NEOTEC is a Spain-based fund-of-funds sponsored by EIF and the Centre for the Development of Industrial Technology (CDTI: Centro para el Desarrollo Tecnológico Industrial), the tech transfer office of the Spanish Ministry of Innovation.
This high-tech and innovation facility was subscribed in February 2006 by CDTI, EIF and several other private investors, mainly Spanish blue chip companies. It closed at EUR 183m in June 2006, of which the EIF commitment was EUR 50m.
Since becoming operational, NEOTEC has signed commitments representing over 65% of the total size of the Programme.
EIF's investment represents just over 25% of the fund's final size of EUR 183m. First closing was in February 2006 at EUR 175m, and final closing in June 2006. The programme has brought together Spanish public and private sector investors to boost investments in Spanish SMEs which will foster innovation, research and development.
Building on similar initiatives in other Member States, notably in France and the United Kingdom, the CDTI-EIF partnership leverages EIF resources to ensure a coordinated approach between EIF, national public bodies and the private sector. Furthermore, it gives Spanish public and private investors access to EIF's know-how in fund-of-funds management.
Co-Investment Vehicle
Since the launching of the Fund of Funds, Neotec Capital Riesgo has also established a Co-Investment Vehicle, which invests directly into tech SMEs alongside selected Private Equity and Venture Capital funds. For non-Spanish based funds, Neotec brings an in-depth market knowledge, as well as the opportunity to become Neotec’s partner for Spanish Investments.
EIF have had a local, Madrid-based team in place since May 2006. For further information, please contact EIF's NEOTEC team: eifneotec@eif.org
