Venture Capital Fund

Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) has launched the procedure for selection of Fund Manager for the financial instrument Venture Capital Fund(VCFund), co-funded by Operational Program Innovation and Competitiveness 2014-2020 (OPIC). The deadline for sending applications is June, 25th, 2018.

The structure of the instrument envisages set-up of one investment fund which in addition to the public resources would seek to attract private investments.

The purpose of the new investment fund would be to invest in a diversified portfolio of enterprises through equity and quasi-equity instruments, mainly at an early stage of development thus supporting the growth potential of SMEs in Bulgaria. The amount of investments made by the venture capital fund in one company will range from BGN 1.5 to 7 million.

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 specified above would be established and managed by investment professionals (Financial Intermediaries). They would be selected with an open, transparent and non-discriminatory selection procedure, which would be compliant with the requirements of the applicable national and European regulations.

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.

For additional information and questions with respect to the market consultations, you may contact the team of FMFIB at +359 2 801 40 50.