What we do
Institutional investors
Equity products
AI Co-Investment Facility
Cleantech Co-Investment Facility
Impact investing at the EIF
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Normandie Garantie Agri
FAIRE - La Réunion
Auvergne Rhône-Alpes FEADER
Recovery Equity Fund of Funds of Bulgaria
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Central and Eastern European Technology Transfer (CEETT)
Croatian Growth Investment Programme (CROGIP) II
Croatian Growth Investment Programme (CROGIP)
Croatian Venture Capital Initiative 2 (CVCi 2)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
EU4Business Capped Guarantee
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund 1 (LFF)
Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

Baltic Innovation Fund 2 (BIF 2)

BIF logos

Baltic Innovation Fund 2 (BIF 2) is a EUR 156m Fund-of-Funds initiative launched by the EIF in co-operation with the Baltic national promotional institutions – KredEx (Estonia), Altum (Latvia) and Invega (Lithuania). It is building on the success of its predecessor programme, BIF 1.

BIF 2 continues to sustain investments into private equity and venture capital funds focused on the Baltic States over a period of 5 years – following its signature in July 2019 – to boost equity investments into SMEs with high growth potential.


What is BIF 2’s investment strategy?

BIF 2 aims to build a balanced portfolio of growth and later stage venture funds with an investment focus on the Baltic States. Co-investment opportunities may be also considered.

The EIF, as manager of BIF 2, openly considers the following investment opportunities:

  • Investments into venture capital and private equity funds (including hybrid debt-equity funds) with proven experience and insight into the Baltic market;
  • Co-investments alongside investment funds, family offices, business angels or institutional investors into early to growth phase SMEs. BIF 2 co-invests with selected investors, which are domiciled in the Baltic States, or provide for a relationship with the Baltic ecosystem, or are considering investments into the Baltic States.

How to apply for BIF 2? 

Both funds and direct co-investments need to satisfy a strict set of investment criteria in line with the EIF’s normal investment process.

We are looking for qualified and credible partners with a proven track record in this field. You can consider applying for BIF 2 investment if you fulfil, amongst others, the following criteria:

  • Your investment strategy focuses on the Baltic States

Please outline and explain how the proposal fits in the current competitive landscape, which sector(s) and stage is the fund targeting and why; and how the know-how of the team matches the BIF 2’s investment strategy;

  • Your team is well-balanced

Team members complementing each other in terms of skills and experience, with a proven ability to work together. Furthermore, your team is either located/domiciled in the Baltic States, or in case of international venture capital/private equity funds focusing on the Baltic States, an appropriate local team should exist or should be established in the Baltic States. Emerging and/or first time teams would be also considered.

  • Your track record proves adequate experience in the targeted investment area

Previous investments will be carefully analysed in order to understand the team’s investment capabilities.

  • Your fund is capable of attracting further private finance

From other investors, e.g. pension funds, insurance companies, other fund-of-funds, which will at least double the amount of investment capital required. Crowding in additional resources is an essential criterion for all EIF financial instruments.

  • Your fund size is commercially viable

You demonstrate the ability to ensure the team’s stability and the fund’s investment capacity.

  • You are committed to transparency

The legal and tax structure of the fund should be clear and transparent according to the market standard terms and conditions.

  • Your stakeholders speak with one voice

The interests of all stakeholders in the fund are fully aligned.

Read more about the details to include in your investment proposal

Further information for SMEs:
If you are looking for funding, you can contact the funds in which BIF 1 or BIF 2 has invested. Updates on BIF 2 investments will be published here in due course.

For a list of the financial intermediaries currently cooperating in the Baltic market, please visit http://www.eif.org/what_we_do/where/index.htm Please contact the intermediary directly to find out about eligibility criteria and financial conditions.

For information about finance available under further EU initiatives, please visit http://europa.eu/youreurope/business/funding-grants/access-to-finance


We use cookies to give the best browser experience on our website. or change cookie settings.

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


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.