Université PSL has joined venture capital firm Elaia Partners to launch an investment vehicle called PSL Innovation Fund that is targeting a €75m ($87.5m) close.

The fund will be managed by Elaia and its limited partners will include Université PSL itself as well as Fonds National d’Amorçage 2, an early-stage vehicle managed by government-owned investment bank Bpifrance.

Financial services firm BNP Paribas, industrial manufacturer Naval Group and insurance provider MGEN are also providing capital, as are KPN Ventures, the corporate…