the fund may finance LBO transactions or late-stage innovation.

The investment company Eurazeo has been selected to manage this fund.

  •  NOV Healthcare Unlisted Debt

The €270 million fund will bring senior debt to 15 to 20 French SMEs and ETIs. The term of the loans is between 3 and 7 years.

An initial investment has already been made in Fareva, a leading manufacturer of active ingredients. This company is a French leader in pharmaceutical contract manufacturing, the role of which is key in rebuilding French pharmaceutical autonomy in the coming years.

The asset manager Eiffel Investment Group has been selected to manage this fund.

  • NOV Healthcare Listed Shares

The €90 million fund will be mainly invested in French ETIs, with possible diversification into European companies.

The asset management company Tocqueville Finance has been selected to manage this fund.


As insurers are committed on the ground on a daily basis, they are fully aware of the exemplary support of the French healthcare system and the challenges the sector is facing. As the leading private investor in the country’s economy, our responsibility as an insurer is to provide the best possible support to the healthcare sector to strengthen our health sovereignty. With the ‘Assureurs - Caisse des Dépôts Relance Durable France’ programme, insurers are acting to sustainably boost the French economy and improve the quality of life of all our fellow citizens” says Florence Lustman, President of the French Insurance Federation.


More information on the “Assureurs – Caisse des Dépôts Relance Durable France” investment programme



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