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Birthe Bruhn-Léon
Head of Mandate Management
European Investment Fund
EIF Financial Instruments for Employment, Growth and Innovation
EIF at a Glance
EU specialised institution for financing SMEs Statutory Objective to ‘Contribute to the pursuit of Community objectives, and ‘…to generate
an appropriate return on resources’ Value added and impact focused
Geographic Focus / Intermediaries
EU 27, EFTA, Candidate Countries Distributing through Banks and Funds
Authorised Capital € 3bn
EIB: 61% EU: 30%
28 Fin. institutions: 9% Including KfW, CDC, Barclays, Intesa
AAA rated – stable outlook
Governance
Board of 7 ( 4 EIB, 2 EC , 1 FinInst) acting independently
1
EIF Tool Kit for SMEs
Guarantees & credit enhancement institutions
Private equity funds
VC seed & early stage funds
Microcredit providers
Business angels
Technology transfer institutions
Pre-seed Seed Start-up Emerging Growth Development
SME Development Stages
HIGHER RISK LOWER RISK
2
GIF Equity instrument 2007-2013 – to date
EU EIF VC funds
Final beneficiaries
To date, 67 equity funds supported over past 15 years with
EUR 690m investments
catalysing 5x at fund level
Committed budget for 2007-2013:
c. EUR 550m
Invests in own name and at risk and on behalf of EU
under GIF
EUR 330m signed
Incentivised to invest in tech start ups and early/ expansion stage SME;
Catalyse co-investment
28 VC funds
Tech start up/early and expansion stage SME benefit from access to equity finance
202 SME
Fund Leverage: c. 5x
Investee multiplier: min. 10x
3
Equity instrument 2014-2020
Continuity of public support with critical mass through a fourth generation of EU instrument particularly important in current market situation
Persisting market failure for pre seed, seed and early stage ventures, but also in expansion and growth stages
Total venture funds raised 9,000
8,000 7,000 6,000 5,000 4,000 3,000 2,000
1,000
Volumes of EU equity mandates vs. Total VC funding
0
2007
Public share
2011*
Total venture (EUR bn)
4 Data Source: EVCA PEREP_Analytics
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