As part of the implementation of the EU funds for 2014-2020, all regions had to conduct an “ex-ante evaluation” to identify the financing needs of companies not covered or poorly covered by the regional offer and to set the level of allocation for each financial instrument, all of which should be part of a financial engineering strategy.If financial engineering is defined by support to non-grant companies, grants, for their part, — innovation — research, APPEX, PRCE, Social and Solidarity Economy,... — naturally continue to be part of the Region’s intervention tools.When drawing up European programmes, the European Commission strongly encouraged the Regions to implement financial engineering instruments on at least 15 % of the ERDF (i.e. at least EUR 30 million).Since 2014, in line with the wishes of the European Commission and the President of the Region, this new strategy has been built on the needs of businesses and the field. More than 50 Norman SMEs, incubators, business support structures, institutional finance, financial operators and business sector associations were consulted in this context. Thus, the Plenary Assembly of December 2014 adopted a financial engineering strategy for the low-Norman territory for the period 2014-2020 to give companies the ability to conquer new markets, innovate, export, develop skilled employment. The most effective type of intervention to achieve this growth is high-balance sheet intervention (equity and quasi-equity) and loan guarantee. It was therefore proposed that: — the creation of a large-scale equity intervention fund for the creation, development and transfer of enterprises, and the integration into our policy of support for equity for rollovers (Regional Strategic Fund — SRF) to assist SMEs in recovery or market repositioning; — amplification of support for quasi-equity schemes and of our Guarantee Funds (FRG for Business, FAG for the SSE), allowing account to be taken of the cultural reluctance of certain entrepreneurs (especially the smallest) to open their capital. Also, the Region’s financial engineering strategy is based on 4 tools:- the Region’s own devices (ARE,...); — the arrangements shared with Bpifrance (Regional Guarantee Fund, Regional Innovation Fund,...); — the establishment of a generalist regional co-investment fund at the Normandy level. The Normandy Region wants to set up a structure for the acquisition of equity in companies in order to strengthen its strategy for economic development. This structure, called “NORMANDY PARTICIPATIONS”, will be complementary to pre-existing tools and will respond to the shortcomings found in Normandy territory. Its purpose shall be:- the contribution of equity and quasi-equity to companies, having their head office or an establishment in the Normandy region; — the management and administration of those holdings; — the investment of available funds; — participation, by all means, directly or indirectly, in any transactions which may relate to its object by means of the creation of new companies, the contribution, subscription or purchase of shares or social rights, mergers or otherwise. Thus, the Region has a tool to support types of enterprises not covered by the existing schemes, taking into account the specificities of Normandy (many SMEs, family capital), to deal with the issue of redeployment, transmission and creation, quasi-equity capital, but also to secure ERDF consumption.