Bpifrance is the French development and Exim bank for midcaps, the French export credit agency and the country’s SWF, all at the same time. The fund focuses on industries and sectors insufficiently covered by the market and provides funding to French businesses in the riskier phases of their development. It recently merged with CDC International Capital, absorbing all the international agreements the latter had signed with several SWFs including China’s CIC, Korea’s KIC, Qatar’s QIA, Russia’s RDIF and UAE’s Mubadala.