Testimonial from Zoé Ormières-Selves, ESG Director at Épopée Gestion

Founded in 2020, Épopée Gestion is a territorial and purpose-driven asset management company. Its mission: to reinvest in French regions by supporting projects with strong social, economic, and environmental impact. Through the launch of its environmental impact infrastructure fund, the firm integrated Carbone 4’s CIARA methodology to structure and strengthen the credibility of its climate approach.

Climate and territory: two complementary pillars

By launching an Article 9 infrastructure fund, Épopée Gestion set itself a clear ambition: to finance the decarbonization of the local economy while maintaining a pragmatic approach. The non-financial objectives are key: at the fund level, 70% alignment with the EU taxonomy and a temperature trajectory below 2°C—both integrated into the fund’s performance indicators.

Why CIARA? An expert, accessible, and credible approach

From the design phase of the fund, Épopée Gestion sought a methodology tailored to infrastructure investments. “We wanted to avoid overly complex systems and work with true experts. CIARA checked all the boxes: rigor, clarity, and credibility.” Zoé, who had previously worked with CIARA during her experience at LBPAM, knew the tool was well suited to embed climate considerations into an operational investment framework.

Beyond the tool itself, Carbone 4’s hands-on support was decisive: “We greatly appreciated Carbone 4’s ability to provide a pragmatic interpretation of the EU taxonomy, especially for start-ups still in their structuring phase.”

At Épopée Gestion, the conviction is clear: financial performance and climate goals go hand in hand. Climate commitments are therefore integrated into financial management, with part of the carried interest indexed to climate indicators measured through CIARA (temperature and taxonomy)—hence the importance of working with a recognized expert like Carbone 4.

Several due diligence processes with CIARA and already three impact investments in 2024

In 2024, less than a year after launching its Épopée Infra Climat fund, Épopée Gestion completed three flagship transactions: Greenspot, Qovoltis, and EnerVivo. To ensure that these assets aligned with the fund’s environmental investment thesis, Épopée Gestion engaged Carbone 4 and applied the CIARA methodology during pre-investment. This collaboration enabled the integration, as early as the due diligence phase, of a detailed assessment of carbon footprints, avoided emissions trajectories, and taxonomy and temperature alignments. For Greenspot and Qovoltis—electric vehicle charging operators—CIARA highlighted strong decarbonization potential in regional areas through the electrification of road transport. As for EnerVivo, an agrivoltaics company, the analysis confirmed 100% alignment with the EU taxonomy by validating all environmental aspects in addition to the climate contribution criterion at the time of the fund’s entry.

A narrative-driven approach that still respects regulation

Épopée Gestion embraces a form of demanding craftsmanship in its ESG approach: project-level reporting, taxonomy alignment built collaboratively with portfolio companies to foster ownership, and customized biodiversity tools. “Of course, we will meet regulatory requirements. But what drives us is helping local projects grow—projects whose story and vision align with a just transition. CIARA contributes to that coherence.”

Although the CIARA platform is not yet used autonomously by Épopée Gestion’s teams, the methodology is now firmly embedded in the fund’s long-term climate strategy. Zoé concludes: “We want to avoid false good ideas. CIARA helps us stay demanding without becoming dogmatic.”

In summary: CIARA has enabled Épopée Gestion to structure an ambitious, credible, and operational Article 9–compliant infrastructure fund. A partnership grounded in the reality of regions and businesses, proving that pragmatism, impact, and climate rigor can go hand in hand.