Nicolas Sarkozy is being wooed by sovereign wealth funds including Qatar’s who are ready to back him to start a private equity fund.

Qatar’s sovereign wealth fund and other investors have offered to commit as much as €500 million in total to a fund run by the former French president, people familiar with the matter said. Mr Sarkozy has sought advice from close advisers on the plan.

However, he has put it on hold in recent weeks because he sees an opportunity to return to politics following the rapid decline in the polls of President François Hollande, who defeated him in May, two people familiar with Mr Sarkozy’s thinking said.

“The Qataris are taking an option on the next president of France,” a third person with knowledge of the venture said.

Getting involved in a private equity venture could make a political comeback difficult for Mr Sarkozy because of widespread public bias against finance in France. – (Copyright The Financial Times Limited 2013)