From the French Wikipedia:

https://fr.wikipedia.org/wiki/France_Brevets

France Brevets (FB) was an intellectual property investment fund created by the French State, the National Research Agency (ANR), and the Caisse des Dépôts et Consignations. The entity was created on June 9, 2011 as a simplified joint-stock company. It received 50 million euros. This capital was subsequently increased to 100 million. Its activity was negotiating the rights to the patents for which it was responsible. In particular, it could gather patents to propose a coherent offer to the lessees, or even look for new areas of use. It was part of the French public policy known as competitiveness clusters, to support the country's industrial activity.

Faced with the structure's lack of profitability, pointed out several times by the Court of Auditors, the French State requested the cessation of France Brevets's activity, a decision ratified on October 20, 2022, by the board of directors.

France Brevets is criticized for having a "patent troll" type of activity and is taking legal action against companies such as the Taiwanese HTC or the Korean LG without industrial production.

In addition, the granting of public subsidies to an SAS would be contrary to Article 107 of the Treaty on the Functioning of the European Union (TFEU). Therefore the very status of France Brevets would be illegal.