# Normandie Participations Normandie Participations is an Asset Manager based in Colombelles, France. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Colombelles, France - **Region:** Europe - **Address:** Colombelles, Normandie, France - **Founded:** 2016 - **Assets under management:** Over EUR 200 million (Altss estimate) - **Website:** normandieparticipations.fr - **LinkedIn:** https://www.linkedin.com/company/normandieparticipations ## Regulatory record - **Reports private funds:** No ## About Normandie Participations was established in 2016 by the Conseil Régional de Normandie under the impetus of its President, Hervé Morin. The agency operates as the regional government's direct investment arm, deploying public capital to stabilize and grow small and medium-sized enterprises across Normandy. Unlike a private family office, its wealth origin is the Normandy region's budget, making its fiduciary duty a matter of regional economic policy rather than dynastic preservation. The entity functions in close coordination with AD Normandie, the region's economic development agency, where Director General Alexandre Wahl oversees operational leadership for both entities. The firm runs a generalist mandate spanning buyout and venture (general) strategies, with a particular focus on co-investments alongside institutional and banking partners. Bpifrance, the French national investment bank, and regional lenders Caisse d'Epargne Normandie and Crédit Agricole Normandie are frequent co-investors, creating a three-tier funding structure — regional, national, and private banking capital. Normandie Participations also syndicates with NCI, a regional private equity firm, to underwrite larger rounds. Sectors explored include industrial technology, agri-food, mobility, and healthcare services, reflecting Normandy's diversified economic base. The firm's scale is moderate — Altss estimates over EUR 200 million in assets under deployment — placing it among the more substantial French regional investment funds. Its governance connects tightly to the political cycle, with the Regional President serving as the fund's president. Professional memberships include France Invest, the national private equity association, and French Tech Normandie, anchoring it inside both the institutional LP and startup ecosystems. In September 2023, the firm participated in a series of regional capital deployments alongside Bpifrance targeting transition-energy and digital-services SMEs. Normandie Participations' hybrid public-policy mandate is its structural differentiator. It functions as neither a purely commercial asset manager nor a passive subsidy distributor, but as an active equity participant with a mandate to both generate returns and preserve local employment and strategic autonomy. This dual objective shapes its investment posture: it tolerates longer holding periods, avoids hostile exits, and prefers to co-invest with mission-aligned French institutional capital rather than international private equity funds. ## Sectors - Enterprise Software - Industrial Tech - Healthcare Services - AgriTech & FoodTech - Mobility & Transportation - Energy Transition & Renewables ## People - Hervé Morin — President - Alexandre Wahl — Director General ## Questions ### How is Normandie Participations related to Bpifrance? Bpifrance and Normandie Participations are frequent co-investors in Normandy-based SMEs. While Bpifrance is a national institution owned by the French state, Normandie Participations is a regional initiative focused exclusively on Normandy. They often syndicate deals together, alongside regional banks like Crédit Agricole Normandie. ### What sectors does Normandie Participations target? Its generalist mandate covers sectors aligned with Normandy's economic fabric: industrial technology, agri-food, mobility, healthcare services, and energy transition. The firm also participates in the French Tech Normandie ecosystem, providing venture exposure to emerging digital and technology startups in the region. ### Does Normandie Participations co-invest with private equity firms? Yes. It co-invests with regional private equity firms like NCI and financial institutions such as Caisse d'Epargne Normandie. Its membership in France Invest signals active participation in the broader French private equity community, though its principal alignment remains with public and mutualist co-investors rather than large international GPs. ### Where does Normandie Participations' funding come from? The capital originates from the budget of the Normandy regional council, making it fully publicly funded. This distinguishes it grant-based economic development subsidies, as Normandie Participations takes equity positions expecting returns alongside its policy objectives. ## Related profiles - [Next Legacy](https://altss.com/profile/next-legacy) - [Signal Peak Ventures](https://altss.com/profile/signal-peak-ventures) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/normandie-participations Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology