Accumulation of experiences and approach to proximity are the bywords of a difficult job

Public authorities have decided the establishment of a budget of EUR 2 billion for the investment funds that invest capital in SMEs, with the assistance of the Caisse des Dépôts and private investors. Beautiful and good initiative to recall that the "private equity" has not only to object of interest to large operations and reduced not in majority LBO very publicized because of their scope.

Remember the crossing that private equity has long had for monoline interest to SMEs, be they technology or not. Is that recently that he intervened in more and more large operations which, previously, were traded. Because of their size, which mobilizes huge capital, these large operations are also often performed by Anglo-Saxon operators that convey a very different culture from that of our SMEs, which incorporates the factors capital property often very emotional and can only transfer as a simple commodity trading... "Private equity is a commodity", say elsewhere Anglo-Saxon investors, which offends our culture.

Through the provision of specialist operators of SMEs in the sums, the expected device will strengthen the weight of the very close proximity investors in the culture of our SMEs, which, in the current situation, sometimes struggle to raise funds; because major investors are oddly attracted to the operators of larger, even though their profitability trend should crumble, penalized by the often excessive funds entrusted to them.

Important a point: this device is expected to attract more SMEs to "private equity", which will lead to a strengthening of their own funds, enabling them to develop on a solid financial base and therefore indirectly to save and create jobs. Experience shows that the supply of capital creates the request or at least allows the latent demand to speak, and that the presence in their capital of equity investors dope business by stimulating their management.

However make sure that the addition of capital does not allow little professional operators survive artificially: it is indeed difficult, or even more difficult to set up an operation of "private equity" in an SME than for a larger group with a strong culture of financial management. In addition, do not forget the historic character of most SMEs, which requires a custom tailored to the needs of their family shareholders and hardly imaginable proximity distance monitoring. Accumulation of experiences and approach to proximity are the bywords of a difficult job.

SMEs is by definition located in the region, it should be avoided to succumb to a certain "regional activism", always nice in a country where the Jacobinism has shown its limits, but that might prove dangerous for the viability of investors. Good feelings are not sufficient to ensure the success of the device that will be put in place long-term. Indeed, this job requires a long learning experience is a valuable asset, which only helps to ensure a good level of profitability.

Finally, let us not forget that SME leaders expect their shareholders not only funds but a real added value. The concept of "dormant shareholder" lived. Our SMEs need to shareholders with a strong business ethic, solid, with networks and support that allow them to face the consequences of globalization in good conditions to cope with the challenges of the 21st century. Bravo to Renaud Dutreil launched this initiative, which, by combining public capital and private equity, should identify a profitability that could fade with envy the big funds focused on major operations and help to the development of efficient SMEs, that our country badly needs.