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

Romania Recovery Equity Fund of Funds

    Date: 15 August 2022 - 31 December 2025


The EIF and the Government of Romania have launched a new fund-of-funds initiative to support local businesses with access to equity finance leveraging EU resources.

The Recovery and Resilience Facility was established by Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021, aiming to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.

Pursuant to the RRF Regulation, the Council of the European Union approved a recovery and resilience plan for Romania on 29 October 2021 (“PNRR”). More details about PNRR are available at https://mfe.gov.ro/pnrr/.

Under PNRR, the Government of Romania has committed to set up an equity financial instrument as described in Component 9, section “Investment 2 – Financial instruments for the private sector”, with an allocation of EUR 400 million. In December 2021, the Government of Romania, represented by the Ministry of European Investments and Projects, has entrusted the EIF with the management of this new equity instrument – now known as the Recovery Equity Fund of Funds or REF.



The REF invests into underlying funds managed by financial intermediaries (fund managers) that are selected according to the EIF’s standard procedures through the call for expression of interest, as further described below. Underlying funds could be national or regional, new or existing, and should commit to invest into Romania at least the equivalent of the contribution received from REF. 

The policy objective of the REF is provide access to finance in the form of equity and quasi-equity for SMEs, mid-caps (companies with up to 3,000 employees), including start-ups, companies in early, advanced growth and expansion stages, and infrastructure projects focused, among others, on renewable energy and energy efficiency.

The REF does not invest directly in businesses; these underlying investments in portfolio companies will be carried out via the fund partners.

Fund managers – apply here

The EIF selects financial intermediaries based on a standard application and evaluation process including due diligence of applying fund managers. Please carefully read the call for expression of interest document and check the eligibility criteria before applying.

Start date for applications: 15 August 2022 (date of email receipt by the EIF)

Deadline for applications: 31 December 2025 (date of email receipt by the EIF)

Applications (and clarification questions) must be sent by email to ref@eif.org.


  • Call for expression of interest PDF
  • Annex I - Expression of interest PDF | DOC
  • Annex II – Term sheet PDF

Clarifications and FAQ documents may be published from time to time on this page.

  • Clarification no. 1:
    Notwithstanding Compliance (e.g. tax, KYC, AML) matters as described in the Call, there are no specific requirements as to the legal structure of the Applicant at the moment of submission of the Expression of Interest. The intended fund structure and all related entities must be described, but not necessarily established, at this point. In case the Applicant team consists in individuals without a legal structure, each team member should sign the Expression of Interest and Declaration of Honour personally. The legal structure should be in place by the time of the signature of commitment agreement with the Financial Intermediary, if and when such stage is reached.
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.