The heads of the four founding institutions of the Long Term Investors’ Club , Philippe Maystadt, Chairman of the European Investment Bank (EIB), Augustin de Romanet, Chairman of the Caisse des Dépôts, Franco Bassanini, Chairman of the Cassa Depositi e Prestiti (Italy), and Dr. Ulrich Schröder, Chairman of the KfW (Germany), meeting today in Paris agreed upon the main characteristics of the Marguerite Fund. Marguerite is the European equity fund to invest in the Member States’ environmental, energy and transport infrastructures which was initiated in September 2008 under the aegis of the European Council as a key measure of the European Economic Recovery Plan.

With a fund-raising target of €1.5 billion by 31 December 2011, this Fund will be one of the prime European equity financing vehicles for infrastructures. First instrument of cooperation among European long-term investors, the Fund will stand as an innovative example in several respects:

  • priority will be given to projects addressing the climate-change goals defined by the European Union;
  • its governance and financial management will comply with the philosophy of Long Term Investors;
  • the management team’s incentive and remuneration system will be consistent with G20 guidelines.

In view of the above, the four Chairmen are especially pleased with the firm intention of  the Instituto de Credito Oficial (ICO) & the Powszechna Kasa Oszczednosci Bank Polski (PKO BP) to join the Marguerite Fund, on a parity basis, thus expanding the investor base in keeping with the mandate given by the European Council. In addition, the European Commission itself may join the Fund shortly. The “Core Sponsors” must now rapidly proceed to recruit the management team, establish the Fund’s legal structures with the approval of the Luxemburg regulatory authority, and conduct the first closing, representing around €750 million, before the end of this year.

About the Long Term Investors Club:

The Long Term Investors Club was founded to support the role of long term investors for financial stability and economic growth in Europe. Alongside its four founder members, namely the French Caisse des Dépôts (CDC), Italy’s Cassa Depositi e Prestiti (CDP), the KfW Bankengruppe (KfW) of Germany, and the European Investment Bank (EIB), the Club is also open to other long term financial investors, and more especially those from the emerging countries. www.ltic.org