JEREMIE Romania Reflows – Equity Instrument

The JEREMIE Holding Fund Romania was established in 2008 through a Funding Agreement between EIF and the Government of Romania. In total, EUR 225m were contributed to the JEREMIE Holding Fund from the Sectoral Operational Programme “Increase of Economic Competitiveness” 2007-2013, co-financed through the European Regional Development Fund.

During the 2007-2013 programming period, three financial instruments were set up through JEREMIE Romania: risk capital, first loss portfolio guarantees and portfolio risk sharing loans. Around 7,000 loans and investments were provided to Romanian SMEs, totalling over EUR 680m.

Following the end of the programming period, EIF continues to act for and on behalf of the Government of Romania for the management of resources reimbursed from the initial implementation (known as “reflows” or “legacy resources”). To manage these instruments, EIF selects Financial Intermediaries according to a standard process involving due diligence and proof of compliance with relevant standards and legislation. 

The JEREMIE Romania Reflows Equity Instrument, with an initial budget of EUR 50m, will comprise two windows: Primary Fund and Co-investment. Acting on behalf and in the ultimate benefit of the Government of Romania, EIF will:

• Provide capital commitments to selected venture capital and private equity funds that include Romania as part of their geographic focus (Primary Fund Window) OR
• Co-invest, on a deal-by-deal basis, alongside selected venture capital and private equity funds investing in Romania (Co-Investment Window).