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
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)
Competitiveness Fund-of-Funds for SMEs in Romania
Regional Fund-of-Funds Romania
La Financière Région Réunion
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Venture Initiative (DVI-II)
Dutch Growth Co-Investment Programme
European Recovery Programme (ERP)
ERP-EIF Co-Investment Growth Facility
ESIF Fund-of-Funds Czech Republic
ESIF Fund-of-Funds Greece
The Silesia EIF Fund of Funds
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)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
The EIB Group Risk Enhancement Mandate (EREM)
Western Balkans Enterprise Development & Innovation Facility II (WB EDIF II)

Call for expression of interest No. JER003-1

  •  
    Date: 04 December 2008 - 16 January 2009

ERAF"IEGULDĪJUMS TAVĀ NĀKOTNĒ!" EU Flag

Call for Expressions of Interest No. JER003-1 to select Financial Intermediaries that will receive resources from the European Investment Fund acting as Latvian JEREMIE Holding Fund

Introduction

The JEREMIE initiative is a framework providing a series of coherent actions to promote increased access to finance for (primarily) micro to medium enterprises.

As part of their Operational Programme “Entrepreneurship and Innovations” for the period 2007-2013, the competent authorities of Latvia have agreed to dedicate resources to the implementation of the JEREMIE initiative with the European Investment Fund (EIF), in accordance with Article 44. b of the Council Regulation (EC) N° 1083/2006 of 11 July 2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund and repealing Regulation (EC) N° 1260/1999 (Official Journal of the European Union L210 of 31.07.2006) and in accordance with the provisions of the Funding Agreement agreed between the Government of the Republic of Latvia (GRL) and the EIF. Relevant rules for implementing the Council Regulation (EC) N° 1083/2006 are set out in the Commission Regulation (EC) N° 1828/2006 (2006 (Official Journal of the European Union L371 of 27.12.2006).

JEREMIE initiative in Latvia is organised through EIF acting as a JEREMIE Holding Fund (JHF). The JHF manages national and Structural Funds monies earmarked for utilization under the JEREMIE initiative. The cooperation between the GRL and the JHF is governed by the Funding Agreement of 16 July, 2008 which defines the type of cooperation and the operational modalities of the JHF in implementing the instruments. The JHF is advised by a Project Steering Committee, members of which are nominated by the Latvian authorities. The JHF acts on the basis of an Investment Strategy and Investment Business Plan for the implementation of the JEREMIE initiative.

This Call for Expressions of Interest targets Financial Intermediaries (FIs), which are interested in receiving resources from the JHF for the activities to be carried out in accordance with a contractual agreement to be signed between the JHF and the FIs (Operational Agreement).

The FIs should confirm their interest by completing and sending the Annex I (English) (Latvian) of the Expression of Interest as specified below.

1.  Investor / contracting entity

European Investment Fund, 96 Konrad Adenauer L-2968 Luxembourg.


2. Description of the activity expected from the interested FIs

The selected FIs will set up several risk capital financial engineering instrument(s) as new legal entities within existing entity according to relevant terms of reference documents (state aid schemes or instrument descriptions as the case may be) listed below.

The JHF plans to allocate to aforementioned instruments approximately EUR 73 million out of total of EUR 183 million earmarked for utilization under the JEREMIE initiative. See below detailed list of indicative allocations, selection criteria and terms of reference documents.

Instrument

Indicative capital allocation (millions EUR)

Annexed criteria and terms of reference documents

Venture capital fund

42,4

Annex 4 (state aid scheme approved by Cabinet of Ministers in form of regulation on 25 November, 2008)

Annex 2 (risk capital criteria approved by Cabinet of Ministers in form of regulation on 25 November, 2008)

Start-up capital fund

16,2

Annex 4 (state aid scheme approved by Cabinet of Ministers)

Annex 3 (technology transfer criteria approved by Cabinet of Ministers in form of regulation on 25 November, 2008)

Seed capital fund

6,3

Annex 4 (state aid scheme approved by Cabinet of Ministers)

Annex 3 (technology transfer criteria approved by Cabinet of Ministers in form of regulation on 25 November, 2008)

Co-investment fund

8,1

Annex 5 (instrument description)

Annex 6 (risk capital criteria approved by Structural Fund Monitoring committee on 20 June, 2008)



3. Information on the maximum remuneration: management cost

The selected FIs could be reimbursed by JHF for their management costs in line with the Commission Regulation (EC) N° 1828/2006.

Management cost paid by JHF may not exceed, on a yearly average, for the duration of the project, unless a higher percentage proves necessary after a competitive tender, 3% of the capital contributed from JHF to the risk capital funds.

4. Submission and content of the Expression of Interest

Please download here the English version of the Expression of interest template

Please download here the Latvian version of the Expression of interest template

The template contains list of additional supporting documents that need to be submitted together with Expression of interest. Expression of Interest has to be submitted both in printed and electronic form.

The selection criteria set out for each instrument in relevant Annex (see section 2) contain section “Criteria of Technical Admissibility” that lists out additional technical requirements for how offer should be submitted.

For avoidance of doubt, no business plan needs to be submitted with Expression of Interest, but will need to be submitted in next selection stage by FIs that will be invited to negotiate.
 
The address for the submission is the following:

- by registered mail:

Mr. Krisjanis Zarins, JEREMIE Mandate Relationship Officer

European Investment Fund, Valdemara centre, 21 Kr.Valdemara Street, Riga, LV- 1010, Latvia

- by electronic mail:
K.Zarins@eif.org
 
Further information can be obtained at the above-specified addresses.
 
5. Deadline and expiry date

FIs have the possibility to reply to the present Call of Expression of Interest by submitting the annexed Expression of Interest up to close of business on 16 January 2009. The Post Office stamp and the date indicated in the electronic mail will be considered as proof of the date of submission.
 
6. Information

Each FI may express interest for setting up one, several or all of the financial engineering instruments covered by this Call of Expression of Interest. However for Seed capital fund and Start-up capital fund, only FIs submitting Expression of Interest covering both instruments will be considered.

Each of the financial engineering instruments may be set up as a separate legal entity or as a separate block of finance in an existing entity. Publicly owned and private FIs may be considered. FIs in the process of being legally constituted may submit the Expression of Interest. In the latter, the management team and/or the shareholders shall be identified, and the FI shall be legally constituted, at the latest for the signing of the Operational Agreement.

The procedure to select FIs which will receive the contributions from JHF consists of following steps:

  1. FIs submit the Expression of Interest;
  2. JHF evaluates FIs Expressions of Interest against the non-weighted part of criteria set (yes/no criteria) and rejects non compliant ones;
  3. JHF sends remaining FIs Invitations to Negotiate (ITN) inviting them to submit an offer;
  4. FIs submit an offer (business plan and other documents defined in detail in ITN);
  5. JHF evaluates FIs offers against the non-weighted part of criteria set (yes/no criteria) and rejects non compliant ones;
  6. JHF evaluates remaining FIs in due diligence against full criteria set;
  7. JHF offers FIs receiving highest evaluations to sign an Operational Agreement.

The JHF has no obligation to enter into an agreement with pre-selected FIs.

7. Selection process


After receiving Expressions of Interest JHF will screen interested FIs on the basis of the non-weighted part of criteria set (yes/no criteria) set for each instrument in relevant Annex (see section 2), rejecting the non compliant ones.

The remaining FIs will receive an ITN through which the FIs will be invited to submit offer, including business plan, within 20 working days. The content of the offer will be specified in ITN.

Using information provided in the Offers, the JHF will use non-weighted part of criteria set (yes/no criteria) set for each instrument in relevant Annex (see section 2) to further screen FIs, rejecting the non compliant ones. Due Diligence will be carried out on remaining FIs, evaluating all criteria set for each instrument in relevant Annex (see section 2). Subject to final negotiations and budget availability, the highest ranking FI according to criteria 1., 2. and 3. in relevant Annex (see section 2) will be offered to sign the Operational Agreement.

Selected FIs will have to comply with the relevant monitoring, reporting and auditing obligations as required by European Union regulations on Structural Funds and State aid, if applicable.

8. Language


The Expression of Interest has to be submitted in English and Latvian, In case of discrepancies between the English version and the Latvian one, the English version shall prevail.

Questions and answers


 
 

Copyright ©

 European Investment Fund 2017 – The European Investment Fund is not responsible for the content of external internet sites.