Frédéric Genta

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Why is such a small portion of capital allocated to VC/PE investments? 🌱 Despite Luxembourg’s significant position in the fund industry with over €5.3 trillion in assets managed by 13,982 fund units only a small fraction of this capital is allocated to Private Equity (3%) and Venture Capital (0.2%). This disparity raises a crucial question: why is there such limited investment in areas that are known to fuel innovation and societal progress? The challenge often lies in the perceived risk but more importantly it’s about the lack of efficient connectivity and access to promising startups. This gap leads to the financial exclusion of many great ideas that could have a profound impact on our communities and economies. We need to find better ways to bridge this gap and make funding more accessible to innovative startups that drive change and development. https://lnkd.in/ebpcGRQm Lars Rejding Graham Neilson Olga Shavrina 🌱 Nenad Latković Kostiantyn Yashchenko 🎼 Doris B. Maarten Baaij Nat Grobbelaar Vai #FinancialInclusion #VentureCapital #PrivateEquity #SocietalProgress #Investment #Startups #alfi #letzvai #letsvai

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Ardian’s semiconductor investment platform combines industrial vision and financial strength to help mid-cap players in Europe capitalize on a major growth opportunity. The semiconductor industry has huge strategic importance for Europe and is poised for rapid growth, driven by mega trends including the adoption of AI, growth in data centers, electrification of vehicles and the spread of automation through multiple industrial sectors. In Ardian’s 2023 Integrated Report, I share my perspectives and present #ArdianSemiConductor investment platform. Read the New Technologies articles in Ardian’s 2023 Integrated Report → https://bit.ly/4cdcCw7 #Technology #Semiconductor #IntegratedReport #ArchitectsOfLastingChange #MarketTrends

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Market presents challenges which we see as opportunities, securing capital and making deals to fuel our growth...

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Recently, Thomas Laffont of Coatue highlighted a non-obvious impact of the M&A slowdown after this preamble : “Ironically and I think somewhat perversely one of the byproducts of constraining big companies from buying small companies is it hurts small companies. This point is clear & straightforward. Less demand for an asset decreases price. 2023 & 2024 are two of the three lowest in the last 12 years in both activity & value across the ten largest strategic software buyers. But this second point captures a non-obvious second order effect : “…more importantly small companies can create a true sense of urgency in big companies. If you’re sitting at Amazon or Google and you’re meeting these small companies, now you don’t have to worry about your competitor buying that company because you know that the government will make it really hard, that gives you time.” If no major incumbent can acquire a smaller company for fear of antitrust, all the incumbents can breathe : they can decide to build an a competing product with less risk of being outmaneuvered. The other major technology companies are just as hamstrung. Admittedly, this second-order effect is less prevalent at the leading edge of AI. Amazon, Microsoft, & Google have structured “acquisitions” that aren’t M&A : they hire the core team, license the technology, but the majority company continues to operate as a separate entity. If it sounds unusual, it is, a beefed up asset-sale at billion dollar valuations. However, these types of regulatory gymnastics are not worth it for every transaction & they are now facing regulatory scrutiny.. If a supermajority of acquirers in purchasing potential are sidelined, the urgency to innovate is lessened. That’s why a vibrant M&A market is essential to innovation. PitchBook data of the top 10 most active US venture-backed software buyers across the last decade.

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France: Let's Champion Women's Football! ⚽️ The French government prioritizes women's sports, but a harsh reality exists for professional female footballers. Many are forced to abandon their careers due to financial constraints. At Adventure of Humanity, we believe in equal rights and the transformative power of sport. That's why we advocate for a minimum salary for professional female footballers in France! Adventure of Humanity isn't just advocating for a minimum wage. We're also providing a platform for professional female footballers to be heard! During the Cannes Film Festival, we'll offer dedicated space and communication channels to connect players with the media. This is their chance to: • Share their stories and experiences • Advocate for change within the sport • Inspire future generations of female footballers By amplifying their voices, we can ensure fairness, empower players to reach their full potential, and ignite a passion for women's football on a global scale. Join us in this movement! Let's champion these talented athletes and create a brighter future for women's sports. About The Cannes Film Festival: (https://lnkd.in/d9APhegr) The Cannes Film Festival, until 2003 called the International Film Festival, is an annual film festival held in Cannes, France, which previews new films of all genres, including documentaries, from all around the world. #WomensFootball #Equality #AdventureOfHumanity

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Emmanuel Macron's upcoming consultations with political leaders in France are poised to shape the future of the government. This Friday, the president will meet with representatives from various political factions, marking a significant moment following a period of political inactivity during the summer. This meeting is crucial as it will inform Macron's decision on the appointment of a new Prime Minister, a role that has been vacant since Gabriel Attal's resignation over a month ago. The political landscape in France is currently marked by notable divisions, particularly within the left-wing coalition known as the Nouveau Front populaire (NFP). This coalition has publicly displayed its internal conflicts, especially regarding the potential nomination of a new Prime Minister. While Macron has called for unity and dialogue among political leaders, the opposition has threatened drastic measures, including a hypothetical motion for the president's destitution, which lacks the necessary parliamentary support to succeed. The upcoming budget discussions, scheduled for October 1st, will serve as a critical test for the new government, underscoring the importance of political cohesion in the country. As these consultations unfold, the implications for financial markets remain uncertain. Political risk associated with these developments could influence investor sentiment and market stability.

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🚀 How’s French Tech Doing in 2024? | Insights from the latest France Digitale x EY Barometer Reposted from: Joseph Landauer On September 11, 2024, France Digitale and EY released their annual report, and despite the tough economic climate, there’s plenty to be proud of! French startups are proving they’re ready to face the challenges head-on. Here are five key takeaways: 1️⃣ 15,000 startups are thriving in France, with 3,500 new ones launched in just the past year! So, who said French Tech was slowing down? 2️⃣ 1.3 million jobs created by these startups. Yes, you read that right. While hiring may slow down in 2024, we’re still pushing forward 💪. 3️⃣ Funding crunch: Big deals are happening, but smaller rounds are struggling. VCs are searching for ways to keep the ecosystem thriving. 4️⃣ Global reach: French startups are expanding fast, with 27% revenue growth internationally. Europe is our playground 🌍. 5️⃣ AI dominance: Whether it’s internal tools or product offerings, AI is everywhere. But competition with global giants is fierce 🤖. So, what’s next? French Tech is holding strong, but continued support from policymakers is crucial for future success. Innovation, taxation, and European regulations will be pivotal in the coming years. A big thank you to France Digitale and EY for this report! 🙏 Looking forward to seeing many of you at #FDDAY on September 18. Let’s keep pushing boundaries! 🙌 #FrenchTech #Innovation #Startups

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As September starts, founders and investors are coming back to Luxembourg and are gearing up for what is traditionally one of the most pivotal months of the year. After the quiet of August, where the investment community often slows down to a mere 20% of its usual activity, September stands as a month of opportunities. 🚀 Why is September so crucial for startups? Investor Re-engagement: Many investors return from their summer breaks ready to dive back into the market. This means a significant increase in potential meetings, pitches, and, importantly, funding opportunities. Event Calendar Kick-off: September marks the beginning of a bustling period for industry events, conferences, and networking opportunities. These events are critical for founders to expand their networks, gain visibility, and attract interest from potential investors and partners. (I personally have 2 events per week on average in September and October). Market Momentum: As businesses and consumers alike return to full activity, the market dynamics can shift. For startups, this is an opportunity to capitalize on new trends, customer behaviors, and gaps in the market that may have emerged. Strategic Planning: August was the time when startups can reflect on the year's progress and adjust their strategies accordingly, taking a look at what is it to come and making sure they went back to their decks and pitches. It is time to implement. 💡 Tip for Founders: Make sure you are contacting the investors you already contacted on Q1 or Q2 to schedule meetings since they are going to be eager to hear you out. Have your documents and pitch ready though. #StartupGrowth #InvestmentOpportunities #Entrepreneurship #September #BusinessStrategy #NetworkingEvents #luxembourg #startups #EYnovation #fundraising #Backtoschool

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Optimal growth + solidifying leadership is what IMPROVED believes will be achieved by combining these forces

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World Bank evidence (and hopefully food for thought ?) for French politicians now looking for coalitions. In the last 42 years (1980-2022): - French citizens have become poorer than German, British, US and Irish citizens. - Belgians, Dutch, Swedes, and Danes have become even more richer than the French. - Italians, Spaniards, Portuguese and even the Greek have been catching up (higher growth of GDP per capita). Europe has been losing ground, the French much more so. #competitivity #incomeinequality #EuropeanUnion #singlemarket

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Today, an insightful article by Investment Officer Luxembourg provides an in-depth analysis of the ongoing collapse of Banque #Havilland, exposing deeper systemic failures that echo unresolved issues dating back to the #Kaupthing crisis in 2009. For the past 15 years, I have continuously contested the practices of the former Kaupthing bank, which have now culminated in significant regulatory sanctions by the European Central Bank and the Commission de Surveillance du Secteur Financier (CSSF). The ex-Kaupthing saga is a complex case, but it serves as a clear example of how conflicts of interest can lead to disastrous consequences for a bank's client. The article emphasizes how Luxembourg's financial sector has once again failed to ensure the necessary levels of transparency and accountability. These same concerns about governance and compliance were at the forefront during the sale of Kaupthing's Luxembourg unit, which led to the creation of Banque Havilland and #PillarSecuritization, both controlled by the Rowland family. The current downfall of Banque Havilland is not merely a regulatory issue—it signals a critical need for reform in Luxembourg's financial system (particularly but non only on the conflicts of interests resolution). My own case, in which €123 million was wiped out in just 50 minutes due to predatory financial actions, illustrates the urgent need for such reforms. While the Supreme Court of Luxembourg ruled in my favor, enforcing the decision remains challenging due to the legal countermeasures implemented by ex-Kaupthing's lawyers to shield themselves and anybody involved from potential repercussions should I prevail, as I have. As I stated to Investment Officer: "Luxembourg must change. This case will hopefully force that change, and it cannot be stopped now." I add, this is not only for me and my family but for anyone who might find in a similar situation. * * * For further details on this case and its implications for Luxembourg's financial governance, read the full article. #FinancialLaw #BanqueHavilland #KaupthingCrisis #RegulatoryReform #Luxembourg #CorporateGovernance #ConflictOfInterest #AML #LegalBattles #InvestmentOfficer Raymond Frenken AMSF - Autorité Monégasque de Sécurité Financière FMA - Financial Market Authority Liechtenstein Financial Conduct Authority Swiss Financial Market Supervisory Authority FINMA European Public Prosecutor's Office (EPPO)

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Only 4% of EU VC's have previous startup experience... versus 60% in US  In CVC in EU it will even be worse... (educated guess)  There are some more interesting insights on the low level of support by VC's, the needs from startups, .... in the article below  This confirms also the need for more VC Platform roles in the EU #vcplatform (see my previous post on VC Platform roles)  #venturecapital 

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Another important step on the journey to build out our advisory practice globally.

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It is always good to see when a European start-up is making disruptive progress and Paris-based Mistral AI is certainly remarkable, raising $600 million at a $6 billion #valuation for their Series B led by US fund manager General Catalyst, after raising a $112 million Seed Round a year ago to set up a European rival to OpenAI, Anthropic and other AI giants. Co-founded by alumni from Meta and Google’s Google DeepMind, the company is working on foundational models with the aim to rival the best performing models today, such as OpenAI’s GPT-4o, Anthropic’s Claude 3 and Meta’s Llama 3. Even more interesting from a capital markets standpoint is the broad and global list of investors which includes Lightspeed Venture Partners, Andreessen Horowitz, NVIDIA, Samsung Venture Investment Corporation, Salesforce Ventures, Belgian financial institution Belfius, Bertelsmann Investments, BNP Paribas, Bpifrance (through its Digital Venture fund), Cisco, Eurazeo, Headline, Hanwha Asset Management Co., Ltd.'s venture fund, IBM, Korelya Capital, Millennium New Horizons, Sanabil Investments, ServiceNow and SV Angel. Several of these groups do not invest in VC/early-stage or in Europe so its good to see European companies attracting different sources of capital. Lets see how this progresses. #europe #paris #france #ai #startups #fundraising #startups #venturecapital #fundmanagers #capitalmarkets https://lnkd.in/gg4FThvv

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As we approach Round 2 of the French Legislative elections, the path from voting intentions to actual seat projections remains uncertain – and the implications for France's political stability and economic outlook are becoming increasingly significant. Last week's Round 1 saw strong voter participation, resulting in 76 seats being attributed. Over 200 candidates normally qualified for 3+ candidates contests from the Left (NFP) and Center withdrew to boost their remaining opponents' chances against the far-right Rassemblement National (RN). Finally, only 89 constituencies will have three-candidate contests, and 409 will see traditional duels: 149 RN vs. NFP, 129 RN vs. Center, 58 RN vs. Right, and 30 Center vs. NFP. We have run a proprietary model using first round data as an input to try to forecast the range of likely results for each constituency. The results are summarized in the table. Regarding the 4 scenarios we described 2 weeks ago, only one remains with a high probability : a hung parliament as our model suggests than Center, NFP and even RN will be significantly below the 289 absolute majority threshold. A configuration unseen in France since the beginning of Vth Republic in 1958. Besides, this analysis implies a strong stability in voting trends between June 30 and July 7, a reasonable assumption but who can be 100% sure? We see then two potential outcomes on the horizon: 1. A Large Coalition including the Center and gathering from Right to Left except RN and La France Insoumise (Radical Left Party). 2. A Technocratic Government. Such a government would likely manage current affairs, but might struggle to maintain stability given the heightened political polarization and the country's fiscal challenges. The looming major electoral deadlines in 2027 add to the uncertainty of these outcomes. That said, the radical shifts on both the right and left of the political spectrum, coupled with a tense budgetary situation, make it optimistic to expect a return to political calm in the next 3 years' future. We will be delving deeper into these developments and exploring the potential market implications in a webinar on July 9. Together with my colleague Greg Clerkson, we will be covering the results of the French elections, the U.K. Elections, and US political developments. Sign up here: https://lnkd.in/easuJRuU

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Disturbing facts summarized in a very clear article. Let's not forget that the State earns marginally on such assets, but that the financial ecosystem in Luxembourg can only be very much preoccupied by the shrinking of the cake... And don't say that this is related to shrinking AUM affected by market. Here, we talk about net outflows... Hence the State will have to address this issue, and rapidly, as Jerome Bloch points out every day, and rightly so.

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There was a lot of discussion about the #Draghi report last week. In my opinion, we are focusing too much on the amount of 800 billion euros that can be spent annually to stimulate development. The key issue for Europe right now is building technological autonomy, technological independence in key sectors of the future such as space, logistics, supply chains, cybersecurity. I hope that in #Poland & #Baltics we will manage to develop a program to stimulate the development of technologies that are now key for our region. I am not talking here only about funds for investments, but also about changing the public procurement law, for example. Civilian technologies that increase the resilience of the State in times of conducting operations on the border between war and peace should currently be a priority for #NATO's eastern flank. The question is how can entrepreneurs get involved in building the resilience of the State? Can dual-use investments become a new type of CSR today? Dual-use impact policy in companies? I talked a lot about this topic recently at a #balticvcasummit in Vilnius. I know that the best PEs from our region are already investing in dual-use technologies. Now VC should do that too! I would like to invite you to an event organized by Paweł Michalski. We as Balnord support this initiative. What is SHIELD? #SHIELD is an event that brings together stakeholders from public administration, enterprises, investors, and startups to discuss defense and dual-use technologies. What's in it for you? Meet defense investors, potential partners, industry experts, and startups. To learn more or get your ticket, visit the event website at https://lu.ma/shield

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