EstFund is a fund of funds created by Estonia and the European Investment Fund with a purpose to increase venture capital investments mainly into Estonian SMEs. The Estonian state invests 48 million euros of European Regional Development Fund resources into the fund of funds through KredEx, alongside with EIFs 12 million euros. Together, EstFund invests 60 million euros into venture capital funds to which 40 million euros shall be added by private investors. Sub-funds shall invest into enterprises according to the investment policy of each particular fund, but the general target group includes Estonian companies with good international development potential.
On the 29th of June, The European Investment Fund announced the competition to find fund managers for the sub-funds created under the fund of funds of private and public capital. Documents to participate in the competition may be submitted until 29 August. The results of the competition will be revealed by the end of the current year. Additional information about the competition can be found at www.eif.org/what_we_do/resources/estfund/
Three sub-funds shall be selected:
1) Venture Capital Fund
Sub-funds shall invest into enterprises according to the investment policy of each particular fund, but the general target group consists primely of Estonian companies with good international development potential.