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Annual Report 2011
16
Equity resources and mandates
EIB resources
RCM’s core objective is to support technology and indus-
trial innovation through early stage, expansion and lower
mid-market capital, with an emphasis on specialist funds
investing in the EU and generalist funds in an enlarged
Europe (EU 27, EU Candidate and potential Candidate
Countries, EFTA countries). EIF has been managing the
RCM on behalf of the EIB since 2000.
In October 2011, the EIB increased the funds available
through RCM, the largest mandate under EIF manage-
ment and the core pillar in EIF’s equity activity, from
EUR 4bn to EUR 5bn. This increase came with a revised
mandate framework that allows EIF to apply its expertise
more broadly in new segments while continuing, in close
cooperation with the EIB, to support the stabilisation of
the overall European equity market.
EUR 487m was drawn from RCM during the year, and
after capital repayments of EUR 238m, the net figure was
EUR 249m. After accounting adjustments the RCM year
end headroom stood at EUR 995m.
As previously mentioned, EIF also manages the Mez-
zanine Facility for Growth (MFG) on behalf of the EIB.
MFG is deployed to respond to the increasing funding
needs of SMEs and is invested in hybrid debt/equity funds
throughout Europe.
Since the launch of MFG in 2009, EUR 619m have been
commit ted, and total disbursements have amounted to
EUR 65.9m with total reflows of EUR 8.4m (capital repay-
ments of EUR 8.3m and revenue repayments of EUR 0.1m).
EIF own resources
RCM resources are always complemented by EIF own
resource co-investments.
During 2011 EIF committed EUR 50m to support the co-
investment obligation with the RCM. EUR 31m of capital
repayments were received, hence the net drawing on
own resources was EUR 19m. At 31 December 2011,
EIF own resources available for investment into its equity
business stood at EUR 113m.
European Commission resources
GIF (High Growth and Innovative SME Facility), the
equity window of the CIP programme, is dedicated to
supporting the competitiveness and innovation of Euro-
pean enterprises in the enlarged Europe (including the
EU 27, EU Candidate and potential Candidate Countries,
EFTA countries). It is particularly important to EIF’s support
for venture and growth capital funds and is used as a vital
resource to improve access to finance for the start-up and
growth of European SMEs. CIP GIF also expands EIF’s
range of instruments in support of developing SME market
segments and products, including technology transfer and
Business Angels. During 2011, due to lack of investors’
Year signed
End of
commitment
period
Total
resource
(EUR m)
Total
committed
(EUR m)
Committed
(%)
Total
disbursed
(EUR m)
Disbursed
(%)
EIF
EIF own resources
n/a Revolving
515
420
81%
374
73%
EIB
RCM
2000 Revolving 5 000 4 004
80% 3 187
64%
MFG
2009
2013 1 000
619
62%
66
7%
European Commission
G&E
1998
2002
123
123
100%
105
85%
MAP
2001
2006
242
242
100%
159
66%
CIP GIF (1 & 2)
2007
2013
623
345
55%
110
18%