Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) has launched market consultations with respect to Venture Capital Fund(VCFund), co-funded by Operational Program Innovation and Competitiveness 2014-2020 (OPIC). The process precedes and would support FMFIB in the preparation of а tender documentation for selection of financial intermediaries to implement the financial instrument.
The structure of the instrument envisages set-up of one or more investment funds which in addition to the public resources would seek to attract private investments.
The purpose of the new investment fund(s) would be to invest in a diversified portfolio of enterprises through equity and quasi-equity instruments, thus supporting the growth potential of SMEs in Bulgaria.
In addition to the financing support, the VC Fund would also provide strategic support to its investees so to enhance their competitiveness by strengthening management capacity and good corporate governance practices.
The fund(s) specified above would be established and managed by investment professionals (Financial Intermediaries). They would be selected with an open, transparent and non-discriminatory selection procedures, which would be compliant with the requirements of the applicable national and European regulations.
The purpose of the market consultation is to achieve optimal structure of the VC Fund, in the backdrop of the prevailing market environment as well as the requirements of potential Financial Intermediaries, private investors and investees whilst respecting the objectives set forth in OPIC, the respective national and European policies.
FMFIB has published an indicative term sheet with respect to the VC Fund on its corporate website. The document provides further details on the tentative terms and conditions applicable to the instrument.
Furthermore, during the main discussions regarding the VC Fund, FMFIB would revisit key topics related to the structuring of our Mezzanine/ Growth Fund which market consultation took place in March 2017. The marketing materials, including high-level term sheet and teaser, with respect to the instrument are available at http://www.fmfib.bg/bg/fi/21-dyalovi-i-kvazidyalovi-investitsii/11-fond-metsaninrastezh.
Up until 1 December 2017, FMFIB would conduct meetings with potential financial intermediaries and other stakeholders which have expressed their interest to participate in the process by 18:00 at 20 November 2017 (inclusive) to the following e-mail address: firstname.lastname@example.org. Alternatively, interested parties could also book directly a time slot at https://calendly.com/fmfib-vc/market-consultation-vc-fund. The discussions could be organised either as physical meeting at FMFIB premises or conference calls.
For additional information and questions with respect to the market consultations, you may contact the team of FMFIB at +359 2 801 40 50.