Release date: 28 March 2022
Promoter – Financial Intermediary
CLARET CAPITAL PARTNERS LTDLocation
Description
Co-investment facility allowing the EIB to deploy venture debt alongside Claret Capital's Fund III. The facility would focus on EU small and medium-sized enterprises (SMEs).
Additionality and Impact
The project is to co-invest alongside Harbert / Claret European Growth Capital Fund III, a venture debt fund managed by Claret Capital that lends to innovative European SMEs.
During the COVID-19 crisis, many SMEs, and in particular innovative smaller companies, experienced challenges in accessing finance. The limited access to finance results from higher information asymmetries, uncertainties regarding the market potential of R&D and innovative processes undertaken by innovative SMEs.
Venture debt is an alternative way of financing compared to traditional bank loans, that is particularly suitable for innovative and high-growth companies. Through co-investments with Claret Capital, the EIB would increase the availability of funding for such SMEs and reach a larger number of companies. Ultimately, by supporting smaller investments in innovative high technology sectors, the operation would contribute towards increasing the competitiveness of the European economy, supporting digitalization and increasing economic resilience. The EIB would also send a positive signal to private investors and thus incentivize further financing.
Objectives
Co-investment facility allowing the EIB to deploy venture debt alongside Harbert / Claret European Growth Capital Fund III. The facility focuses on EU start-ups and growth companies.
Comments
Final beneficiaries would be requested to comply with applicable national and EU legislation, as appropriate.
Sector(s)
- Services - Financial and insurance activities
Proposed EIB finance (Approximate amount)
EUR 35 million
Total cost (Approximate amount)
EUR 69 million
Environmental aspects
The operation concerns a potential co-investment facility with Harbert / Claret European Growth Capital Fund III. Claret Capital is a fund manager specialised in venture debt lending to European start-ups and growth companies. The EIB would commit capital from the European Guarantee Fund (EGF) to invest in selected venture debt loans originated, structured and managed by Claret Capital. The target companies would be European SMEs affected by COVID-19.
Procurement
The facility's operational guidelines would provide for due diligence of environmental and social aspects for all projects to be invested into by the EIB, according to guidelines acceptable to the EIB.
Status
Signed - 27/01/2022
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).