This new EUR 60 million Fund-of-Funds initiative was launched by EIF in March 2016 in close co-operation with KredEx and the Estonian Ministry of Economic Affairs and Communications to stimulate equity investments into innovative and high growth-focussed enterprises in Estonia.
EstFund is the first fund-of-funds that EIF has invested into, combining resources from the European Structural and Investment Funds (“ESIF”) resources and from the European Fund for Strategic Investments (EFSI), the heart of the European Commission's Investment Plan for Europe.
The new fund-of-funds, using ESIF resources, will support smaller risk capital funds targeting smaller and often earlier stage investments, operating in a complementary way to the already existing successful Baltic Innovation Fund initiative that targets larger and later stage deals in Baltics. Co-investment from EFSI by the EIF into the underlying funds will encourage private investors to commit additional resources into these funds. It is expected that approximately EUR 100 million in equity investments will be made available to the Estonian enterprises in the next years.
EstFund will invest in several risk capital funds which will then invest primarily in Estonian enterprises. The fund managers will be selected by an open call for expression of interest. The selected fund managers will receive a cornerstone investment into their fund from the combined resources of EstFund and co-investment by EIF allocated indicatively as follows:
You are a fund manager: how to apply for cornerstone investment by EstFund
The application process is closed since 29 August 2016. Applications are being processed on a “comparative" basis. Fund managers will be selected by early 2017. For more information about the eligibility and exclusion criteria for financial intermediaries please refer to the Call for expression of interest and term-sheets' financial instruments here below:
You will find answers to "Frequently Asked Questions", in the Clarification Document published on 22 August 2016.
For SMEs and entrepreneurs looking for equity investments:
The selection of fund managers under EstFund acting as EIF’s financial intermediaries is currently ongoing, so no funds set up yet. For information about finance available under further EU initiatives in Estonia, please visit http://europa.eu/youreurope/business/funding-grants/access-to-finance/
Krisjanis Zarins, Tel.: (+371) 67035210, e-mail: email@example.com