What is the role of BNP Paribas Développement within BNP Paribas?
Philippe Molas: As investors, we play a complementary yet distinct role to that of the banking business. Our expertise lies in sourcing and selecting the best projects so that we can take minority stakes under the right conditions. Our approach is generalist and multi-sectoral. We target profitable, growing companies with sales of €10m or more - in all sectors of the economy - with a particular focus on buyouts (LBOs*), which account for over 60% of our investments. Since 2020, we have become the leader provider of minority private equity in the SME segment.
What differentiates our strategy is our ability to be Evergreen
What differentiates our strategy, but also complements that of funds acting on behalf of third parties, is our ability to be Evergreen. In other words, our ability to reinvest, sometimes several times, over a long period (sometimes more than 10 years), in all our segments (VCs, SMEs or intermediate-sized enterprises/ISEs), with the firm intention of growing our holdings and helping start-ups to become SMEs and SMEs to become ISEs. This “patience capital” is particularly useful for supporting transitions that sometimes take time, such as ESG, digital or international strategies.
How would you sum up BNP Paribas Développement's activities in 2024?
Philippe Molas: In 2024, we invested over €400m, with individual investments ranging from €1m to €20m (an average of €4m, half of which was reinvested in our existing portfolio). We are also a key player in terms of sovereign investments, particularly in the industrial sector. This includes the DITB (Defence Industrial and Technological Base) segment, in which our investments total €200m and benefit 46 French SMEs and ISEs.
Our global portfolio is made up of over 600 companies, more than 2/3 of which operate outside the Paris region, with total assets of over €2bn.
Our success is based on the efficiency of a team recognised by our peers as the most agile in the sector, and a management system that enables us to make up to 300 investment decisions a year to support our strong growth ambitions."
What are BNP Paribas Développement's ambitions?
Philippe Molas: Last June, the strategic ambitions for Commercial and Personal Banking in France up to 2030 were presented to the markets. BNP Paribas Développement is part of this plan and aims to almost double in size by 2030 by pursuing its growth strategy. To achieve this, we are strengthening our 9 French locations, organised around 4 regional platforms, since our business is split between the regions (70% of our investments) and Paris (30%). Our deal flow comes from the bank itself, as well as from external networks (M&A, funds, our own networks, lawyers and intermediaries). In order to continue growing and maintaining our selectivity, we must broaden our sourcing.
What are BNP Paribas Développement's strengths?
Philippe Molas: Our team of 45 investors, based in all the major regions of France, is continuing to accelerate our development. Specifically, we will continue to invest in line with our Evergreen strategy, but only in minority investments. This approach enables us to develop closer relationships with the entrepreneurs we support through transformation and, often, the buyout process. By acting as a partner and building the confidence of its managers, BNP Paribas Développement is also addressing the highly relevant and strategic issue of sovereignty, in areas such as industry, technology, defence, agriculture and health.
The development of our ESG strategy has also paid off, with 61 ESG Pure Players in our portfolio. These are entities whose main activities (>50% of sales) and/or business model generate significant environmental or social benefits.
Key figures 2024
Significant investments in 2024
of French Tech 2030 in portfolio
BNP Paribas Développement supports high-potential start-ups
Philippe Molas: BNP Paribas Développement has had a strong presence in the start-up ecosystem since 2016. During this time, it has built up a Venture Capital business that uses the bank's own funds to support the development of high-potential start-ups and scale-ups. Again, an evergreen strategy is applied. These entrepreneurs are looking for a stable shareholder base that can support them from the seed stage through to profitability. We have invested directly in 80 start-ups. Two of these were present at the Maison de l'Innovation BNP Paribas during VIVA Technology 2025 this year: Beem and Inbolt, as well as many others, such as the medtech company Tissium (surgical polymers), Certideal (smartphone and tablet refurbishment) and Sekoia (cybersecurity software publisher), which are part of French Tech 120.
We also aim to increase the value of our holdings, for example through our Managers' Club, which was launched in 2021 and is now very active. During the 2025 Roland Garros tournament, we brought together over 160 senior executives to discuss corporate governance, and proposed profiles of independent directors willing to support the growth and transformation of our holdings.
BNP Paribas DEVELOPPEMENT
BNP Paribas Développement, a subsidiary of the BNP Paribas Group, is a venture capital company (Société de Capital Risque or SCR) that has been active for 37 years. It is the Group's minority equity investment vehicle for companies (SMEs and start-ups), generally French and unlisted. Its business is to source, select and make investments to support and accelerate the development of successful businesses and, if necessary, ensure their long-term survival by facilitating their transfer.
BNP Paribas Développement is a leading player in minority private equity in France, particularly in the segment of companies valued at less than €250m.
To keep up to date with BNP Paribas Développement's investments
Some definitions
- *An LBO is a leveraged buyout, i.e. a financial arrangement whereby a company is acquired via a holding company set up specifically for this purpose. The aim is to enable buyers to acquire a company with a minimum of equity.
- **Venture capital is an investment made by one or more investors in unlisted companies.
- Midcap: Medium-sized company
- Dealflow: All investment proposals
- A merger-acquisition is a financial operation
that consists of combining the activities of two or more companies .
Sources