EstFund call for expression of interest including termsheets - published!
This new EUR 60 million Fund-of-Funds initiative was launched by EIF in March 2016 in close co-operation with KredEx and the Estonian Ministry of Economic Affairs and Communications to stimulate equity investments into innovative and high growth-focussed enterprises in Estonia.
EstFund is the first fund-of-funds that EIF has invested into, combining resources from the European Structural and Investment Funds (“ESIF”) resources and from the European Fund for Strategic Investments (EFSI), the heart of the European Commission's Investment Plan for Europe.
The new fund-of-funds, using ESIF resources, will support smaller
risk capital funds targeting smaller and often earlier stage
investments, operating in a complementary way to the already existing
successful Baltic Innovation Fund
initiative that targets larger and later stage deals in Baltics.
Co-investment from EFSI by the EIF into the underlying funds will
encourage private investors to commit additional resources into these
funds. It is expected that approximately EUR 100 million in equity
investments will be made available to the Estonian enterprises in the
next years.
How does EstFund work?
EstFund will invest in several risk capital funds which will then invest primarily in Estonian enterprises. The fund managers will be selected by an open call for expression of interest. The selected fund managers will receive a cornerstone investment into their fund from the combined resources of EstFund and co-investment by EIF allocated indicatively as follows:
- EUR 30m Venture Capital Fund;
- EUR 15m Expansion Capital Fund;
- EUR 15m Business Angels Co-Investment Fund
You are a fund manager: how to apply for cornerstone investment by EstFund?
1. Download the Call for expression of interest, read the instructions and submit to EIF the filled-in template of the Expression of Interest and other requested documents by 29 August 2016.
2. Download the related term-sheet(s) for the instrument(s) you would like to apply for.
- Venture Capital Fund Term-sheet
- Expansion Capital Fund Term-sheet
- Business Angels Co-Investment Fund Term-sheet
After applying, your team will have to pass several stages of assessment before the EIF undertakes to start a full due diligence process and brings the proposal further in the approval process. Fund managers are planned to be selected by the end of 2016.
For SEMs and entrepreneurs looking for equity investments:
The selection of fund managers under EstFund acting as EIF’s financial intermediaries is currently ongoing, so no funds set up yet. For information about finance available under further EU initiatives in Estonia, please visit http://europa.eu/youreurope/business/funding-grants/access-to-finance/
Contact
Krisjanis Zarins, Tel.: (+352) 2485-81659, e-mail: k.zarins@eif.org