PPI is dedicated to financing innovative enterprises that address Europe’s most pressing social challenges.
The fund has secured €60 million in commitments from institutional investors.
Paris, February 2026 – Phitrust, a leading European social impact investment firm, today announced the final closing of Phitrust Partenaires Inclusion[1] (PPI), its third social impact investment fund. PPI is dedicated to financing innovative enterprises that address Europe’s most pressing social challenges. The fund has secured €60 million in commitments from institutional investors.
A DIVERSE AND COMMITTED INVESTOR BASE ![]()
The European Investment Fund (EIF) has renewed its trust in Phitrust, committing €20 million to PPI. It is joined by a prestigious group of European investors, including Mirova, Crédit Mutuel, Malakoff-Humanis, MGEN, Fondation Apprentis d’Auteuil, the Belgian sovereign fund (SFPI’s “Relaunch for the Future”), Fondo de Impacto Social (managed by Cofides, Spain), Ethias (Belgium), VP Capital (Netherlands), and GDA Impact (managed by Fondazione Social Venture Giordano dell’Amore, Italy). The fund has also attracted leading European entrepreneurial family offices, drawn to its unique blend of private equity and philanthropic impact.
Ángela Pérez, Chairwoman and CEO of COFIDES, emphasized: “This investment is not only significant in size but also in its catalytic effect. It will channel more capital into Spain’s social economy and help bridge the financing gap for impact-driven enterprises across Europe.”
A STRATEGY CENTERED ON HUMAN CAPITAL AND INCLUSION
PPI’s investment strategy focuses on two core pillars:
– Empowering Individuals to Find Their Place in Society: Job inclusion, support for people with disabilities, vocational training, education, and valorization of local professions.
– Ensuring Access to Essential Goods and Services: Sustainable food, affordable housing, energy poverty alleviation, financial inclusion, social support, and healthcare access.
Olivier de Guerre, President of Phitrust, stated: “We are proud to unite French and European institutional and private investors around a shared commitment to social impact. Investors play a crucial role in scaling innovative solutions to Europe’s social challenges. The ecological transition must go hand in hand with a just social transition.”
CAPITAL TO ACCELERATE SOCIAL TRANSITION
Europe faces dual pressures from the ecological transition and digital transformation, making employability a critical issue. A new generation of social entrepreneurs is rising to the challenge, leveraging business models to create scalable social impact. PPI provides these enterprises with long-term financing and strategic support, enabling them to expand and achieve sustainability.
PPI has already deployed 14 investments, totaling €10.3 million, and is certified under Article 9 of the SFDR. A second investment vehicle remains open to qualified private investors, with a target of raising an additional €20 to 30 million.
A UNIQUE NETWORK OF INVESTORS AND EXPERTS
Entrepreneurs supported by PPI benefit from Phitrust’s 20 years of expertise and a pan-European network of “venture partners” in Italy, Belgium, Spain, and Portugal. These partners identify innovative social enterprises and connect them with investors. Phitrust also mobilizes a unique community of entrepreneur-investors who contribute capital, governance, and hands-on support to scale social impact.
François Lemarchand, founder of Nature & Découvertes company, a private investor, shared: “It’s time to break down the silos between philanthropy and investment. The key is to fund effective projects that address social challenges—whether through traditional businesses, social enterprises, or private capital. We need more investors to join this movement.”
Phitrust
Founded in 2003, Phitrust is an asset management company that advocates for change by engaging with large listed corporations to improve their ESG practices—and by supporting innovative social enterprises, providing them with the financial and human resources needed to scale and amplify their impact (Phitrust Partenaires). Two distinct activities, one unified mission: to be a committed shareholder for impact.
Phitrust Partenaires
A pioneer in social impact investment in France, Phitrust Partenaires was launched in 2006, followed by Phitrust Partenaires Europe in 2016 and Phitrust Partenaires Inclusion in 2023. As a patient venture capital fund, it has invested in over 30 innovative social enterprises that place inclusion at the heart of their business models, including LemonTri, La Varappe, Les Alchimistes, Alenvi, BeCode, and Sea Ranger. Phitrust Partenaires combines financing and hands-on support through a network of investors, executives, and former leaders who actively engage in governance, capital investment, and project oversight.
In June 2021, Phitrust adopted the « Entreprise à Mission » (Mission-Driven Company) status.
In June 2023, Phitrust reaffirmed its commitment to value sharing by becoming the first French asset management company to adopt the SAPO (Société Anonyme à Participation Ouvrière) structure, enabling employees to participate in governance and value creation (dividends).
Contact: Stéphanie de Beaumont – Deputy CEO stephanie.debeaumont@phitrust.com | www.phitrust.com
Warning: Investment in Phitrust Partenaires involves risks, including liquidity, counterparty, market, currency, and risks related to the solidarity nature of the investments. Prospective investors should consult the Investment Memorandum for a detailed risk analysis.
[1] Phitrust Partenaires Inclusion is a French limited liability company (SAS, classified as an « other AIF »), certified under Article 9 of the SFDR regulation, and open for subscription to eligible investors as defined in its rules.









