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Annual Report 2011
18
United Kingdom Future Technologies Fund (UK FTF)
is a
GBP 200m fund-of-funds combining equal commitments
by the UK government and EIF and EIB. It was launched
as part of the UK Government’s strategy to support ven-
ture capital funds investing in technology companies with
high growth potential across important sectors such as
life sciences, digital and advanced manufacturing. EIF is
investment adviser to UK FTF L.P. In 2011, UK FTF signed
two investments: Gilde Healthcare III (EUR 10m) and
SEP IV (GBP 30m). These two funds add to investments
previously made in DFJ Esprit Capital III, Acton GmbH &
Co. Heureka KG and Advent Ventures Life Sciences Fund.
To date, UK FTF has total commitments of EUR 77m, and
managed to catalyse over EUR 550m.
Istanbul Venture Capital Initiative (iVCi)
is Turkey’s dedi-
cated fund-of-funds and co-investment programme. A suc-
cessful example of a national - international and public-
private partnership, it had its final closing at EUR 160m
with the participation of six investors: SME Development
Association of Turkey (KOSGEB), Technology Develop-
ment Foundation of Turkey (TTGV), Development Bank
of Turkey (TKB), National Bank of Greece Group (NBG
Group), Garanti Bank of Turkey and EIF. EIF is the adviser
to iVCi.
In 2011, six investments including ADM CEECAT Fund,
Darby Converging Europe Fund III, Clean Energy Transi-
tion Fund and Mediterra Fund I were approved by the
iVCi Investment Committee, representing EUR 91.5m. In
total to date, iVCi holds a portfolio of seven investments
representing total signed commitments of EUR 112.5m
which underlines its vital role in supporting the growth of
Turkish enterprises. iVCi has been a cornerstone in most
of its investments to date and has catalysed six times its re-
sources from other investors into the funds it has supported.
Portugal Venture Capital initiative (PVCi)
is a EUR 111m
private equity / venture capital fund-of-funds launched
by EIF, private financial institutions, public bodies and se-
lected foundations. EIF is responsible for the management
of PVCi, which invests in Portuguese and international
funds with a primary focus on Portugal. In 2011, PVCi
made two new investments, in Portugal-based funds for a
total amount of EUR 20m, Vallis Sustainable Investments I
(EUR 15m) and Inter-Risco II (EUR 5m). The Investment
Committee of PVCi has now approved four investments
worth EUR 65m, out of which EUR 50m have materialised
despite a severe adverse fundraising environment. The
investment period has been extended until April 2013.
NEOTEC
is a Spanish-based EUR 183m fund-of-funds in
which EIF committed EUR 50m. It was launched with the
sponsorship of EIF and the Centre for the Development
of Industrial Technology (CDTI: Centro para el Desarrollo
Technológico Industrial), now part of the Spanish Minis-
try of Science and Innovation, and several private inves-
tors, mainly Spanish blue chip companies. During 2011,
NEOTEC played an incremental role in further devel -
oping the Spanish VC market commit ting EUR 20m to
Cross Road Biotech II. In addition, NEOTEC approved
EUR 35m in two Spanish ICT funds. To date, NEOTEC
has approved 12 funds, including co-investments, for a to-
tal of EUR 134.3m, of which EUR 129m have been signed
accounting for 70% of the fund size and catalysing over
EUR 700m of commitments from other investors.
Year signed
End of
commitment
period
Total
resource
(EUR m)
Total
committed
(EUR m)
Committed
(%)
Total
disbursed
(EUR m)
Disbursed
(%)
Regional mandates and funds-of-funds activity*
ERP
2004 Revolving
1 000
617
62%
314
31%
NEOTEC
2006
2012
183
129
70%
65
36%
iVCi
2007
2012
160
113
70%
22
14%
PVCi
2007
2013
111
50
45%
13
12%
LfA
2009
2016
100
43
43%
12
12%
UKFTF
2010
2014
231
77
33%
15
6%
* Including EIB Group and EC commitments.