Venture Capital fund raising, boosted by the tax incentivized ‘retail funds’ scheme in France, remained consistant during H1 in France, amounting to €630 million for 2009 (versus €658 million in 2008) with €136,20 million going to FCPI investment funds. Truffle Capital, with the support of Union Financière de France has become France’s largest fundraiser last semester with €40 million raised in Q2. We wish to thank our investors for their renewed confidence.
 
Truffle Capital's strategy is continuing to bear fruit; according to the Chausson Finance index for H2 2008, Truffle Capital was ranked number 2 for total early-stage investments. We shall maintain our policy of financing innovative, high-potential start-ups and spin-outs in the energy, life science and IT sectors.

Knowing to anticipate and adapt itself to the conjuncture, Truffle Capital intends to optimize and intensify its offer toward investors (despite the fact that the ISF relief scheme is being rejigged), and to continue investing in innovation and hi-tech because we have the infrastructure and expertise for making the right investment choices, performing proactive follow-up and building tomorrow's technology leaders.

Henri Moulard
Jean-François Fourt
Dr Philippe Pouletty
Bernard-Louis Roques