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

Scottish-European Growth Co-Investment Programme


The Scottish-European Growth Co-Investment Programme is a GBP 100 million equity co-investment scheme managed by EIF, to be invested alongside private investors with the objective to catalyse at least another GBP 100 million of growth capital to target companies. It is a joint initiative by EIF and Scottish Enterprise, which contribute a financial allocation of GBP 50 million each. The Scottish-European Growth Co-Investment Programme was launched in June 2017.

The objective of Scottish-European Growth Co-Investment Programme is to support Scottish SMEs and to attract international private equity investment to Scotland, by providing co-investment funding alongside equity investment funds and private investors on market terms. It will focus mainly on the "second equity gap” that companies face when they move beyond the start-up stage and into the growth phase of their lifecycles. Start-up companies are also eligible for finance.

The Scottish-European Growth Co-Investment Programme is the first part of the Scottish Growth Scheme, a GBP 500 million financial package, backed by the Scottish Government, to help Scottish businesses thrive and grow. It is one of the first financing programmes launched by EIF under the EIF-NPI Equity Platform and the Investment Plan for Europe in cooperation with EU National Promotional Institutions. Scottish Enterprise became a founding member of the EIF-NPI Equity Platform’s General Forum in September 2016.

How does the Scottish European Co-Investment Fund work?

Scottish European Co-Investment Fund

EIF will manage and deploy the Scottish-European Growth Co-Investment Programme through co-investments into companies alongside investment funds in EIF's portfolio, a list of which can be found here. Scottish Enterprise is available to provide support to companies in identifying appropriate fund managers to approach, and in preparing their investment propositions.

The co-investment can be made both into new and existing portfolio companies of such investment funds.

The co-investment capital will be provided through a co-investment vehicle, which is set up and managed by the fund manager. The fund manager will invest in the target company from the co-investment vehicle alongside an investment from the main investment fund. The size of investment will be assessed in each case. There are no pre-defined maximum or minimum amounts.

Interested fund managers should submit to EIF a co-investment proposal targeting an identified target company through their existing EIF relationships or contact EIF for further information. Should the investment proposal meet the criteria listed below, EIF will conduct an initial screening to determine eligibility before proceeding.

Are you a fund manager interested in partnering with us under the Scottish European Co-Investment Fund?

EIF, as manager of the co-investment scheme, will provide co-investment capital to selected fund managers who:

  • have an established relationship with EIF;
  • have a positive track record;
  • are proposing a co-investment in a new or existing portfolio company of their investment fund, in which EIF is an existing investor.

What are pre-defined eligibility criteria for the target companies?

The target company must:

  • be an existing or new portfolio company of the fund manager’s investment fund in which EIF is an existing investor;
  • be an SME (EC definition);
  • have an operational trading base in Scotland from which it conducts business; and
  • demonstrate strong growth and export potential, with a clear path to increase in turnover, profit or employment.

The financing provided to the company must be for the purpose of: 

  • supporting growth, expansion or acquisition financing, provided in any case that 75% or more of the financing is designated for growth (i.e. not replacement capital); and
  • include among its objectives the growth of the company’s Scottish operational trading base.

Additional criteria may apply, and will be provided by EIF upon review of the co-investment proposal.


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.