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First EU-supported Greek equity fund Diorama Investments Sicar to provide EUR 125 million for Greek businesses under COSME

    Date: 10 May 2016

The Greek equity fund, Diorama Investments, whose assets are managed by Deca Investments AIFM, has announced its intermediate closing with total commitments of EUR 20 million from the European Investment Fund (EIF), with backing from the European Commission.

The EIF investment into the Fund will enable Diorama to increase its funding of Greek SMEs, providing much needed growth and expansion capital. The EIF’s participation is expected to attract other investors, including international institutions, and therefore enable Diorama to invest more than EUR 125 million in Greek growing companies. The EIF investment benefits from EU support under the COSME programme funded by the European Commission.

EIF Chief Executive, Pier Luigi Gilibert commented: “I am pleased to be signing our first COSME equity deal with Diorama Investments. This private equity fund will target growing Greek companies in a wide range of sectors, in particular helping entrepreneurs looking to export to other markets. This transaction comes at a time when access to finance remains a pressing issue and we hope that together we can contribute to develop the equity market in Greece.”

Deca Investments CEO, Nicos J. Koulis said: “EIF was the first international institutional investor into our fund, initially funded by Greek private and institutional investors. Thanks to their support and diligence, we were able to improve our product offering and value proposition as a fund manager. Their seal of approval enhanced the credibility of Diorama Investments and helped to bring on board other prestigious international and institutional investors, thus reaching a significant fund size for investments in growing Greek SMEs. Together we shall deliver much needed growth-oriented equity capital into the Greek economy, providing the necessary impetus for the expansion of successful and extrovert Greek enterprises.”

EU Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, Elżbieta Bieńkowska said: "With the deal that is expected to trigger investments of more than 125 million euros, together with the European Investment Fund and private sector partners we are giving a boost to Greek companies to invest and scale up their businesses in Greece and beyond. By improving access to finance for SMEs we are helping them to become engines for growth, supporting investments in jobs in Greece and the EU."

Having commenced its operations in November 2014 by benefiting from the support of Greek individual and institutional investors, Diorama has completed two investments in Greek SMEs. Diorama will enhance its ability to fulfil its goals following the EIF’s contribution. Diorama Investments is one of few private equity funds also benefiting from additional international institutional support, as EBRD joined forces with EIF investing in the fund. Additional institutional investors are also expected to join at the final closing.

About the European Investment Fund

The European Investment Fund's (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

About the COSME Equity Facility for Growth (EFG)

The Equity Facility for Growth (EFG) is dedicated to investments in risk-capital funds that provide venture capital and mezzanine finance to expansion and growth-stage SMEs, in particular those operating across borders. It is expected that some 500 firms will receive equity financing through the programme, with overall investment reaching up to EUR 4 billion. The EFG is part of COSME, the EU programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (SMEs) running from 2014 to 2020. It has a total budget of EUR 2.3 billion and at least 60% of the programme will be devoted to improving access to finance for SMEs in Europe. Businesses can contact selected financial institutions in their country to access EU financing: www.access2finance.eu.

About Diorama Investments

Diorama Investments Sicar, S.A. was established in September 2014 and commenced its operations in November of that year. Initially funded by Greek individual and institutional investors, its objective is to provide equity capital to Greek enterprises and, in the process, generate attractive returns for its investors. It has completed two investments, one in Atlas Tapes S.A. a producer of pressure adhesive tapes and an investment in Damavand S.A. an agricultural processing company involved in the processing, packaging and trading of tomato and peach. Diorama’s investments are managed by Deca Investments AIFM, an entity licensed by and overseen by the Hellenic Capital Markets Commission.

Press contacts:

EIF: David Yormesor
Tel.: +352 42 66 88 346, e-mail: d.yormesor@eif.org

European Commission: Lucia Caudet
Tel.: +32 229 56182, e-mail: lucia.caudet@ec.europa.eu

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


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