A French startup is betting on a $5.8 billion Chicago fund

A French startup just took a stake in a $5.8 billion Chicago investment firm.

iM Square, which invests in asset management firms, has taken a minority stake in Chicago-based Dolan McEniry, according to a statement.

Philippe Couvrecelle and Jean Maunoury, both of Edmond de Rothschild Asset Management, launched iM Square last year.

The firm backs asset management firms with between $1 and $20 billion under management and helps them sell their funds in Europe.

The firm took a 20% stake in a Florida-based asset manager, $7.5 billion Polen Capital, earlier this year.

iM Square's shareholders include European asset manager Amundi, private equity firm Eurazeo and Dassault Group/La Maison.

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