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    Reference: 20170351
    Release date: 14 June 2017

    Promoter – Financial Intermediary

    SPECIAL PURPOSE ENTITY(IES)/FUND

    Location

    Description

    Equity participation in an investment fund focusing on co-investments in innovative start-ups and small and medium-sized enterprises (SMEs) in Italy

    Objectives

    The objective of the fund is to generate venture capital-like returns while supporting the Italian venture capital (VC)/innovation ecosystem. The operation entails a great potential for the Italian VC industry in terms of (i) enhancing access to finance for innovative startups; (ii) sharing risks with Italian and/or international VC funds and allowing for a higher level of portfolio diversification; (iii) increasing the level of foreign direct investment (FDI) (given the fund's network of international counterparts that will be invited to co-invest in Italian ventures); (iii) facilitating investment by venture arms of Italian corporates, which represent significant potential in terms of available capital to be deployed in innovative startups; and (iv) spread of best practice thanks to the involvement of the EIB.

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 22 million

    Total cost (Approximate amount)

    EUR 100 million

    Environmental aspects

    The investments will concern research, development and innovation (RDI) activities most likely within existing facilities. Therefore, it is unlikely that the project will fall under Annex I or II of Directive 2011/92/EU, as amended. Nevertheless, the environmental details, including environmental objectives of the RDI programme and, if needed, the CO2 footprint, as well as the possible impact on protected flora and fauna, will be assessed during the appraisal.

    Procurement

    Investments by the fund will be limited to private entities not operating in the utilities sector and not having the status of a contracting entity, thus not subject to EU rules on public procurement.

    Status

    Signed - 28/09/2017

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Italy Services