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