Aviva is launching the "Fortune FCPI", a venture capital fund managed by Truffle Capital, one of the market's most experienced players in investment in innovative companies.
- FCPI tax benefits and Truffle Capital management performance
Aviva is launching the "Fortune FCPI"1, a venture capital fund managed by Truffle Capital, one of the market's most experienced players in investment in innovative companies.
This offering will allow Aviva to bolster the range of products available to its investment customers, which constitutes one of the tenets of its development strategy.
The FCPI is one of the special vehicles that allows savers to benefit from very favourable tax breaks2 while investing in growth businesses that are likely to generate attractive profits.
Founded in 2002, Truffle Venture is a specialist player in the investment market for three particularly profitable sectors: energy and natural resources, life sciences and information technology.
Working within these three sectors, the management team at Fortune FCPI operates a very selective investment strategy that focuses on spin-offs, which are innovative companies created by large groups, universities or laboratories. In this context, one of the team's central beliefs is that young companies investing in research and development to launch innovative products (new anti-aging and cancer drugs, IT security solutions, technologies used to reduce energy costs, etc) can over a few years become market leaders, just like Google, eBay and Genzyme.
The performance of funds managed by Truffle Capital make it one of the most successful FCPI managers around.
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1 AMF approval: FR 0010593590 on 4 April 2008
Listing fee: 5%
Term: 7 years
Management fee: 2.9% per year
Subscription: At least €3,815 excluding listing fee
Net asset value: Quarterly
2 Summary of tax benefits:
- Reduction in 2008 income tax of 25% of the amount deposited up to a maximum of €12,000 for individuals or €24,000 for couples, or a total reduction of €3,000 for individuals or €6,000 for couples.
- Reduction in 2009 solidarity tax on wealth (ISF) of 50% of deposits in the ISF-eligible part of the FCPI (70%) up to a maximum of €20,000 per tax household.
- Exemption from capital gains tax.
- Part of deposit allocated to the part of the FCPI eligible for ISF exemption.
Press contacts
Aviva Vie
David Chenu
Telephone: 01 76 62 67 92
E-mail: david_chenu@aviva.fr
HDL Communication
Valérie Dudoit
Telephone: 01 58 65 20 16
E-mail: vdudoit@hdlcom.com
Notes to editors:
About Aviva
Aviva is Europe's leading provider of life assurance and pensions savings with strong positions on other markets around the world. Based on gross premiums at 31 December 2007, Aviva was the world's fifth-largest insurance group. Aviva's three principal businesses are life assurance and long-term savings, asset management and non-life insurance, with a total turnover of €56.7 billion in 2007 and €455 billion in assets under management at 30 June 2008.
With more than 150 years' experience in France, Aviva is one of the top 10 players in the insurance market. Aviva France stands out from the crowd with its solid, balanced and profitable multi-distribution model: 875 general agents, 1,800 branch staff, 400 life advisers and 1,000+ brokers. Aviva France also has major partners such as AFER, the largest savings association in France, the Crédit du Nord group, l'Union Financière de France and Médéric. Specialising in unit-linked products, Aviva is recognised for the excellent performance of its long-term funds and solid commitment to its customers through its "Good Advice" approach. Aviva employs more than 3,300 staff in France. At 31 December 2007, Aviva France recorded consolidated sales of €6.5 billion and an IFRS net profit of €338 million and managed assets worth €71.4 billion at 30 June 2008.
About Truffle Capital
Founded in 2002 in Paris, Truffle Capital is a European leader in venture capital dedicated to investing in and building technology leaders in information technologies, life sciences and energy. With €360 million under management, Truffle Capital is led by a team of four partners with decades of successful investment and entrepreneurial experience in both Europe and Silicon Valley. The Truffle Capital investment team is made up of experienced, international experts. Truffle Capital aims to achieve superior financial returns by leveraging its industry knowledge, extensive network and focus on spin-offs to identify business ventures that match latent market needs. For more information, please visit www.truffle.com.