Evidenced by the three investments announced during the summer

Gilles Michel turn relay this week to Jean-Yves Gilet, who will officially take the reins of the strategic investment (ISP) Fund in the coming weeks. It takes stock of his 20 months at the head of this sovereign fund à la française created in early 2009.

You say want to return to your business of industrial, isn't this a little early

I have the feeling of having accomplished the mission which was attached to me: install the strategic investment fund in the economic landscape to make it a tool of economic viable and useful in the service of the competitiveness of enterprises. The role of investor long-term ISP cannot be held on time but, after twenty months of existence, it has proved an important public investor and sometimes even central in its four areas of intervention: the top rated, often family intermediate-sized companies, small and medium-sized enterprises and companies in difficulty. Last example dated, Valeo, which the recent disengagement of Pardus, its principal shareholder, is operated without destabilizing the company. Our signature of reference long term investor has indeed contributed to a restructuring of its capital without significant disruption.

Many files were very political in nature, this pressure has tired you

More than 80 of 120 investment decisions already taken by the ISPs affected small and medium-sized enterprises, but they are the few issues to firms in difficulty which are more about us! That said, the policy is inherent to the ISP insofar as it is a public tool for mobilizing public resources in private name of a mission of general interest. We are therefore asked regularly by elected officials and corporate offices. It is quite normal because there are issues of territory, competitiveness or even the France weight in the global economy. The key is that the test established by the ISP before any investment remains the same regardless of the quality or the visibility of the solicitation. When in difficulty but with competitive companies appeal to us, our goal is to make a real industrial solution. In the case of Heuliez, thus very actively studied with all stakeholders the viability of the project from the initial buyer, and then that of alternative projects. In fine, the project that represents the best chance of industrial rebound for many years for Heuliez does not require our intervention and it is as well.

Is there not an intention of the policy to take advantage of a moment of weakness of the ISP in the Altis project

It is in the middle of the Ford. The submitted project, a conversion of the industrial tool, is the only possible way for the future, but it is very bold because it is to turn a plant supplier of its two shareholders in an independent company used throughout the market. We want to ensure that if we invest, the significant risks that we are ready to be under controlled conditions. The Board of Directors convened late July and expressed to the buyer the conditions and elements we seeming need to be improved to invest. This work is to be. There is no vacancy for power between my departure and the arrival of Jean-Yves Gilet. Evidenced by the three investments announced during the summer.

The ISP was therefore political strength to resist the pressure

Its principle of action is to evaluate the projects in terms of its mission and to be force of proposal whatever the final decision. The political dimension is never involved in the decisions of the Board of the ISP. For example, when we are working on the CMA CGM file, it is because it is the third world shipowner and the first French. And this is of course always and only with the company and its shareholders that the discussion of investment takes place. There is no shadow of a disagreement between the State and the ISP on these principles.

Beyond the political conflicts, there are also conflicts of interest. In this case, Albert brother was in the last round table of CMA CGM as the principal shareholder of Imerys, the company that you join.

The possibility of conflict of interest exists for everyone in the ISP, and this is why we have in place from the outset a code of ethics that we all signed, members of the ISP as directors. If a conflict of interest emerges, the person is from the process of discussion and decision. When the name of Brother Albert began to be mentioned in the CMA CGM folder, I completely retired. At this point, indeed, the round table which included Albert Frère did not satisfy the majority shareholder, Saadé family. And the ball is in the latter camp: it considers that there is more need of a recapitalisation, either there must be agreement on the terms and conditions will be those of any investor advised.

The crisis ended, is there still a place for the ISP

The quality of our signature will always be a guarantee of sustainability to businesses, especially for those of intermediate size, the "Mittelstand". In addition, the ISP will remain an investor can take risks that others would hesitate to take. Beyond its status as investor, the ISP will also see its role as shareholder of the importance, including social. His choice will have to positively influence the market businesses and their markets.