LE BOURGET, France — France’s CosmiCapital space venture-capital fund is finding out it’s not easy to raise money, even if — or maybe, especially if — the French government is a lead investor.

CosmiCapital was created a year ago by the French space agency, CNES, which selected CapDecisif Management as fund manager.

The goal: Raise 100 million euros ($114 million) to provide seed, series and growth capital to 20-25 small companies, each getting between 1 million and 10 million euros of support . . .

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