ADP, SEB, Michelin, Valeo, Accor, BioMérieux, Dassault, JCDecaux Holding, Kering and Pernod Ricard have all contributed to the venture fund’s $358m first close.

Cathay Innovation, the venture capital arm of France-based private equity firm Cathay Capital, reached the €320m ($358m) first close of a €500m fund today, securing capital from several corporate limited partners.

The LPs include hospitality chain Accor, airport operator ADP, biotech firm BioMérieux, diversified conglomerate Dassault, outdoor advertising company JCDecaux, luxury goods producer Kering, appliance maker SEB, tire manufacturer Michelin, alcoholic beverage producer Pernod Richard and automotive components supplier Valeo.

French government-owned investment bank BPIfrance has also thrown its weight…

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).