European Investment Fund Information Session 21 December 2016
EIF Activity In Greece - Equity EIF supported fund Vintage year EIF commitment (EURm) Product type Source 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 2
EIF JEREMIE Impact More than 61 Companies in 3.5 Years Elikonos Odyssey Open Fund II PJ Tech 3
VC/PE Activity in Greece Activity: Negligible European Private Equity and Venture Capital Association. 2014 European Private Equity Activity: Statistics on Fundraising, Investments and Divestments. May 2015. 4
Low Global Competitiveness The local financial market seems under-developed 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 but the foundation for innovation potential is there 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 Schwab, K. (ed.). The Global Competitiveness Report 2015-2016. World Economic Forum: 2015. 5
VC/PE Activity in Greece Low Perceived Attractiveness; Specific Opportunities Key Drivers Attracting VC/PE (2016) 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. Groh, Liechtenstein, Lieser, Biesinger. The Venture Capital and Private Equity Country Attractiveness Index: 2016 Annual. IESE Business School. 6
European Investment Fund Supporting SMEs financing Mandator EIF 7
Greek Equity Intervention Windows Equity Intervention Innovation Early Stage Growth Accelerators Tech Transfer Venture Growth 8
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
Call for Expression of Interest Indicative Timeline Funding Agreement Call for Expression of Interest Selection procedure Engagement of fund managers Signature December 2016 Publication envisaged within January 2017 Eligibility check First screening Second screening Due diligence EIF BoD approval Legal negotiations Establishment of funds Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Call deadline: 35 business days 11
Contacts EIF Greece Anastasia Koutri (a.koutri@eif.org) Team Support Alexandros Dimitrakopoulos (a.dimitrakopoulos@eif.org) Mandate Manager, JEREMIE www.eif.org George Giakoumakis (g.giakoumakis@eif.org) Mandate Manager Jose Romano (j.romano@eif.org) Country Representative EIF Greece: Partnerships for Development