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EDITORIAL

After two years of an unprecedented economic crisis, the stock market window opens again, thereby marking the return of growth. Businesses supported by Truffle Capital overcame this difficult period and are ready to take advantage of improving market conditions.

Neovacs (biotech company specialized in the development of active immunotherapies for the treatment of autoimmune diseases, inflammatory diseases and cancer) and Deinove (global specialist in green technologies applied to biofuels and green chemistry) recently announced the success of their initial public offerings on the Alternext. Carmat, a company developing a totally implantable artificial heart, is in the starting blocks and plans an IPO for the summer.

With the economic recovery, Truffle Capital has successfully negotiated a new exit, by selling its shares of Photon Power Technologies to EDF Energies Nouvelles, a subsidiary of the EDF Group. Truffle Capital shows an ROI of 350% on this transaction which confirms our investment strategy implementation.

Henri Moulard
Jean-François Fourt
Philippe Pouletty, MD
Bernard-Louis Roques