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New CPR: INVEGA’s experience and proposals
Inga Beiliūnienė, Head of Project Management Division and Deputy CEO, Invega, Lithuania
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History of FIs in LT
2
* manager – EIF ** EBRD involved in equity FIs
national funds ESIF and reflows
individual
guaranteesmicro-
credits
portfolio guarantees
loans
equity
Pan-Baltic FoF
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Lithuanian NPI
3
established
2001
100%
State
owned
members
authorized
capital
EUR 8.7m
MoE
MoSSL
MoF
MoEnv
MoT
cooperation
with
AECM
ELTIA
EIF-NPI
EVFIN
LT VCA
LitBAN
team
51
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~EUR 700 millions
>30 instruments
Fund of Funds separate FIsglobal grant
measures
guarantees (loans, leasing, factoring, export) / loans, crowdlending / equity funds, co-investment funds, etc.
4
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≤ EUR 0.8 (1.6)m
≤ 90%
capped returns
silent investor
Co-invest
Co-invest II
Co-invest RDI
Co-invest transport
Example of FIESIF 2014–2020ERDF, CF
5
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future
bondsdirect lendingprivate debt
equity
more
alternative financing7
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New CPR
pros
• easier ex-ante
• less requirements
• less limits for tranches
cons
• limited pilot FIs
• threshold for mng. costs/fees (direct award)
• limited combination FIs & grants
• no escrow for equity FIs
8
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Management costs/fees(direct award)
9
FoF
Equity
FInt
SME1 SMEn
Equity
direct
SMEs
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Combination FI+grants
10
loansinvestments
MICROCREDITS
ACCELERATOR FUNDS, etc.
REALITYtrainings
mentorship
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Equity vs draft CPR(optimistic scenario)
11
2021 H1 2021
Preparation to
set up HF
Holding Fund
set up
H1-H2 2021
1st selection
of FInts
launched
Selection of
FInts
Signature of
agreements
with FInts
(set up of FIs)
Preparation
for FInts
selection
2022
Selection Fund-raisingActivity of equity
funds
2022–2023 2032-2033
Dissolution of
equity fund
End of
eligibility
period
2029
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#ficompass
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