JPMorgan Chase has committed €50 million to French diverse managers as part of an initiative with public sector investment bank BPI France, according to a statement.
The new venture, called Spark France, will provide capital to gender diverse fund managers seeking to make impact investments. BPI France will manage the platform, and will also commit €10 million. It is hoped that between €150 million-€200 million will be raised by the end of 2024.
BPI France chief executive Nicolas Dufourcq said: “BPI France is delighted to partner with JPMorgan Chase, which is line with our actions to promote diversity in private equity as well as impact investing. This initiative complements our support for entrepreneurial dynamics in all territories, which recently took another step forward with the ‘Entrepreneuriat Quartiers 2030’ programme launched by the French government.”
JPMorgan also made a $20 million philanthropic commitment to underserved communities in the country, per the statement.
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