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EIF and MFB announce a top-up of the Central Europe Fund of Funds to EUR 97 million

    Date: 12 June 2018

The European Investment Fund (EIF) and the Hungarian Development Bank (MFB) today announced MFB’s commitment to the Central Europe Fund of Funds (CEFoF) at the annual HVCA-Portfolio Investment Conference.

The CEFoF, managed by EIF, was launched at EUR 80.3 million in late December 2017 by EIF together with OeEB (Austria, on behalf of the Ministry of Finance), ČMZRB (Czech Republic), SZRB AM (Slovakia), SEF (Slovenia) and the International Investment Bank. MFB’s commitment of EUR 10 million, plus a EUR 6.7 million EIF top-up, has now brought the total fund size to EUR 97 million. This will allow the CEFoF to support a larger number of venture capital and private equity funds focused on expansion and growth stage investments and to mobilize additional resources for equity investments into SMEs and small mid-caps in the five Central European countries.

The announcement was part of the so-called CEFoF roadshow – a series of presentations of the new regional equity initiative to local fund managers and media, organised by EIF and its local partners in Austria, the Czech Republic, Slovakia, Hungary and Slovenia.

Speaking at the annual HVCA-Portfolio Investment Conference organised by the Hungarian Private Equity and Venture Capital Association in Budapest, EIF’s Head of Mandate Management, Hubert Cottogni, said: “We welcome another of our shareholders in this flagship investment programme dedicated to Central Europe, which has long been lagging behind more developed EU countries in terms of equity investment volumes. MFB’s participation will increase the overall pool of available resources as well as allow us to ensure that Hungarian businesses will benefit from this initiative alongside their Central European peers.”

Chairman and CEO of MFB, Tamás Bernáth, spoke of how the business objectives of the European Investment Fund fit in excellently with the financing ecosystem being put in place in Hungary, which has the aim of supporting innovative initiatives through equity financing in every phase of the company life cycle, reaching the broadest possible base of companies.

With MFB, the CEFoF has reached its intended pool of investors. The initiative has had a successful start, with the fund of funds having already signed commitments of EUR 15m into two Central European funds – ESPIRA Fund I and ENERN Tech III.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) 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. More information: www.eif.org

About MFB

The Hungarian Development Bank’s core activities include the provision of preferential loans for domestic businesses and private individuals, the fulfilment of development requirements and fund management tasks in relation to the country’s European Union membership. Through its active participation in the performance of such tasks, MFB contributes to a balanced economic growth. The Bank has been operating as a financial institution with a focus on investments since 1993, i.e. for 25 years. As a development bank, MFB’s priority is to provide funding opportunities in areas where commercial banks cannot provide loans efficiently, that is, the Bank wishes to address the shortcomings of the market. More information: www.mfb.hu

Press contacts:

David Yormesor
tel +352 42 66 88 346
e-mail d.yormesor@eif.org

Levente Milassin
tel +36 1 428 1542
e-mail milassin.levente@mfb.hu


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