Aerospace technology manufacturers Airbus, Safran, Thales and Dassault Aviation have all contributed to the €630m ($739m) initial close of France-based venture capital fund Ace Aero Partenaires.
The amount surpassed the vehicle’s original $590m ceiling and is expected to increase further for a $1.2bn final close. Dassault Aviation contributed $15.3m to the fund’s latest close, investing alongside the French government, unnamed contractors and fund manager Tikehau Capital.
Ace Aero Partenaires will invest in civil aviation technology developers and midcap enterprises badly hit by the economic crisis resulting from the Covid-19 pandemic.
Eric Trappier, chairman and chief executive of Dassault Aviation, said: “This success demonstrates the strategic nature of civil aeronautics in terms of employment, technology and foreign trade.
“It is about supporting the most fragile companies, preserving skills, encouraging digital modernisation and environmental transition. The solidarity and cohesion of our ecosystem have been exemplary for more than a century.”