Philippe Tibi

We're thrilled to announce the successful closing of a significant fundraising for Melvan SAS, a multi-technology renewable energy producer and developer, through a consortium of investors composed of Bpifrance, through its France Investissement Énergie Environnement 2 fund, IDIA Capital Investissement, through its Crédit Agricole Energie & Economie Bas Carbone I fund, and a pool of investors from the Crédit Agricole CIB group, as well as OCCTE, through its FPCI OCCTE OCCIGEN fund. This significant fundraising will allow Melvan to continue structuring its producer model and accelerate the deployment of its ca. 2 GW portfolio at different stages of maturity, including 750 MW in the advanced phase, covering the entire region, while maintaining the Group's independence. This success highlights Green Giraffe Advisory's expertise in renewable energy corporate M&A, and we're incredibly proud to have partnered with Melvan on this crucial step in their growth journey. A massive thank you to everyone involved in making this project a reality! Find out more about the impact of this project here: https://lnkd.in/dVYHWsvM #SolarPV #RenewableEnergy #Fundraising #GreenFinance #IPP #France #GreenGiraffeAdvisory #Melvan

110

2 commentaires

Good to speak with Charles Avery from New Private Markets about our evolving approach to climate action at La Caisse (Caisse de dépôt et placement du Québec). With the launch of our 2025–2030 Climate Strategy, we’re broadening our ambition: from green investments and transition financing to a more rigorous focus on nature-based solutions, climate adaptation, and enabling technologies. We’re especially excited to deepen our work in sustainable agriculture and climate resilience, while also supporting the enablers of climate solutions—those essential but often overlooked contributors to the transition. Read the article: https://lnkd.in/eyXDezzi

159

1 commentaire

Major milestone for Serena-backed Fipto! A few weeks ago, the FinTech received a Payment Institution licence from the Autorité de contrôle prudentiel et de résolution (ACPR) (Prudential Control and Resolution Authority) in France. But here's the real headline: Fipto is now the only stablecoin-focused payments fintech in France to hold both: 👉 A Payment Institution licence from the ACPR 👉 A Digital Asset Service Provider (DASP) registration from the Autorité des marchés financiers (AMF) – France 🇪🇺 This is a major milestone for Fipto’s mission to build a regulated and seamless stablecoin payment infrastructure across Europe and beyond. With both licences, Fipto can now: ✅ Offer fiat and stablecoin-based payments ✅ Power cross-border transactions ✅ Build fully compliant on/off ramps ✅ Serve businesses, merchants, and fintechs with full regulatory clarity What’s next? The team is expanding its partnerships with Payment Service Providers, banks and fintechs to enable instant, low-cost digital payments across Europe and beyond. Congratulations to Patrick Mollard, Gregoire Andrieu-Guitrancourt, Bertrand Godin and the team! 

98

4 commentaires

Venture capital (VC) funds and the funding of innovation At the last meeting of the research committee of Autorité des marchés financiers (AMF) – France (https://lnkd.in/en63xcV8) – I discussed the paper by Maxime Bonelli on VC funds (https://lnkd.in/eXMwEDET), which raises an important question: will VC funds continue to support innovative startups with the advent of machine learning (ML) screening technologies? The paper shows that VC funds using ML techniques become better at screening “safe horses” (companies with business models mirroring existing ones), but falter at discovering “future stars” (highly innovative companies poised for IPOs). The paper concludes with a concern: relying more on ML could potentially stifle the financing of groundbreaking ideas. I am not sold on this conclusion (yet). Let’s consider two segments of the startup market : “safe horses” and “future stars”. Both segments offer positive expected returns, albeit with diseconomies of scale—the higher the funding, the lower the return. With ML, it becomes easier to screen “safe horses”, which increases their expected return relative to “future stars”. As the funding of “safe horses” becomes more attractive, how do we restore equilibrium? The paper argues that VC funding flows out of “future stars” towards “safe horses” until the expected returns in both segments equalize. As a result, we have less funding for innovation. But this scenario is just one of many paths towards equilibrium. One possibility is that there are few barriers to using ML. As new VC funds enter the “safe horses” segment, returns equalize without any drop in funding for innovation. Another possibility is that the diseconomies of scale in the startup market are strong (i.e., a small change in funding has a big impact on return). In this case, returns equalize with very little change in VC funding for innovation. Thus, the effect of ML on innovation funding heavily depends on the VC industry’s structure, making it challenging to predict at this stage. For more insights (including my methodological concerns), see my detailed discussion below. And to conclude: Maxime is the winner of the 2024 AMF prize for young researchers in economics (congrats again Maxime !)

70

1 commentaire

In a new piece in French daily financial newspaper Les Echos, I argue that US tariff policy has in fact had the unintended consequence of increasing Europe's attractiveness for international investors. In order to capitalise on this momentum, the EU needs to remain a model of stability in a more volatile world, without however giving up on simplifying its regulatory environment all the while resisting its traditional urge to add additional layers of bureaucracy. https://lnkd.in/ecb6vhXk Luxembourg for Finance Ministry of Finance, Luxembourg ABBL ALFI - Association of the Luxembourg Fund Industry ACA Luxembourg LPEA - Luxembourg Private Equity & Venture Capital Association Luxembourg Stock Exchange

84

2 commentaires

📰 𝗜𝗻 𝘁𝗵𝗲 𝗺𝗲𝗱𝗶𝗮 Astorg’s Co-Managing Partners – Benjamin Cordonnier and Judith Charpentier – met with Irien Joseph for an exclusive profiled interview in PE Hub’s “𝗗𝗲𝗮𝗹𝗺𝗮𝗸𝗲𝗿𝘀 𝘁𝗼 𝗪𝗮𝘁𝗰𝗵” 𝘀𝗲𝗿𝗶𝗲𝘀. The conversation was the opportunity to reflect on the private equity industry, the current market environment, and 𝗔𝘀𝘁𝗼𝗿𝗴’𝘀 𝗻𝗲𝘅𝘁 𝗴𝗿𝗼𝘄𝘁𝗵 𝗮𝗻𝗱 𝗱𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 𝗰𝗵𝗮𝗽𝘁𝗲𝗿. 🎯 In this feature, Benjamin and Judith look back on their journey from dealmakers to leaders and share their vision to take Astorg to the next level. Looking ahead, their ambition is clear: to strengthen Astorg’s foundations, sustain top-tier performance, and invest in people. ➤The firm is scaling its infrastructure to drive growth and efficiency - leveraging AI and digital tools to enhance sourcing, portfolio insights, and investor engagement. ➤At the same time, it remains focused on delivering consistent, best-in-class results through deep subsector expertise and close collaboration between its investment and portfolio performance teams. ➤Above all, Astorg continues to invest in its greatest asset - its talent - nurturing a collegiate, inclusive, and performance-driven culture. 💬 Benjamin Cordonnier: “This marks the next phase of a carefully planned long-term succession process. It represents the next chapter of Astorg, co-led by people who’ve grown up within the firm and know it from the inside out.” 💬 Judith Charpentier: “Astorg’s approach is highly focused. We back B2B international leaders – premium companies with strong pricing power, global scale and resilient growth. Within our three core sectors – Healthcare, Business Services and Technology – we concentrate on a few select verticals, building deep expertise and strong networks that allow us to create proprietary opportunities, often years before a deal materializes.” 👇 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝗶𝗻𝘁𝗲𝗿𝘃𝗶𝗲𝘄 𝗯𝗲𝗹𝗼𝘄 #PEHubEurope #Dealmakers #Leadership #Institutionalization #Performance #Talent #ValueCreation #Specialization #Focus #Consistency #Partnership

255

Week 18 (2025) in M&A and Private Equity 🛰️🇪🇸 • FI Group, a Spanish consultancy specializing in innovation funding, has reached an agreement to integrate into the French company EPSA. This strategic move aims to strengthen FI Group's position in the innovation funding sector, leveraging EPSA's resources and expertise to enhance service offerings and expand global reach. • SAMY Alliance (Bridgepoint Group) expands European footprint with aquisition of Intermate. Founded in 2015, Intermate has emerged as a category leader in end-to-end social media marketing. • Cibus Capital has acquired a majority stake in PSB Producción Vegetal, a Spanish company specializing in stone fruit breeding and genetics. Founded in 1989 and based in Murcia, PSB boasts a portfolio of 74 patented fruit varieties encompassing peaches, nectarines, apricots, and plums, and is expanding into table grapes and cherries. • Oaktree Capital Management, L.P. has acquired real estate financing platform Xenia Capital, in a deal that it said will boost its position in the Iberian real estate market. Xenia finances developments across locations in the Iberian region including Madrid, the Costa del Sol and Barcelona. Its portfolio encompasses a diverse range of assets including build-to-rent, residential, co-living, and five-star hotels in tourist hotspots. • Prismore Capital (formerly Sonae Capital Industrials), has acquired 100% of Madrid-based Waste Plastic Iberia and 33% of Catalonia's Greenertis. These companies are developing facilities to convert plastic waste into pyrolytic oil. The first plant, located in Tarragona, has a projected investment of €100 million and is expected to commence operations by the end of 2025. • Greening has signed a capital increase agreement with the Mexican company Latina Desarrollos Energéticos, which becomes a shareholder. The deal involves a capital injection of up to €45 million. • Mediterrania Capital Partners, a firm founded and led by Albert Alsina, has completed its full exit from Akdital, Morocco’s leading private healthcare group, through its MC III fund. The private equity firm initially invested in Akdital in March 2020. • AUREN has reached an agreement to integrate V2C Abogados, a multidisciplinary law firm with over 25 years of experience. In March 2025, Waterland Private Equity, a European investment firm, acquired a significant stake in Auren. This investment reflects a broader trend of increased private equity activity in the professional services sector. • Andbank has reached an agreement to sell its Brazilian fund brokerage to Allfunds. As part of the deal, Andbank will also adopt Allfunds as its global partner for fund distribution. • ... ☝️ More info, sources and subscription️: https://lnkd.in/d9Cx84zv ⏭️ ALBIA | IMAP, Fusiones y Adquisiciones M&A // Empresax 🎙️ Fusiones y Adquisiciones Podcast #privateequity #fusionesyadquisiciones #capitalprivado #MnA #Spain

61

Ever wondered why two measures—PFE & EEPE—exist in investment banking when they sound so similar? 🤔 One tells you the worst wave you could face 🌊, the other tells you the average swell over time. Both matter, but for very different reasons… 1️⃣ What They Measure PFE – Potential Future Exposure • Definition: The maximum credit exposure a bank might face on a counterparty trade over a specified horizon, at a given confidence level (e.g., 95%, 97.5%, 99%). Purpose: • Used for limit monitoring (counterparty credit limits). • Focuses on extreme but plausible exposure scenarios. Key Characteristic: • Percentile-based — it’s the Xth percentile of the future exposure distribution at each time point. • Ignores average scenarios ⸻———————-————————————— EEPE – Effective Expected Positive Exposure • Definition: The weighted average of Expected Exposure (EE) over the first year of a trade’s life, where each EE is the average positive exposure at a future date. Purpose: • Used for regulatory capital under Basel (especially in Internal Model Method, IMM). • Designed to capture average risk over time rather than just the worst-case percentile. Key Characteristic: • Time-weighted average of means, not percentiles. • Regulatory definition includes discounting short-dated exposures to avoid front-loading capital. ⸻————————————————————— 2️⃣ Why Investment Banks Use Both • PFE is for risk appetite & limit setting — you need to know the “worst case” your counterparty might expose you to so you can set a limit. • EEPE is for regulatory capital — Basel wants an average measure over time to size capital more proportionately to ongoing credit risk, not just the extremes. ⸻————————————————————— 3️⃣ Why the Percentiles Differ This is the key point in your question: • PFE percentile: • Directly picks a high percentile (e.g., 97.5%) from the simulated exposure distribution. • Will always be above the mean unless the distribution is perfectly symmetric and has no volatility. • Sensitive to volatility, optionality, and market shocks. EEPE “percentile” (actually not a percentile): • Based on the mean positive exposure, not a tail statistic. • Even if you simulated exposures at the same time horizon, EEPE is usually lower than the corresponding PFE because it averages out scenarios, not just the tail. • Percentile concept doesn’t directly apply — but if you compared “EEPE vs. the mean of the same timepoint in PFE distribution,” you’d see a gap because of distribution skewness. ⸻————————————————————- Simple Analogy Think of exposure like the height of ocean waves: • PFE = We want to know the height of the biggest waves we might face in the next 5 years at the 97.5% confidence level. • EEPE = We want the average wave height over the year, weighted by time — because that’s what knocks the boat around day-to-day. #PFE #EEPE #CounterpartyCreditRisk #BaselIII #RiskManagement #InvestmentBanking #SACCR #IMM #FinanceInsights#cfbr#creditrisk

107

10 commentaires

My view on the current ‘Big Beautiful Bill’ under discussion in the Senate published in French in Allnews.ch, La finance suisse dans l'e-media: https://bit.ly/3HbLJi8   . Trump’s second term sees a reversal of previous economic strategy adopted in his first mandate, with stagflationary policies (immigration/trade) leading before growth support (fiscal/deregulation).   . New budget extends 2017 tax cuts and adds further exemptions, while increasing defense spending and cutting social safety nets like Medicaid.   . Deficit increases by $300 billion (~1% of GDP) compared to the deficit under current law, with no clear growth catalyst - and remains unchanged at around 6.5% of GDP when taking into account tariff revenues and uncertain DOGE savings, making it a growth-neutral budget.   . Persistent high deficits (6.5–7% of GDP) are becoming the new norm, far from the 3% target once promised for 2027 by Bessent.   . The debt remains on an unsustainable path, with a real risk of rising long-term interest rates despite the Fed's credibility and the dollar's dominant status.   . Foreign investors - who hold more than a third of US securitised debt - are increasingly wary, undermining confidence in US Treasury bonds.   . This budget may endanger rather than restore “American greatness”, exposing the US to the harsh truth: fiscal credibility can’t be bought on credit.

39

2 commentaires