I don't want to enter into this sterile debate

The head of the French Association of investors in capital (Afic) since June, Patrick Sayer also Chairman of the Board of Eurazeo militates for the creation of a "Small Business Act" (SBA) European which would promote SMEs in public procurement. The priorities it set out its mandate of one year, include the enlargement of shareholding employee "buy-out leveraged" (LBO) and the lowering of the thresholds of tax integration (from 95 to 75) and withdrawal of rating (95 to 90). At the time where the Afic negotiates with Bercy a stable fiscal framework on compensation of patterns of LBO firms, it says that we should revisit the "tax carrot" of PEA.

LBO funds raised 164 billion dollars since the beginning of the year. Is it not a bubble

There is an old adage which says that the easy money is not spent, and I hope that we can all be careful. More seriously, in recent cases, I not was shocked by the prices paid. The multiple of debt in 2005 are similar to those of five years. However, since then, financial engineering to is considerably sophisticated. It brings a new visibility on the real value of the assets and may reduce the burden of debt.

Some patterns of major French groups criticize the tax advantages enjoyed by the LBO...

I don't want to enter into this sterile debate. But the effect of tax lever his role as much for funds for industry. Today, it is anyway much more modest, as a result of low interest rates. The real question is the threshold for tax integration. Leave it to its current level of 95 is to play into the hands of master singers, by collecting at least 5 of a company listed on the stock market, being able to prevent change of strategy. This old and new shareholders and especially the company. The Afic has proposed to the public authorities to reduce this threshold to 75, with an integration system tax proportional to the percentage of capital held, and lower the minimum threshold to launch a public offer of mandatory withdrawal from 95 to 90.

What would the tax cost

I understand the desire of the authorities to quantify the tax cost, but we forget to calculate the economic and social costs of the failure of an operation to leverage that relaunching the enterprise project. The growth of employment in companies in the Fund Portfolio is superior to that of the general economy. Everyone has understood that the LBO was virtuous.

Funds and the CAC 40 index patterns criticized the speed with which a few fortunes are built in the LBO. Do you share this feeling

When someone wins the money in the stock market by introducing a start-up, it offends anyone. I do not see why this would be more shocking in the non-coté while the company prosperous. LBO managers have sometimes won significant amounts, but it is also because they took risks. I think only that funds must be attentive to a number of clear criteria. There must be a real taking of risk manager who invests capital, especially without loan backed by the company. Corollary to this basic principle, the return on investment must follow rising as to the decrease in performance. And finally, is there not, in my view, need "tax carrot" redundant through the use of savings shares (PEA) plans.

The Afic has proposed to widen shareholding employee in the LBO. It is not a "kick in the ass" too greedy managers

No, this is merely to ensure that the management and all employees working in a shared, objective is the success of the business. The entry of a subsidiary to a group in the Fund Portfolio can be experienced as a failure by the employees. Associated with a project, through a common business investment Fund (CIPF) adapted, supported by a credible business plan, creates a new culture and give a new impetus.

What perspective do you wear on the fabric of French SMEs

SMEs work well and have in general patterns of quality. But they suffer a colbertiste preference for large companies who are systematically favoured in the calls for tenders. Public commissions provide to small and medium-sized enterprises a solid sales base which would allow them to take more risks to develop or to internationalize. But this positive discrimination cannot be put in place than if all the European countries working in the same sense, because the WTO agreements are obstacles.

What home has received your request for a transparency of the banks on their outstanding loans to SMEs

We expect boost of Bercy. The question is whether banks have really is all it takes for SMEs. If this is the case, I do not see where is the embarrassment...

Where is the investment of the French insurers in the non-coté

Insurance companies did not like to take the ear at the time, but I believe that today ' hui they perceive their interests to increase their presence in this asset class. But they want to do so at their own pace, without mandatory constraint at the time when they must negotiate the corner of new prudential rules of Solvency II. I have no doubt that they eventually, term, allocate between 4 and 5 of their assets to the "private equity".