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Netherlands: EUR 200m risk capital fund-of-funds for high-tech businesses

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    Date: 31 March 2016
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The European Investment Fund (EIF) and PPM Oost are launching a second EUR 200 million Venture and Growth Capital Fund-of-funds for Small and Medium Sized businesses (SMEs) in the Netherlands. The Dutch Venture Initiative II (“DVI-II”) will invest in funds investing in fast growing and/or innovative companies, following the successful predecessor initiative called DVI-I.

The Fund-of-funds will target companies in sectors like ICT, clean-tech, med-tech, renewable energy and life sciences, through primary investments in Dutch oriented Venture Capital funds. Similar to the investment strategy of DVI-I, DVI-II will invest in venture and growth capital funds (including hybrid debt/equity funds). DVI-II will hold a first closing of EUR 200 million and will target up to 20 investments in funds in the next 4 to 5 years. After the first closing in March 2016, fundraising will continue with other institutional investors aiming to reach a final size of EUR 300 million – double the initial amount for DVI-I.

Minister for Economic Affairs, Henk Kamp said: "Innovative companies improve the competitiveness of our economy and are crucial in maintaining our economic prosperity. To be able to grow quickly, it's essential that these companies have access to sufficient investment capital. Through DVI-II we will continue to contribute to a well-placed financing offering over the coming years. Thanks to initiatives like DVI-II, the Netherlands reinforce their position in comparison to innovative hubs like Silicon Valley and the Boston area."

The contribution of PPM Oost to DVI-II is supported by the Dutch Ministry of Economic Affairs and the Netherlands Investment Agency (NIA). This initiative marks an important milestone in establishing a sustainable model to attract additional investors to financing innovation and entrepreneurship in the Netherlands. DVI’s Fund-of-funds structure is still unique in the Dutch VC ecosystem and provides institutional investors the opportunity to invest in otherwise unattainable high-tech businesses. The already visible positive results in DVI-I give further evidence that institutional investors could play an important role in further developing risk capital support in the Netherlands.

Commenting on the new initiative, Chief Executive of the EIF Pier Luigi Gilibert said: “The launch of DVI-II demonstrates how EIF is further supporting the Venture Capital market in the Netherlands. This initiative shows how we can catalyse additional investors, yield positive results and stimulate additional demand for risk capital finance. With more than EUR 200m already committed to fund managers and business angels with a focus on the Netherlands, the aimed EUR 300m from DVI-II will provide substantial additional support for the VC ecosystem in this country.”

The EIF has considerable experience in setting up and managing technology-oriented Funds-of-Funds across the EU, targeting technology sectors in Germany, the Netherlands and the UK.

This initiative - like its predecessor - will continue to deliver the necessary financial support for venture and growth capital funds, which are able to demonstrate a strong commitment to the Netherlands. The combined investment from the EIF and PPM Oost NV backs innovative Dutch SMEs in the facilitation of their scale-up activities, enabling them to exploit their full market potential at an accelerated pace. PPM Oost, as one of the leading venture capital providers definitely welcomes and supports an initiative like DVI-II.” – According to Marius Prins, Director of PPM Oost NV.

About the EIF
EIF's central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance.  EIF primarily designs and develops venture capital and guarantees 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 PPM Oost NV
Regional development agency PPM Oost NV provides financial support to early stage, innovative SMEs.  Supported companies are based in the Provinces of Gelderland or Overijssel and exploit activities in one of the so-called Dutch top-sectors. Financing will always be granted on a co-investment basis with an independent private investor. Investment amounts vary from EUR 25k to a maximum of EUR 2.5m and will be provided in the form of equity, subordinated loans, or a combination of the both.

Contacts:

EIF
For further information, please contact David Yormesor, d.yormesor@eif.org or visit the EIF’s website www.eif.org.

Ministry of Economic Affairs of the Kingdom of the Netherlands
For further information, please contact Caspar Itz, c.itz@minez.nl or visit the Ministry’s website www.minez.nl

PPM Oost NV
For further information, please contact Ronald Maurer, ronald.maurer@ppmoost.nl or visit PPM Oost’s website www.ppmoost.nl.

 

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