Curtis Advises Arranger of French Government's AiLSi Social Impact Bonds

Curtis served as legal advisor to a French firm specializing in impact investment which arranged the French State's social impact bonds providing €6 million in financing for the AiLSi project in Marseille over the next five years. Curtis partner Jean Pontier was also asked to present his views on the legal aspects of the impact investment market to a commission appointed by the French Ministry of Finance to oversee the impact investments, on October 27, 2021.

The bonds are the first of their kind in France, and were launched on October 19, 2021 in partnership with the following French government agencies:

• Ministry of the Economy, Finance and Recovery,
• Ministry of Justice,
• A Ministry delegate of the Ministry of Ecological Transition in Charge of Housing, and
• The Ministry of Higher Education, Research and Innovation.

Investors include BNP Paribas European Social Impact Bonds, La Banque des territoires, INCO and the European investment funds (supervised by EIB).

The AiLSI project, administered by Medecins du Monde, is an experimental jail diversion program and study for homeless people in Marseille. The program will provide housing and intensive monitoring to individuals with severe psychiatric disorders as an alternative to incarceration, with the aim of improving their health and facilitating social recovery.

The Curtis team was led by partner Jean Pontier and included partner Patrice Couturier and associate Charlotte Fromont.

For more information, please read the French government’s official press release.