FN
LP profile
Fonds National d’Amorçage (FNA 2)
Fund of fund · Founded 2009 · Maisons-Alfort, France
7
VC firms backed
01 · Background
Who Fonds National d’Amorçage (FNA 2) is.
- Historical Background
- The Fonds National d’Amorçage 2 (FNA 2) is a French seed fund program that succeeded the original FNA, which was established in 2011. Managed by Bpifrance on behalf of the French State, FNA 2 was created to continue the mission of bolstering the early-stage investment landscape in France. The program is part of the broader "Programme d'investissements d'avenir" (PIA), a government initiative to foster innovation and economic growth.
- Source of Capital
- The capital for FNA 2 is provided by the French State. Funding is allocated through the PIA, a multi-billion euro public investment program.
- Major Events
- The initial endowment for FNA 2 was €400 million, which was later increased to €650 million to expand its investment capacity. The program has been succeeded by a third-generation fund, FNA 3, which continues the government's commitment to seed-stage financing.
- Allocation Strategy
- FNA 2 operates as a fund of funds, a strategy where it invests in other venture capital funds rather than directly into companies. The program targets professional management teams that operate seed funds focused on young, innovative companies in their earliest stages of development. While not limited by sector, the underlying funds often align with national strategic priorities, including digital technology, life sciences, and industrial innovation.
- VC Strategy
- The Fonds National d’Amorçage 2 (FNA 2) is a French government seed fund-of-funds managed by Bpifrance. It invests exclusively in professional seed fund managers to provide them with anchor LP capital, stimulating the formation of innovative companies at the earliest possible stage. Stage focus: Seed stage exclusively — a uniquely early-stage mandate compared to most government-backed FoF programmes. The programme targets professional management teams running seed funds backing companies at their very earliest stage. Geographic focus: France — part of the Programme d’investissements d’avenir (PIA), a French national economic stimulation initiative administered by the French State. Sector focus: Technology-neutral, but underlying managers frequently align with national strategic priorities including digital technology, life sciences, and industrial innovation. Programme evolution: FNA 2 began with a €400 million endowment, later increased to €650 million. It has since been succeeded by FNA 3, demonstrating institutional continuity. Named GP backings are not individually disclosed.
02 · Fund commitments
The funds Fonds National d’Amorçage (FNA 2) backs.
Fonds National d’Amorçage (FNA 2) is a limited partner in 7 funds. 2 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Partech
#72 Power Law
Elaia
#453 Power Law
Axeleo Capital
CDC Enterprises
Innovacom
Kurma Partners
Quantonation
03 · Allocation
How Fonds National d’Amorçage (FNA 2)’s fund book is spread.
The 7 funds Fonds National d’Amorçage (FNA 2) backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- Europe 7100%
France 7
04 · Other LPs
Other LPs.
Other funds of funds in the Power Law LP ranking, closest to Fonds National d’Amorçage (FNA 2) by combined power-law score — Europe first, then the nearest worldwide.
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