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EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Financement de Capital des Entreprises Innovantes Situation en France et en Allemagne- Perspectives.

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Presentation on theme: "EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Financement de Capital des Entreprises Innovantes Situation en France et en Allemagne- Perspectives."— Presentation transcript:

1 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Financement de Capital des Entreprises Innovantes Situation en France et en Allemagne- Perspectives européennes 26 Juin 2007, Paris Les financements offerts par le FEI Matthias Ummenhofer Head ERP-EIF Dachfonds This presentation was prepared by EIF. The information included in this presentation is based on figures available for May Any estimates and projections contained herein involve significant elements of subjective judgment and analysis, which may or may not be correct.

2 1 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Table of contents EIF at a glance…………………………………………… An active role in European venture capital……………… New developments……………………………………….

3 2 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN EIF at a glance Aaa-rated European institution with MDB status Need to generate return on equity EU specialised financial institution for SMEs, acting through: Venture Capital (fund-of-funds), Guarantees for SME portfolios and financial engineering AAA (Standard & Poors) Aaa (Moodys) AAA (Fitch) MDB status 0% weighting Geographic location Working in an enlarged union Subscribed capital: EUR 2bn (3bn by 2010) EIB: 60.9 % EU: 30 % 29 Financial institutions: 9.1 %

4 3 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Resources and objectives ERP-EIF Dahlia SICAR S.R. European Community EUR 600m + Capital increase (Approx. EUR 341m target under way) EUR 4bn Revolving EUR 450m (MAP) EUR 1.1bn (CIP) Up to EUR 1bn To be committed to venture capital funds and guarantees in enlarged Europe AND generate strong return on equity

5 4 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Under EIF management at 31 May 2007 EUR 2.7bn EUR 2bn New signatures in operations EUR 11.1bn GUARANTEE S EUR 15.2bn TOTAL 259 funds EUR 4.1bn VENTURE CAPITAL Vehicles Total signatures EUR 0.7bn New signatures in 2007 EUR 0.25bn EUR 0.19bn EUR 0.44bn

6 5 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Primary Fund-of-Funds investor As Primary FoFs investor: Active role in backing up emerging teams This allows us to be repeat and cornerstone investor in top quartile funds in Europe Long-term relationship with best GPs in Europe x Through an investment in New Tech Venture Capital Fund, managed by Luxembourg- based Mangrove Capital Partners

7 6 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Dahlia: Pan-European Fund-of-Funds Joint initiative between EIF and Natixis Private Equity EIF pari passu equity co-investment of EUR 75m; Natixis equity investment of EUR 75m; Natixis loan facility EUR 150m Total fund size: EUR 300m Pan-European, generalist focus Paris-based Potential for significant synergies in linking up with a private PE player Public Private Partnership for Progress

8 7 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN NEOTEC: Spanish technology Fund-of- Funds Final closing June 2006 at EUR 183m (EIF sponsor with EUR 50m) Spanish technology fund (TMT, bio-tech and life sciences) EIF managed Madrid-based Deal flow to major tech and research centres in Spain Shared services centre in Luxembourg for risk management, IT (proprietary Fund-of-Funds system) and legal support Tapping into future growth

9 8 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN ERP-EIF Dachfonds: Fund-of-Funds with focus on Germany EUR 500m FoFs investing in specialised VC funds that focus on investments in early and development stage technology companies in Germany EIF managing on behalf of German Federal Ministry of Economics and Technology (BMWi) – dedicated EIF team ERP/BMWi committed EUR 250m; matched by a EUR 250m EIF co-investment; 5 year investment period Wider objective to help build sustainable VC infrastructure in Germany, using EIFs know-how, expertise and pan-European network Started in January committed EUR 280m in 9 Funds A VC Marshall Plan for Germany

10 9 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN New Products – Technology Transfer Several deals concluded in Europe Links with major European research centres Provider of innovative solutions to VC constraints R&D Tech transfer / proof-of-concept Marketable product «Licensing» Special Protection Vehicles Virtual LAB Created by leading R&D Centres Potential exits for the SPV projects Licensing to corporation Sale to corporation Purchase / investment by other investors IPO Investment focus of TTA «Technology» Intellectual Property«Prototype» Intellectual Property «Spin-off» Special Protection Vehicles «Hybrid» Special-Purpose Vehicles Funding gap Funding: FP7Funding: CIP

11 10 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN Tech Transfer opportunities per region Scandinavia & Benelux Universities with track record in research commercialisation Working entrepreneurial ecosystems Multiple larger scale private and public technology transfer initiatives arising France & Germany Research base available but commercialisation still in its infancy Administrative/legislative hurdles 1 4 UK & Ireland Several tech transfer companies have emerged over the past years (IPgroup, Amphion, Angle, Biofusion, Imperial innovations, UMIP/MTI, …) Southern & Eastern EU Limited history of technology transfer Research commercialisation initiatives arising, but lack of organisation, skills, critical mass and track record.

12 11 EXTENDING THE SME VALUE CHAIN EXTENDING THE SME VALUE CHAIN European Investment Fund 43, avenue J. F. Kennedy L-2968 Luxembourg Tel.: (+352) Fax: (+352) Contact


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