What we do
Institutional investors
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InnovFin Equity
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Inclusive finance
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How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
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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

Central Europe Fund of Funds (CEFoF)

The Central Europe Fund of Funds (CEFoF) is a EUR 97m fund-of-funds initiative created by the European Investment Fund (EIF) in close co-operation with the governments and national agencies of Austria, Czech Republic, Slovakia, Hungary and Slovenia (the CE countries) to boost equity investments into small and medium-sized enterprises (SMEs) and small mid-caps across the region, establishing a sound market-based risk financing infrastructure, implementing the best market standards for equity investments in businesses and attracting institutional investors and investment managers to Central Europe.

The CEFoF was launched in December 2017 and later expanded in April 2018, with EUR 12m from OeEB (administering investment for the Austrian Ministry of Finance), EUR 10m from SZRB AM, EUR 10m from MFB, EUR 8.2m from ČMZRB, EUR 8m from SEF and EUR 10m from IIB. The remaining EUR 38.8m was contributed by EIF. To deploy the funds-of-funds, EIF utilises its experience and expertise in managing similar initiatives in close collaboration with national and regional partners across Europe.

What is the CEFoF’s investment strategy?

The CEFoF intends to build a balanced portfolio of venture capital and private equity funds performing later stage and growth equity investments (including acquisition, buy-and-build and replacement capital strategies that include capital increase in the portfolio companies) with a focus on the CE countries, over an investment period of four years until the end of 2021. The balance will cover the aspects of investment focus, vintage year and an appropriately diversified number of underlying transactions.

EIF, as manager of the CEFoF, considers the following investment opportunities:

  • Investments into VC, PE and mezzanine funds with proven experience and insight into the Central European market, focused on later stage and growth investments.
  • Co-investments through co-investment vehicles alongside investment funds, family offices and institutional investors into later stage and growth phase SMEs and small mid-caps. The CEFoF co-invests with selected investors, which are based or active in the CE countries.

Are you a fund manager interested in partnering with us under the CEFoF?

Both funds and direct co-investments need to satisfy a strict set of investment criteria applied under EIF’s normal investment process. In terms of direct co-investments, we look for a qualified and credible partner, with extensive experience in the specific deal and whose reputation is at stake when undertaking any single investment. You are eligible to apply to become an EIF financial intermediary under the CEFoF provided you fulfil, amongst others, the following criteria:

  • Your investment strategy is focused on the CE countries. Proposals will outline how the fund fits in the current competitive landscape, what sector and stage is the fund targeting and why, how does it take into account the know-how of the team.
  • Your team is well-balanced, with team members complementing each other in terms of skills and experience, with a proven ability to work together. The fund manager will be either located in a CE country or will have a team dedicated to the CE countries. Emerging and first time teams are also encouraged to apply.
  • Your track record proves adequate experience in the targeted investment area. Previous investment successes and failures will be carefully analysed in order to understand the team’s capabilities.
  • The fund is capable to attract further private capital from other investors, e.g. family offices, pension funds and other institutional investors, which at least matches the CEFoF’s participation.
  • The fund size is commercially viable to ensure the team’s stability and the fund’s investment capacity.
  • The legal and tax structure of the fund is clear and includes market standard terms and conditions.
  • All stakeholders in the fund have their interests properly aligned.

Read more about the details to include in your investment proposal

How does the CEFoF investment process work?

Interested fund managers shall submit investment proposals to EIF, as manager of the CEFoF. Should the investment proposal meet the criteria listed above, your team will pass several screenings before the EIF undertakes to start a full due diligence process and brings the proposal further through EIF’s approval steps.


Michal Košina, tel.: +352 2485 81775, e-mail: m.kosina@eif.org


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