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InvestBG Equity Instrument

  •  
    Date: 20 March 2019 - 31 December 2023

InvestBG banner image

The InvestBG Equity Instrument (“Facility”) is designed to support one of the strategic policy objectives of the Bulgarian Ministry of Economy of fostering investments in sectors that create high value added and increase the overall competitiveness of the economy through the creation and development of high-growth and innovative SMEs by facilitating their access to equity financing.

TThe budgetary resources under the Facility originate from reflows from the JEREMIE initiative supported from the European Regional Development Fund and national co-financing in the 2007-2013 period.

Through the InvestBG Equity Instrument, and acting on behalf and in the ultimate benefit of the Government of Bulgaria, EIF will:

  1. Provide capital commitments to selected venture capital and private equity funds that include Bulgaria as part of their geographic focus (Primary Fund Window) – total budgetary allocation of EUR 50m.
    When making a commitment under the Primary Fund Window, EIF shall in addition co-invest alongside the Facility with other resources under its management. Such co-investment will represent an amount equal to at least 50% (with a target of 100%) of the amount committed from the Facility. In order to be eligible under the Facility, applicants shall commit to invest in Eligible Final Recipients at least 1.5x (with a target of 2x) the amount of the relevant Facility commitment drawn down for the purpose of investments.
  2. Co-invest, on a deal-by-deal basis, alongside selected venture capital and private equity funds investing in Bulgaria (Co-Investing Window) – total budgetary allocation of EUR 10m.
    When making an investment under the Co-Investing Window, EIF will not have to co-invest alongside the Facility from other resources under its management. The matching of the resources invested under the Co-Investing Window will be effectively provided by the VC and PE funds and/or other private investors which participate in the respective co-investment round, provided that EIF (taking together resources from the Facility and potentially any other resources under its management) will not participate in more than 50% of a co-investment round.

How to apply

Call for expression of interest

The deadline for application has been extended to 31 December 2023. The EIF selects intermediaries after a full assessment and due diligence process following its standard procedures. For more information about the eligibility and exclusion criteria for financial intermediaries please refer to the call documents, and the applicable EIB Group policies below:

Relevant EIB Group policies that apply to this call

  • Where EIF Anti-Fraud policy is mentioned, please take note of the updated EIB Group Anti-Fraud policy
  • Where Non-Cooperating Jurisdiction is mentioned, please take note of the updated definition as part of the EIB Group NCJ Policy
  • Additionally, the following policies are applicable:
    1. EIB Group Anti-Money Laundering and Combating Financing of Terrorism Policy
    2. EIF Transparency Policy
    3. Guidelines on EIF Restricted Sectors
    4. EIF Environmental, Social and Corporate Governance (ESG) Principles
    5. EIB Group Whistleblowing Policy
  • The following restrictive measures also apply:
  • EU Restrictive Measures; and/or
  • any economic or financial sanctions adopted from time to time by the United Nations and any agency or person which is duly appointed, empowered or authorised by the United Nations to enact, administer, implement and/or enforce such measures; and/or
  • any economic or financial sanctions adopted from time to time by the United States Government and any department, division, agency, or office thereof, including the United States Department of the Treasury Office of Foreign Asset Control (OFAC), the United States Department of State and/or the United States Department of Commerce; and/or
  • any economic or financial sanctions adopted from time to time by the United Kingdom, and any UK government department or authority, including, inter alia, The Office of Financial Sanctions Implementation of His Majesty's Treasury and the Department for International Trade.
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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