European Investment Fund supports German small and medium sized businesses

The EIF announces an investment in Pinova Fund 1, a fund focusing on lower mid market and expansion stage phases of small and medium-sized companies ("SMEs") based in Germany and Austria.

First close was completed at EUR 50m, with an expected final close at EUR 150m.

Pinova will make investments across all segments of the German economy, with a specific focus on engineering, services and environmental sectors that reflect the fund manager's specific areas of expertise. Pinova will help German businesses which have successfully developed a high quality offering to go a step further and become international players in their fields.

This EIF investment is the first made in Germany under the Competitiveness and Innovation Framework Programme (CIP-GIF2) funded by the European Union. The aim of GIF2 is to support the establishment of SMEs with growth potential in their expansion phase.