DVI-II is a EUR 200m Venture and Growth Capital Fund-of-funds initiative of the EIF and Oost NL, supported by the Dutch Ministry of Economic Affairs.

Launched in March 2016, it aims at investing in fast growing and/or innovative companies, following the successful implementation of the predecessor initiative, DVI-I, launched in 2013.

The Fund-of-funds will target companies in sectors like ICT, clean-tech, med-tech, renewable energy and life sciences, through primary investments in Dutch oriented Venture Capital funds. Similar to the investment strategy of DVI-I, DVI-II will invest in venture and growth capital funds (including hybrid debt/equity funds).

As an advisor to DVI-II, the EIF can rely on over 20 years of experience in the European Venture Capital market and successful implementation of similar initiatives in close collaboration with national and regional partners across Europe..

What is the investment strategy of DVI-II?

DVI-II will hold a first closing of EUR 200 million and will target up to 15 investments in funds in the next 4 to 5 years. After receiving regulatory approval (from the CSSF), the first and final closing took place on 31st March 2016.

DVI-II will focus on Dutch venture capital funds and other funds investing in the Netherlands. It will also be open to make investments into growth capital and mezzanine funds (hybrid debt/equity funds).

DVI-II intends to build a balanced portfolio of venture capital and growth funds that are able to demonstrate a strong investment focus on the Netherlands. DVI-II supported Fund Managers need to focus on companies in their early or development stages. Eligible funds should also have a strong innovative angle, by focusing on companies operating in different technology areas, such as ICT, Life Sciences, Cleantech or Energy.

By the end of 2019, DVI-II had committed a total amount of EUR 194 million to 13 different venture and growth capital investment funds, mobilising an amount of EUR 2.6 billion available for SMEs.

How to apply for DVI-II

For eligible fund management companies interested in partnering with us under DVI-II:

We are looking for qualified and credible partners, with extensive experience in Venture Capital. You will be eligible to receive DVI-II’s financial resources to enable further investments into high-tech early and development stage companies, if you meet the following criteria, amongst others:

Your investment strategy has a strong focus on the Netherlands.
Please outline and explain how the proposal would fit in the current competitive VC landscape, which sector and stage the fund is targeting and how the know-how of the team matches the Fund’s investment strategy;
Your team is well-balanced, with team members complementing each other in terms of skills and experience, with a proven ability to work together. Emerging and/or first time teams would also be considered occasionally;

Furthermore:

Your track record should prove adequate experience in the targeted investment area; previous investment successes and failures will be carefully analysed in order to understand the investment capabilities of the team;
The fund should be capable to attract further private finance from other investors, e.g. pension funds, insurance companies or funds-of-funds, which will at least double the amount of investment capital required;
The fund size should be commercially viable to ensure the team’s stability and the fund’s investment capacity;
The legal and tax structure of the fund should be clear and transparent according to the highest market standard terms and conditions;
Stakeholders in a fund have aligned interests.

Should your investment proposal meet the criteria listed above, your team will need to pass several additional screenings, before a full due diligence process is started and taken further into our internal decision making process.

For more details on DVI-II, please contact: Norbert Fillekes, e-mail: n.fillekes@eif.org

For SMEs:
If you are looking for funding, you can contact the funds in which DVI-I has invested, displayed at this page. For a list of the financial intermediaries currently cooperating with in the Netherlands please visit http://www.eif.org/what_we_do/where/index.htm Please contact the intermediary directly to find out about eligibility criteria and financial conditions.

For information about finance available under further EU initiatives, please visit http://europa.eu/youreurope/business/funding-grants/access-to-finance

Regulation (EU) 2019/2088 (SFDR):

One of the primary objectives of the DVI programme was and is to support the innovation landscape in the Netherlands. By supporting Dutch-oriented venture and growth capital funds, DVI provides additional funding support to innovative and promising companies which are expected to drive future economic growth in the Netherlands. At the same time, DVI also wants to contribute to a better world with a good quality of life. Both for current and future generations.

The Fund defines with the assistance of the Investment Advisor certain excluded sectors in which the Fund is prohibited to invest directly or indirectly The selection of such sectors is based on the Investment Advisor ESG guidelines: EIF Environmental, Social and Corporate Governance (ESG) Principles as well as on investment considerations meant to avoid inter alia any actual or potential material social, governance and/or environmental negative impact on the Fund performance. Such excluded sectors are taken into consideration in the investment process and decision-making process of the Fund.

The Fund does not consider adverse impact of investment decisions on sustainability factors at the present time considering that (i) in the absence of regulatory guidance, it is not clear what regulators will expect of entities that elect to consider such matters at this time, and (ii) it is also not clear that there is sufficient data, and data of a sufficient quality, to support entities that do so, in the relevant asset classes, industries or sectors in which investments have been/may be made. Sustainability factors are environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.

HIGHLIGHTS

DVI-II investments at 31.12.2019

BioGeneration Capital Fund III
Finch Capital Fund II
Forbion Capital Fund IV
Fortino Capital II Growth
Gilde Healthcare IV
Gilde Healthcare Services III
Karmijn Kapitaal Fund II
Life Sciences Partners 6
LSP Health Economics Fund 2
Newion Investments III
Prime Ventures V
SET Fund III
Vortex Capital Partners II