Obligations Relance


Obligations Relance


Turenne Groupe is proud to support the EPSA Group in financing its external growth.

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Target size



2 to €23m

Ticket size


Launched in December 2021, as the last component of the Recovery Plan steered by the French Ministry of the Economy, this fund is essentially funded by some twenty French insurance companies (France Assureurs) and the Caisse des Dépôts et Consignations (CDC). Two envelopes have been released for a total of €2.85 billion, with the scheme due to expire on 12/31/2023.

Obligations Relance are dedicated to providing long-term resources, in the form of quasi-equity, to SMEs and ETIs, to enable them to finance growth-generating projects while accelerating ESG transformation and digitalization.

With a term of 8 years, Obligations Relance are redeemable in one lump sum at maturity (early redemption possible under certain conditions).


  • Non-dilutive financing instruments
  • Financing of growth projects, including in particular: – Geographic or organic expansion – External growth in France or abroad – All operating investments: capex, R&D costs, inventories, etc.
  • In most contracts, the margin is indexed to ESG criteria (Environment, Social, Governance), making them central to the strategy.
  • Some projects co-invested with other players