French Economy Minister Bruno Le Maire, speaking at the VivaTech conference in Paris, officially launched the third phase of the Tibi initiative, securing €13 billion in commitments from institutional investors to channel into European technology funds. The announcement marks a significant escalation from the €12 billion gathered in Tibi 2 (2021) and the initial €5 billion raised in the inaugural 2019 programme, reflecting France’s determination to close the continent’s late-stage funding gap with the United States and Asia.
Named after Philippe Tibi, the economist who authored the 2019 report that inspired the scheme, the initiative encourages French insurers, pension funds, and sovereign wealth vehicles to allocate a portion of their vast asset pools — estimated at over €3.5 trillion — towards venture capital and growth equity funds targeting European tech companies. Under Tibi 3, 22 financial institutions have pledged capital, including Axa, BNP Paribas Cardif, Caisse des Dépôts, and CNP Assurances. The funds will be deployed over the next three to four years, with an explicit focus on sectors deemed strategic for European sovereignty such as artificial intelligence, quantum computing, cybersecurity, climate tech, and space.
Le Maire framed the move as both an economic and geopolitical imperative. “If we want to avoid a technological vassalization, we must build European champions capable of competing globally,” he told the VivaTech audience, stressing that while Europe excels at early-stage innovation, it has long struggled to retain and scale homegrown unicorns. The Tibi architecture addresses this by aggregating institutional commitments into “fund-of-funds” vehicles that invest in private funds meeting strict criteria — notably, a proven ability to write tickets of €100 million or more, a pan-European mandate, and a governance that includes European decision-makers.
The €13 billion total encompasses both new capital and reinvestment pledges, with roughly €7 billion representing fresh money. Government officials emphasized that the mechanism is not a subsidy but a market-driven strategy to de-risk and normalise institutional exposure to tech. Early Tibi rounds have already helped boost the number of European venture funds with more than €1 billion under management, though critics note that the flow of capital to the most innovative deep-tech startups remains insufficient.
Bercy’s announcement comes as Europe confronts an enduring scale-up financing chasm: in 2023, US venture capital funds raised $172 billion compared to just €28 billion across the entire EU, and European growth-stage companies often turn to American and Asian investors. By mobilising domestic patient capital, the French government hopes to anchor future tech giants on the continent and curb the dependence on foreign buyouts. The initiative’s success will ultimately hinge on the ability of asset managers to deliver competitive returns while aligning with national industrial strategies — a balancing act that is already shaping the selection of funds and the definition of “strategic” technologies.