Pipeline projects

EIF projects that are still in the pipeline include 

•  Portugal Venture Capital Initiative (PVCi)

Fund-of funds focussed on private equity and venture capital funds in Portugal 

EIF, together with private financial institutions, public bodies and selected foundations, is setting up a EUR 100m private equity/venture capital fund-of-funds. The Portugal Venture Capital Initiative (PVCi) will invest in Portuguese and international private equity/venture capital funds focusing primarily on Portugal.

EIF has committed EUR 15m to the fund and will assume the management of this initiative, which is expected to be operational during 2008.

• Global Energy Efficiency and Renewable Energy Fund (GEEREF)

 Global investment in energy efficiency and renewable energy projects in developing countries and economies in transition

The Global Energy Efficiency and Renewable Energy Fund ('GEEREF') is a European Commission project sponsored by the European Commission’s Directorate General for Environment and Directorate General for Europe Aid Co‑operation (AIDCO).

The project was announced by European Commission and EIB at the global climate conference in Bali in December 2007 for an overall investment amount of EUR 150m, EUR 80m of which will be funded by the Community budget. GEEREF is expected to become operational in spring 2008.

As a public-private partnership, GEEREF is destined to invest globally in energy efficiency and renewable energy projects in developing countries and economies in transition and will invest in regionally-oriented investment schemes. GEEREF will be the first compartment of a Luxembourg-based umbrella fund structure (SICAV - SIF).

EIF will act as a trustee for the participation of the European Community and provide advice as well as back office services.