ERP is a EUR 1bn fund of funds ("ERP - EIF Dachfonds") investing in venture capital funds focusing mainly on German based, high-tech early and development stage companies. Even though those funds are not restricted to invest solely in German companies, the main focus of investments should be in Germany. ERP covers all technology areas (ICT, Life Sciences, energy-related, emerging and converging technologies).
EIF manages the facility on behalf of the German Federal Ministry of Economics and Technology (BMWi) and the European Recovery Programme (ERP), from which EUR 577m are committed to date. This amount is matched by co-investments from EIF, EIB and EU resources and has helped to raise almost another EUR 2bn from private investors.
ERP team is fully integrated in EIF's Venture Capital Equity Fund investments team and brings together fund of funds, venture capital investment and technology expertise:
ERP aims at investing in independent fund management teams with complementary Venture Capital, technology and industry experience having an office in Germany. EIF may not participate in funds where public funding (incl. EIF) is expected to exceed 50% of the fund's funding, after its target fundraising level is achieved.
ERP-EIF aims at investing in funds which:
First contact (telephone, e-mail, meeting etc.);
First screening of documents provided (preferably draft PPM);
Meeting with the core management, discussion of the fund project (fund size, strategy, management, etc.);
In-depth Due Diligence (meeting with all team members, investees, referencing, etc);
Contract negotiations and legal Due Diligence;
Investment decision by EIF Board;
Signature of the fund;
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