[EXTRAIT] Fanny Picard (Alter Equity) - Responsable et rentable : la finance à impact en actes
·5 min
This episode of Finscale features an interview with Fanny Picard, the founder of Alter Equity, focusing on the practical implementation of impact finance. Picard begins by describing the initial resistance she faced when proposing that companies could be both profitable and responsible, with investors dismissing the concept as unachievable. She references the prevailing liberal economic era influenced by the Chicago school and Milton Friedman's famous article stating that a company's only social responsibility is to maximize profit. Alter Equity was founded to challenge this by arguing that companies must also consider stakeholders like employees, the environment, customers, suppliers, and territories to ensure long-term profitability and sustainability. Picard details the arduous process of raising her fund, which took nearly nine years to gather just over 40 million euros, a amount she notes was minuscule compared to the deals she previously worked on in asset management. She explains the difficulty in convincing institutional investors, leading her to initially target private individuals with some success. However, a political election caused many French interlocutors to reconsider moving abroad, resulting in losses and forcing her back to institutional investors. Ultimately, she raised 41.5 million euros through persistent effort. When asked about her tenacity, Picard shares her deep conviction in developing an economic system that works effectively while being just, allowing access to employment, a suitable standard of living, and health. She discusses the tension between ultra-liberalism and socialism, noting that communist systems often fail and lead to dictatorship, and emphasizes the need to balance economic effectiveness with human rights. The conversation also touches on the growing recognition of nature's importance in this framework. The episode is presented as an excerpt, with a teaser for a full video on YouTube featuring host Solène Niederkorn.
