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European Investment Fund
Promoting innovative
SMEs in Europe
RITTS Valencia /Pricova Seminar
13 December 2002
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SUMMARY
Funding innovative SMEs in Europe
• 6th Framework Programme (EC DG Research)
• EIF Venture Capital
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GRANTS: EU 6th Framework Programme
• EUR 17.5bn 2002-2006
• In support of research projects in:
– Biotechnology, genomics
– IT
– Nanotech
– Space aeronautics
– Food safety
– Sustainable development
• Projects conducted at least between Research
Centres of 2 EU countries
• For detailed information see:
http://europa.eu.int/comm/research/conference
s/2002/index_en.html
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VENTURE CAPITAL
Through the EIF
WHEN?
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Created in 1994.
Mission redefined in 2000: EIF becomes the EU specialised financial
body for SMEs, acting through:
Venture Capital (fund of funds) and Guarantees for SME portfolios
WHY ?
WHO ?
Subscribed capital of EUR 2 billion :
- 60.75 %: European Investment Bank
- 30 %:
European Commission
- 9.25 %: 28 EU financial institutions
Art 2 : « pursuit of Community
objectives » such as growth,
employment, knowledge-based
economy, innovation, regional
development
Art 24 : « generate an appropriate
return on its resources
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EIF HIGHLIGHTS
 Active in the European Union and, since the year 2000, in
the EU Candidate Countries.
 EIF does not invest in SMEs directly – always works
through financial intermediaries.
 EIF operations are backed by three sources of funding:
own ressources, mandates from the EIB and from the
European Community.
 EIF own resources to continue to be allocated to early
stage tech funds
 EIF operations backed by institutional calendar
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EIF Investment strategy: a commercial
approach
Terms and conditions
•12 year investment
•Pari passu investment (like risk like reward)
•10-15 million maximum amount
•50% of total investment
•70% public funding in Objectives 1 & 2 areas
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Financing innovation:
EIF intervenes early in the life cycle
VC operations
ETF
Start-up
(EU ressources)
Other Ops
(EIB+EIF
ressources)
2003 ?
EUR 850 millions in 2001
Early stage
Seed Capital
start-up
EUR 4 bn invested
en 2001 (EU)
Life cycle
Development Capital ….
EUR 9 bn invested
en 2001 (EU)
Evolution of VC operations
(signatures – cum. – EUR millions )
2500
2000
EIB transfer (921m)
In 2000
1500
1000
500
0
1997
1998
1999
VC operated by EIB
2000
2001
VC operated by EIF
2002
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Venture capital: sector breakdown
as at 30/11/02 (EUR 2.39 bn)
Tech
(Eur 1,385m)
58%
E-migration
(Eur 58m)
2%
Regional
(Eur 309m)
13%
Mezzanine
(Eur 87m)
4%
Generalist
(Eur 389m)
17%
Tech-Regional
(Eur 141m)
6%
Venture capital: geographical breakdown
as at 30/11/02 (EUR 2.39 bn)
SWEDEN 3%
UK 15%
IRELAND 4%
FINLAND 4%
DENMARK 2%
NETHERLANDS 2%
LUXEMBOURG <1%
BELGIUM 1%
CANDIDATE COUNTRIES 3%
GERMANY 11%
PANEU & MULTI 16%
FRANCE 15% AUSTRIA 2%
SPAIN 8%
PORTUGAL 1%
ITALY
11% GREECE 1%
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EIF VC OPERATIONS IN SPAIN
• Andalucia Capital Desarollo,
F.C.R.
• Baring Iberia Inversión en
Capital, F.C.R.
• Bullnet Capital
• EBM, F.C.R.
• Fondo EURO-ICO, F.C.R.
• Fonsinnocat
• GED Iberian Fund
• Inversiones en
Telecomunicaciones, F.C.R.
• Milenio L.P. (ex Spark)
• Spinnaker Invest
• Talde Capital, F.C.R.
• TEC Plus III
Total Spain: EUR 188,398,680
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SUPPORT TO FUNDS LINKED WITH
RESEARCH: A PRIORITY FOR THE EIF
1. The experience so far:
– Heidelberg Innovation
– Symbion (University of Copenhagen)
– BioAm (French Public Research Institute)
– Parco Scientifico Madrid
– …EMBL Heidelberg
2. The use of appropriate resources
– “ETF Start-up” for the financing of seed
funds and incubators
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PROSPECTS 2003/2004
EIF considers (in cooperation with DG Research)
how to invest in “Technology Transfer“ (US
model, new developments in Europe…)
Aim is to support financially networks of
University & Research Centres
 Fill the gap between research and
commercialisation / market access
– Longer maturity
– More risk
– More public money
– But still commercially run investments
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Contact us
European Investment Fund
www.eif.org
[email protected]
Tel +352 42 66 88 1
Fax +352 42 66 88 200