european investment fund information session...venture capital availability 1.9 136 regulation of...
TRANSCRIPT
European Investment Fund
Information Session
21 December 2016
2
EIF Activity In Greece - Equity
NBG Technology LP (Fund) 2001 14 Start-Up/ Early Stage RCR
Elikonos JEREMIE Fund I 2012 12 Start-Up/ Early Stage JEREMIE
Piraeus JEREMIE Technology Catalyst Fund 2012 10.5 Seed JEREMIE
Odyssey JEREMIE Venture Partners 2013 18.1 Start-Up/ Early Stage JEREMIE
JEREMIE Openfund II 2012 10.6 Seed JEREMIE
SouthBridge Europe Mezzanine Fund 2014 30 Growth / Replacement Capital OWN FUNDS/RCR
Diorama Investments SICAR 2016 20 Growth COSME/OWN FUNDS
TOTAL 115.2
EIF supported fund
EIF
commitment
(EURm)
Product type SourceVintage year
3
JEREMIE Impact
More than 61 Companies in 3.5 Years
Elikonos Odyssey
Open Fund II PJ Tech
EIF
VC/PE Activity in Greece
Activity: Negligible
4
European Private Equity and Venture Capital Association. 2014 European Private Equity Activity: Statistics on Fundraising, Investments and
Divestments. May 2015.
Low Global Competitiveness
5
Schwab, K. (ed.). The Global Competitiveness Report 2015-
2016. World Economic Forum: 2015.
The local financial market seems under-developed…
…but the foundation for innovation potential is there
Financial market development Score Rank
(out of 7) (out of 140)
Availability of financial services 3.8 110
Affordability of financial services 3.6 118
Financing through local equity market 2.4 128
Venture capital availability 1.9 136
Regulation of securities exchanges 3.5 116
Legal rights index, 0-12 (best) 3 93
Innovation Score Rank
(out of 7) (out of 140)
Capacity for innovation 3.5 111
Quality of scientific research institutions 3.8 66
Company spending on R&D 2.8 113
University-industry collaboration in R&D 3.1 110
Availability of scientists and engineers 5.3 6
PCT patents, applications/million inhabitans 9.2 38
VC/PE Activity in Greece
Low Perceived Attractiveness; Specific Opportunities
6
Groh, Liechtenstein, Lieser, Biesinger. The Venture Capital and Private Equity Country Attractiveness Index: 2016 Annual. IESE Business School.
Concerning attractiveness for investors in VC and
PE, Greece is outperformed by all EU member
states (with the exception of Cyprus, Croatia and
Malta).
BUT top quartile position is achieved in the
following sub-category of entrepreneurial
opportunities: “scientific and technical journal
articles”.
Key Drivers Attracting VC/PE (2016)
European Investment Fund
Supporting SMEs financing
7
Mandator EIF
8
Equity Intervention
Greek Equity Intervention
Windows
Innovation Early Stage Growth
Accelerators Tech Transfer Venture Growth
Greek Equity Intervention
Benefits
Benefits for fund managers
Cornerstone investor
Participation of other institutional investors
Seal of approval for other investors
Expertise in best market practice and corporate governance
Less restrictive operational framework
9
Call for Expression of Interest
Contents
Body of the Call
Indicative split amongst windows
Technicalities (deadlines, submission)
Description of selection process
Annexes
Templates and lists of information requested
Selection criteria
Eligibility criteria
Quality assessment criteria
Financial instrument term sheet
Innovation Window
Early Stage Window
Growth Window
10
11
Q1 2017 Q2 2017 Q3 2017 Q4 2017
Funding
Agreement
Call for
Expression
of Interest
Selection procedure
Call for Expression of Interest
Indicative Timeline
Engagement
of fund
managers
Q4 2016
Signature
December
2016
Publication
envisaged
within January
2017
Eligibility check
First screening
Second screening
Due diligence
EIF BoD approval
Legal negotiations
Establishment of
funds
Call deadline:
35 business days
Anastasia Koutri
Team Support
Alexandros Dimitrakopoulos
Mandate Manager, JEREMIE
George Giakoumakis
Mandate Manager
Jose Romano
Country Representative
www.eif.org
EIF Greece: Partnerships for Development
Contacts EIF Greece