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

Clarification Document and FAQ to the Call for Expression of Interest JER-009/1 to select Financial Intermediaries that will receive resources from the JEREMIE Holding Fund for Bulgaria to implement the following Financial Instrument: Risk Capital Fund(s).

    Date: 19 October 2010 - 02 November 2010


The aforementioned call for expression of interest  stipulated that: “Requests for clarifications from Applicants shall not receive individual replies. Instead, answers to all requests for clarifications received within the relevant deadline will be published together in a Clarification Document to be posted on the EIF website at latest on 19/10/2010”.

In accordance with this provision, we hereby present such a clarification document complemented with frequently asked questions.

Capitalised expressions utilised below shall have the meaning attributed to them in the above mentioned Call for Expression of Interest, unless otherwise defined below or the context requires otherwise. Questions may appear as they have been received without any editing from EIF; they also appear in a random order.

Question 1

In the case that an expression of interest wants to be submitted by a group of different professionals and a company. It is necessary in the documentation to include the consortium agreement or not. In case that we have to include the consortium agreement signed by the parties, is it necessary that this consortium agreement to be signed in front of a notary or just with a private consortium agreement is enough.

EIF Answer

The Expression of Interest does not need to prove formally the agreement of the consortium. However, when the panel decides to perform a due diligence on such consortium, all documentary evidence needs to be proven.

Question 2

An expression of interest will come from a Bulgarian entity not yet established. The question is whether EIF would accept their application without registration (it takes some time and money) – in the case, they are successful then they conclude the registration.

EIF Answer

The new fund management company must be legally set up at the time of the signature of the Operational Agreement at latest, which is after the time of the announcement of the results of the selection process, given the time necessary to secure the private funding. Applicants concerned should make this specification as part of the Expression of Interest.

Question 3

Does the 3% limit p.a. include all fees, costs and expenses?

EIF Answer

Yes. As stated in the Call: “for the purpose of the Financial Instrument, the management costs shall be deemed to include any fees, expenses and costs necessary to set up and manage the Financial Instrument. The management costs of the Financial Instrument shall not exceed, on a yearly basis, 3% of the committed capital during the investment period, and of the invested capital thereafter.

Question 4

Is an applicant for the VC call not eligible for the forthcoming Growth and Mezzanine calls?

EIF Answer

No. An applicant who has submitted its expression of interest for a call may still apply for another call. When selecting a fund manager in this and any future call, EIF will analyse its institution capacity to manage several instruments.

Question 5

Who can be a shareholder in the management company? Could it also be individuals? 

EIF Answer It is true that there is no set expectation on the shareholders of the Financial Intermediary; nevertheless, there is a list of criteria in the Call that the Financial Intermediary should satisfy and the Expression of Interest will undergo a stringent due diligence process.

Question 6

What is it to be expected by the fund manager in terms of marketing and publicity? 

EIF Answer

The EC Regulation 1828/2006 mentioned in the Call provides for an indication of such actions ensuring the visibility of EU funds. In any case, compliance of operations with structural funds requirements will be discussed with the selected Financial Intermediary during the contractual negotiation process.

Question 7

How is the interest accrued on the escrow account used? 

EIF Answer

As stated in the Call: "the mechanics of the disbursements and the escrow arrangement will be set out in the Operational Agreement".

Question 8

The Private Investors should constitute at least 30% of the Risk Capital Fund; does this include the Appicant’s commitment for own commitment of at least 1% of the total Fund size?

EIF Answer Yes. The Applicant’s commitment falls under the Private Investors participation unless it comes from public funds.

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.