Call for Expression of Interest for the risk capital funds managers

UAB “Investicijų ir verslo garantijos” (INVEGA), in co-operation with the European Bank for Reconstruction and Development (EBRD), invites potential fund managers to express interest in the management of new risk capital instruments of the Ministry of Economy.

The new instruments will be implemented and risk capital fund managers will be selected by INVEGA with the participation of the EBRD.

Submission of expressions of interest

The Call for Expression of Interest for the risk capital funds managers (liet. rizikos kapitalo fondų valdytojų atrankos dokumentai ) contains all information related to the application process. All documents and information specified in the Call for Expression of Interest must be submitted by the Applicants in the manner provided for in the Call.

Potential fund managers can express their interest to implement one of those instruments:

  • Development Fund I, supported by the European Regional Development Fund (ERDF): investments into SMEs (indicative contribution from the national budget: EUR 14.51 million) (Terms and Conditions of the Fund ENG, LT).
  • Development Fund II, supported by the ERDF: investments into SMEs (indicative contribution from the national budget: EUR 16.18 million) (Terms and Conditions of the Fund ENG, LT).
  • Venture Capital Fund II, supported by the ERDF: investments into SMEs engaged in, or planning to be engaged in R&D and innovation activities or implementing projects in Smart Specialization priority sectors (indicative contribution from the national budget: EUR 13.76 million) (Terms and Conditions of the Fund ENG, LT).
  • Business Angels Co-Investment Fund, supported by the ERDF: investments into SMEs (indicative contribution from the national budget: EUR 10.23 million) (Terms and Conditions of the Fund ENG, LT).

A detailed description of the entire selection process is provided in the Call for Expression of Interest.

If you have any additional questions, please do not hesitate to submit them via e-mail to equity@invega.lt. Questions may be submitted in either the Lithuanian or English languages. The replies to questions will be published in the Lithuanian and English languages on the website of INVEGA at http://invega.lt/lt/duk/rizikos-kapitalo-investicijos.

Each applicant will be personally notified of further actions planned and decisions taken by INVEGA.

Main deadlines relating to the submission of expressions of interest

Deadline for Applicants to request clarifications from INVEGA regarding the Call for Expression of Interest and the Terms and Conditions of each Fund: 8 March 2017

Publication of any answers to relevant requests for clarification received within the above deadline: 15 March 2017

Application deadline: 22 March 2017

Invitation of the shortlisted Applicant(s) to present, and answer questions on their Business Plans: by 30 June 2017

About venture capital instruments

These new risk capital instruments will aim to promote entrepreneurship in Lithuania, improve the productivity of micro, small and medium-sized enterprises (SMEs) and further develop the national equity investment framework. They will also promote investment and job creation across regions and enhance the supply of finance to SMEs seeking to invest in research, development and innovation in the field of smart specialisation.

The risk capital instruments will be co-financed by the Business Financing Fund financed under the European Regional Development Fund. Risk capital fund managers selected by INVEGA will be expected to raise additional funding from independent private investors.

The Business Financing Fund was established on 15 April 2016 by the Ministry of Economy, the Ministry of Finance and INVEGA.

The Call for Expression of Interest (LT, ENG)*

Disclaimer (LT, ENG)*

*Attention: The English language version of the Call for Expression of Interest and Applications prevails to the extent of any inconsistency.

FAQ

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