French Tech is said to be at half mast with a collapse in fundraising this year (8 billion euros, down 43% compared to 2022), yet it still seems attractive. Lazard Frères Gestion – the asset management company of the Lazard group in France – has indeed entered into exclusive negotiations with the French fund Elaia, to invest in young French startups.
This partnership should make it possible to create a joint structure, majority owned by Lazard, which will manage a fund worth several hundred million, and will be led by Xavier Lazarus, co-founder and director of Elaia. A team of 5 to 10 investors must be recruited.
Unlike Elaia, whose main business is to support companies in the early stages of their development, the new fund will specialize in raising more mature companies. On the other hand, it will focus, like Elaia, on young companies with very high technological value, possibly from fundamental research laboratories.
Strong development
For Lazard, this is part of the project announced this year by its global boss, Peter Orszag, to double its revenues by 2030, but also corresponds to a request expressed by its French clients. At the same time, this partnership will allow Elaia to place larger tickets on the most promising companies, notably some which are already in its portfolio and are set for strong development. The fund notably invested very early in companies such as Mirakl, Critéo, and Ornikar.
“For us, it is the most complementary partner we could wish for”, develops Mr. Lazarus. For the record, it was Philippe Englebert, former advisor to the Elysée, close to French Tech and who arrived at Lazard in the summer of 2022, who put the two parties in touch.
The partnership does not stop there since, at the same time, Lazard Frères Gestion will take a minority stake in the capital of Elaia, to enable it to develop its seed activity, particularly in new sectors such as health and decarbonization. . The two partners make no secret of it: if their association were to fulfill its promises, Lazard could continue to increase its stake in Elaia. “It is a partnership that is made to last and, if we are not mistaken, we will have the will to make it grow”recognizes François-Marc Durand, the director of Lazard Frères Gestion.