
EIF launches funds-of funds for Greece and Italy
The European Investment Fund (EIF) has launched two funds-of-funds alongside Italy’s government-backed Cassa Depositi e Prestiti and the Greek Ministry of Economy and Development.
Under the so-called Plan for Europe announced in November 2016, the European Investment Fund (EIF), part of the European Investment Bank, has signed an agreement with Cassa Depositi e Prestitit (CDP) to launch ITATech, a venture capital-dedicated fund-of-funds. As part of the agreement, EIF and CDP have committed an equally split ticket totalling €200m to the vehicle and are now looking for other investors.
The fund will target Italian companies from the seed and startup stages to the growth and expansion phases. According to a statement, it aims to help Italian SMEs with the commercialisation of their proprietary technology as well as the management of their intellectual property rights.
EIF also launched a €260m fund-of-funds alongside the Greek Ministry of Economy to boost equity financing activity through independently-managed GPs across Greece. As part of the deal, the European Regional Development Fund committed €200m to the fund-of-funds, according to a statement, while EIF co-invested €60m, which includes €10m from the European Fund for Strategic Investments. The vehicle will support Greek venture capital investors as well as accelerator funds.
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