What we do
Equity products
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
Pan-European Venture Capital Fund(s)-of-Funds programme
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
Debt products
AGRI Guarantee Facility
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
EREM debt products
Single EU Debt Financial Instrument
COSME - Loan Guarantee Facility
InnovFin SME Guarantee Facility
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Asset Management Umbrella Fund (AMUF)
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Baltic Innovation Fund (BIF)
Central Europe Fund of Funds (CEFoF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
EAFRD FoF Romania
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
EstFund
FOSTER TPE-PME Occitanie
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
JEREMIE
LfA-EIF Facility
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility II (WB EDIF II)

Central Europe Fund of Funds (CEFoF)

The Central Europe Fund of Funds (CEFoF) is a EUR 80.3m fund-of-funds initiative created by the European Investment Fund (EIF) in close co-operation with the governments and national agencies of Austria, Czech Republic, Slovakia, Hungary and Slovenia (the CE countries) to boost equity investments into small and medium-sized enterprises (SMEs) and small mid-caps across the region, establishing a sound market-based risk financing infrastructure, implementing the best market standards for equity investments in businesses and attracting institutional investors and investment managers to Central Europe.

The CEFoF was launched in December 2017 with EUR 12m from OeEB (administering investment for the Austrian Ministry of Finance), EUR 8.2m from ČMZRB, EUR 10m from SZRB AM, EUR 8m from SEF and EUR 10m from IIB, and its size may later increase. The remaining EUR 32.1m was contributed by EIF. To deploy the funds-of-funds, EIF utilises its experience and expertise in managing similar initiatives in close collaboration with national and regional partners across Europe.

What is the CEFoF’s investment strategy?

The CEFoF intends to build a balanced portfolio of venture capital and private equity funds performing later stage and growth equity investments with a focus on the CE countries, over an investment period of four years until the end of 2021. The balance will cover the aspects of investment focus, vintage year and an appropriately diversified number of underlying transactions.

EIF, as manager of the CEFoF, considers the following investment opportunities:

  • Investments into venture capital, private equity and mezzanine funds with proven experience and insight into the Central European market;
  • Co-investments through co-investment vehicles alongside investment funds, family offices and institutional investors into later stage/growth phase SMEs and small mid-caps. The CEFoF co-invests with selected investors which are based or active in the CE countries.

Are you a fund manager interested in partnering with us under the CEFoF?

Both funds and direct co-investments need to satisfy a strict set of investment criteria applied under EIF’s normal investment process. In terms of direct co-investments, we look for a qualified and credible partner, with extensive experience in the specific deal and whose reputation is at stake when undertaking any single investment. You are eligible to apply to become an EIF financial intermediary under the CEFoF provided you fulfil, amongst others, the following criteria:

  • Your investment strategy is focused on the CE countries. Please outline how the proposal fits in the current competitive landscape, what sector and stage is the fund targeting and why, how does it take into account the know-how of the team;
  • Your team is well-balanced, with team members complementing each other in terms of skills and experience, with a proven ability to work together. Furthermore, your team is either located/domiciled in the CE countries or, in case of international venture capital/private equity funds, you have an appropriate team dedicated to the CE countries. Emerging and first time teams are also encouraged to apply;
  • Your track record proves adequate experience in the targeted investment area. Previous investment successes and failures will be carefully analysed in order to understand the investment capabilities of the team;
  • The fund is capable to attract further private finance from other investors, e.g. family offices, pension funds and other institutional investors, which should at least match the CEFoF allocation;
  • The fund size is commercially viable to ensure the team’s stability and the fund’s investment capacity;
  • The legal and tax structure of the fund should be clear and include market standard terms and conditions;
  • All stakeholders in a fund have their interests aligned.

Read more about the details to include in your investment proposal

How does the CEFoF investment process work?

Interested fund managers shall submit investment proposals to EIF, as manager of the CEFoF. Should the investment proposal meet the criteria listed above, your team will pass several screenings before the EIF undertakes to start a full due diligence process and brings the proposal further through EIF’s approval steps.

Contact

Michal Košina
tel.: +352 2485 81775
e-mail: m.kosina@eif.org

 
 

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