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Business year 2011
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The Innovation Union’s aim is to speed up and improve the way Member States conceive, develop, produce and access new products, industrial
processes and services. It is one of the seven flagships of the EU 2020 strategy regarded as one of the engines to boost growth and job creation.
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GIF comprises two business lines, GIF 1 which covers early stage (seed and start-up) investments investing in specialised venture capital funds
and GIF 2 which covers expansion stage investments by investing in specialised risk capital funds.
appetite for the asset class, CIP GIF funds were in high
demand and the allocation was fully utilised. GIF also
played a crucial role in the context of the EU 2020 Inno-
vation Union
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by supporting the growth and development
of innovation in Europe. Throughout 2011, EIF signed CIP
GIF commitments amounting to EUR 127m (EUR 96.6m
under GIF 1 and EUR 30.3m under GIF 2
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).
In terms of 2011 cash flows, for all Commission mandates
(CIP, Multiannual Programme for Enterprise and Entrepre-
neurship 2001-2006, or MAP, and the Growth and Em-
ployment scheme, or G&E), EUR 60m was disbursed, with
reflows of EUR 16.4m.
This activity brings the net signatures of all of the European
Commission portfolios (including G&E, MAP and CIP) to
EUR 710m at end 2011.
Funds-of-funds
EIF is advising or managing a number of funds-of-funds
for third party investors including national and regional
governments as well as private and strategic investors.
The objective is to expand EIF’s market impact and reach
and provide a wide choice of financial solutions tailored
to complement existing national schemes.
ERP-EIF Dachfonds
is a EUR 1bn fund-of-funds investing in
venture capital funds focusing mainly on German-based,
high-tech early and development stage companies. EIF
manages this co-investment facility on behalf of the Ger-
man Federal Ministry of Economics and Technology
(BMWi) and the European Recovery Programme (ERP),
from which EUR 500m were committed, matched by co-
investments from EIF, EIB and EU resources. Throughout
the year, with a commitment of EUR 75m in three funds
(Munich Venture Partners II, UnternehmerTUM and HBM
BioCapital II), the ERP-EIF Dachfonds helped first - time
teams as well as established teams to reach viable first
closing sizes and further asserted its role as cornerstone
investor in the German VC segment. ERP-EIF Dachfonds
has to date supported 23 VC funds and managed to
catalyse around EUR 1.9bn of commitments by other in-
vestors. It is currently 62% committed with signatures and
conditional commitments totalling EUR 617m.
LfA-EIF Facility
supports venture capital funds which fo-
cus on the Bavaria region of Germany, and which target
high-tech early and development stage companies. EIF
manages this co- investment facility on behalf of the LfA
Förderbank Bayern, which provided EUR 25m matched
by co-investments from EIF, EIB and the EU for an original
total size of EUR 50m. During 2011, the facility commit-
ted EUR 12.5m to three funds (Munich Venture Partners II,
UnternehmerTUM and Creathor III) and outlined its cata-
lytic role when backing first-time teams and established
managers in the region. To allow a continuation of its im-
portant role in supporting local enterprises, the facility was
increased by LfA and EIF from EUR 50m to EUR 100m
in 2011. To date, the LfA- EIF Facilit y has commit ted
some EUR 43m in nine funds, of which one commitment
(EUR 5m) is still conditional. It is now 43% committed.
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EIF own resources EIB risk capital mandate
European Commission EIB mezzanine facility for growth
Regional mandates Funds-of-funds activity
Yearly equity commitments by resource – in EUR m
2007 2008 2009 2010 2011
1 200
1 000
800
600
400
200
0
524
409
709
1 126