About This Fund
The Fonds Révolution Environnementale et Solidaire (FRES) is a private impact fund managed by Crédit Mutuel Impact, the investment arm of Crédit Mutuel Alliance Fédérale, one of France's largest mutual banking groups. Constituted as a Société de Libre Partenariat (SLP) and incorporated on May 12, 2023, the fund is financed through Crédit Mutuel Alliance Fédérale's 'Dividende Sociétal' — an internal allocation of 15% of the group's annual consolidated net profit. Targeting €1.5 billion in cumulative investments by 2027, the fund committed €363 million in its inaugural year of deployment (2023).
FRES invests exclusively in unlisted companies and projects across six ecological transition themes: sustainable and low-carbon mobility, energy-efficient and affordable housing, sustainable food and consumption systems, low-carbon industrial transformation, ecosystem preservation and natural capital (forestry, biodiversity, water), and climate-resilient agriculture. The fund operates across the European Economic Area — with France as its primary market and confirmed activity in Belgium — investing through equity, growth capital, and real asset acquisitions. All investments are classified under SFDR Article 9 (dark green), targeting 100% sustainable investments and monitoring 16 mandatory sustainability indicators.
In 2023, the fund committed to four inaugural investments: Groupement Forestier Vosges Nord (4,600 hectares of Alsatian forest sequestering 23,000 tonnes of CO₂ annually), Sweetch Energy (osmotic energy cleantech, lead investor in a €25 million round), Néolithe (mineralizing non-recyclable waste into construction aggregates), and Colonies (co-living and energy-efficient housing platform). In 2025, the fund led a €13 million round in Fyteko (Belgian agri-biotech developing enzymatic biostimulants for drought-resilient crops). The 15-person investment team at Crédit Mutuel Impact is led by CEO Sabine Schimel, based in Paris.