EIF_Supporting Innovators and Entrepeneurs

SUPPORTINGINNOVATORS &ENTREPRENEURSACROSS EUROPE

Numbers in the brochure are correct as at 30 September 2014 andany references to figures throughout the text apply to the same period.The European Investment Fund or any person acting on its behalfcannot be held responsible for the use which may be made of theinformation contained in this publication or for any errors which,despite careful preparation and checking, may appear.

CONTENTS1. WHO WE ARE 22. HOW WE HELP BUSINESSES 6 6 2.1 EQUITY 8 10 TECHNOLOGY TRANSFER 12 14 VENTURE CAPITAL 16 16 GROWTH CAPITAL 18 20 BEYOND TRADITIONAL EQUITY 2.2 GUARANTEES AND SECURITISATION SECURITISATION GUARANTEES 2.3 MICROFINANCE 3. STRATEGIC PARTNERSHIPS 22 3.1 FINANCIAL ENGINEERING WITH STRUCTURAL FUNDS 22 3.2 SUPPORTING CANDIDATE COUNTRIES 24 3.3 NATIONAL AND REGIONAL COLLABORATION 254. LATEST DEVELOPMENTS AND PLANS 265. BECOME PART OF OUR TEAM 28 1

1. WHO WE ARETHE EUROPEANECONOMY DEPENDSON BUSINESSES.THOSE BUSINESSESDEPEND ON US.Businesses drive innovation, growth, OUR OWNERSHIPemployment, economic development andsocial cohesion across Europe. To do that, The EIF is part of the EIB Group.they need access to finance. We provide it. We are 63.7% owned by the European Investment Bank (EIB), 24.3% by theThe European Investment Fund (EIF) is European Union through the EuropeanEurope’s main provider of risk financing for Commission (EC), and 12% by 26small and medium sized enterprises (SMEs) public and private financial institutions.and mid-caps. We deliver sources of fundingincluding equity, debt and microfinance via This combination of public and privatefinancial intermediaries. shareholding gives us a dual focus: to support EU policy objectives, while acting as a market-oriented institution that delivers appropriate return on capital. OUR PORTFOLIO Our portfolio is deliberately diverse, covering a range of risk-sharing and capacity-building activities. We focus on regional development to complement existing EU-wide SME schemes. This maximises the effectiveness of EU budgets and attracts more capital from other investors. Together with the EIB and EC, we continually look to broaden our portfolio through partnerships in countries and sectors across Europe.2

EIF ACHIEVEMENTS TO DATE€13.5bnIN OUTSTANDING COMMITMENTS€80bnIN MOBILISED AMOUNTS>800PARTNERS AND INTERMEDIARIES>1.5millionSMEs SUPPORTED 3

1. WHO WE AREHELPING BUSINESSES AT EVERY STAGEWe support businesses at every stage, fromintellectual property development throughto mid and later growth. For us, it meanscontinually adapting to changing marketneeds – to target resources where they areneeded most. PORTFOLIO GUARANTEES & CREDIT ENHANCEMENT FORMAL VC FUNDS & MEZZANINE FUNDS SOCIAL IMPACT FUNDS VC SEED & EARLY STAGE MICROCREDIT BUSINESS ANGELS, TECHNOLOGY TRANSFER PRE-SEED PHASE SEED PHASE START-UP PHASE EMERGING GROWTH DEVELOPMENT HIGHER RISK LOWER RISK SME DEVELOPMENT STAGES4

1. WHO WE AREHOW WE REACH BUSINESSESWe provide resources through financial The resources are either our own or allocatedintermediaries ranging from venture, growth by mandators/capital providers, which weand mezzanine capital funds to banks, manage on their behalf. Additionally we runguarantee funds and microfinance institutions. a broad range of programmes and fund-of- funds initiatives.RESOURCES & MANDATORS• EIF own resources • Regional/local authorities• European Investment Bank • Public institutions• European Commission • Other third parties• Member StatesINTERMEDIARIES & COUNTERPARTS• Fund Managers • Leasing Companies• Commercial Banks • Business Angels• Development & Promotional Banks • Microfinance Institutions• Guarantee InstitutionsMICRO-ENTERPRISES, SMEs & MID-CAPS 5

2. HOW WE HELP BUSINESSESEQUITYEUROPE NEEDS ASUSTAINABLE PRIVATEEQUITY MARKET.WE HELP MAKE IT HAPPEN.Investing in Investing in Investing in Investing inTechnology VC funds Growth MezzanineTransfer CapitalTechnology Transfer Early Stage Expansion Lower Mid-MarketProof of Concept Business Angels DevelopmentBusiness Angels CapitalSeed Stage2.1 EQUITY We typically make cornerstone investments in funds: the actual amount depends on theBy promoting entrepreneurship and segment targeted, the characteristics of theinnovation, the EIF stimulates private fund, the investment opportunity and thesector involvement and makes European market conditions.private equity more attractive as an assetclass. This all helps to close the funding As well as our own funds, we invest resourcesgap many businesses face. managed on behalf of capital providers under a range of programmes. We also manage and advise funds-of-funds and initiatives for third party investors.6

8 5.€ bn Since 1994 we have committed more than €8bn in over 470 SME- focused venture and growth capital funds. 7

2. HOW WE HELP BUSINESSESEQUITYTECHNOLOGYTRANSFER IS THEPROCESS THAT HELPSTURN RESEARCH INTOREALITY. IT IS ONEOF THE WAYS WEFOSTER INNOVATIONIN EUROPE.TECHNOLOGY TRANSFER In order to support this vital economic process, we work with first class academicThe starting point for technology transfer institutions and research centres acrossis often in the lab, with a ‘proof of Europe to bridge the gap between researchprinciple’. It is then taken through the and commercialisation. We are one of thedifferent stages of development until a main European investors in this area anddiscovery becomes fully fledged and can provide guidance and cornerstone fundingbe applied to the market. to key players.8

CASE STUDY BUSINESS: POLYMER CLEANINGXEROS COUNTRY: UNITED KINGDOM SUPPORTING FUND: IP VENTURE FUND“ Our aim is toSAVING OUR MOST PRECIOUS RESOURCEEvery day, millions of us wash our clothes save one millionusing water and detergent. But climate change swimming poolsand population growth mean we need to think of water in theharder about managing the world’s watersupply. It’s one of the most pressing issuesfacing society today. UK alone”Xeros has developed a ground-breaking Bill Westwatersolution: a polymer bead cleaning process CEO of Xerosthat uses less water, less energy and lessdetergent. One day, CEO Bill Westwaterand his team aim to save a million swimmingpools’ worth of water in the UK alone.Through Top Technology Ventures, themanager of IP Venture Fund in the UK,we have provided resources to finance thedevelopment and testing of prototypes. Nowthey are nearly set for commercial launch. 9

2. HOW WE HELP BUSINESSESEQUITYTHE MOST INNOVATIVEBUSINESSES OFTENFIND IT HARD TO GETFUNDING BECAUSETHEY ARE CONSIDEREDTOO RISKY. WE TAKE ADIFFERENT VIEW.VENTURE CAPITAL Over the years, we have repeatedly stepped up our commitments in promising andVenture capital is a lifeline for start-ups quality-oriented funds to stimulate growth andand businesses in the early stages of innovation in Europe. As a result, we havedevelopment. We address the market developed a broad market overview and vastgap in early stage funding by providing experience in determining and evaluatingrisk capital to top tier and first time critical success factors.fund managers.10

CASE STUDY BUSINESS: SECOND HAND RETAILINGMOMOX COUNTRY: GERMANY SUPPORTING FUND: ACTON HEUREKASECOND HAND TRADING MADE EASY “ It’s been anIf you have a box of old CDs slowly gathering incredible journeydust in the attic, you may be interested to hear and we have grownabout momox.Based in Germany, momox provides a simple much beyond whatand efficient way to offload unwanted CDs, we had imaginedbooks, DVDs and games through an online or hoped for”trade-in platform that is free of charge,transparent, quick, secure and sustainable.It all started 10 years ago when founder and Heiner Krokeself-made entrepreneur Christian Wegner CEO and joint founder of Momoxset up a business in the back room of hisapartment, with just a computer, a pile ofsecond-hand CDs and games, and €1500 ofhis own money to spend. Soon the flat wasfull – and now the company is trading acrossthe world.Heiner Kroke, CEO, says “We were fortunateto find Acton partners, a fund backed by EIF,who believed in our business model. Now wehave expanded to Austria, France, the UKand the US and are employing 650 people.” 11

2. HOW WE HELP BUSINESSESEQUITYESTABLISHEDBUSINESSES OFTENNEED AN EXTRAINJECTION OF CAPITALTO REACH THE NEXTLEVEL. WE SUPPLY IT.GROWTH CAPITAL One of our products, known as Mezzanine, is a hybrid debt/equity tool designed to financeWe back a range of growth funds that growth. It’s ideal for company managers whosupport established, profitable and want to keep control of their companies, orgrowing businesses who need more for growing companies in need of financialcapital to take advantage of new restructuring or complex shareholdingopportunities. Through these growth reorganisation. Mezzanine also caters forfunds, we offer the more mature later stage technology companies who havebusinesses a broad range of tailor-made already reached break-even, but don’t haveproducts, ranging from hybrid debt/ access to more traditional bank debt products.equity to pure equity finance, includingexpansion and replacement.12

CASE STUDY BUSINESS: HEALTHCAREPIHLAJALINNA COUNTRY: FINLAND SUPPORTING FUND: SENTICA BUYOUT FUND III & IVHEALTHCARE GOES FROM “ We’ve taken on board highly qualifiedSTRENGTH TO STRENGTH professionals and well regarded operatorsNothing matters more than good health, so who enable us to provide the full range ofgetting efficient, trustworthy and comprehensive services to patients in each of our clinics” sayshealthcare is crucial. In Finland, many people CEO and founder Mikko Wiren. The company,rely on Pihlajalinna to deliver it. which is partly owned by its staff, now employs over 1,500 healthcare professionalsFounded in 2001 and now one of Finland’s and its sales totalled over €100m in 2013.biggest healthcare providers, Pihlajalinnainitially focused on placing locum doctors on“The fundingbehalf of local authorities in the Tampere region.enables us to meetWith the help of Finnish fund manager Sentica– a team supported by EIF – Pihlajalinna has our commitmentexpanded its geographical reach and range of to offer the best toservices to cover occupational health, dental every patient”clinics and surgical services. The fastestgrowing area is outsourced services providedfor municipalities, including outpatient clinics Mikko Wirenand social care services. CEO and founder of Pihlajalinna 13

2. HOW WE HELP BUSINESSESEQUITYWE CONTINUALLYSEEK OUT NEWWAYS TO MOBILISERESOURCES TOSUPPORT BUSINESSES.THIS MEANS THINKINGBEYOND TRADITIONALEQUITY.BEYOND TRADITIONAL EQUITY The social impact investment segment is of great interest to us. The Social ImpactFor example, we recently launched the Accelerator is a pilot scheme addressing theEuropean Angels Fund, a co-investment fund growing need for equity finance to supportleveraging the investment capacity of business social enterprises. This sector is playing anangels. What began as a pilot project in ever greater role in promoting socialGermany is now expanding to other European inclusion, providing alternative sources ofcountries including Austria and Spain. employment for marginalised social groups and contributing to growth. By exploring initiatives such as these, we are able to offer broader financing to businesses and create a more sustainable equity ecosystem to drive innovation in the long term.14

We areconvinced thatsocial impactinvesting willshape the waymany peopleinvest inthe future. 15

2. HOW WE HELP BUSINESSESGUARANTEES AND SECURITISATIONWE SHARE RISK WITHBANKS TO HELPSTIMULATE ADDITIONALLENDING. GUARANTEED.2.2 GUARANTEES AND SECURITISATIONSECURITISATION We use our own capital to credit-enhanceOur second core activity addresses tranches of SME loan or lease securitisationSMEs and mid-caps financing needs transactions – and to provide guarantee coverby providing guarantees and counter- for SME loan and lease portfolios to financialguarantees to financial institutions to institutions.stimulate additional lending. We are oneof the main providers of guarantees and As a result, we achieve substantial addedsecuritisation in Europe. value by facilitating SME credit risk transfer from financial institutions, and by enablingThrough our AAA-rated first loss guarantees access to term-funding through the placementand securitisation instruments we share the of guaranteed asset-backed securities withrisk taken by financial institutions to increase capital market investors.the volume of loans and leases they makeavailable for SMEs at favourable financing Banks can then obtain liquidity and/orconditions. Our guarantee activity consists achieve capital relief – all of which meansof two main business lines: securitisation and more lending capacity for SMEs. We offerportfolio guarantees, which together represent guarantees at competitive prices and alwaysover €5bn of outstanding commitments. after a detailed analysis of each transaction and originator. As part of our aim to encourage the sustainable development of the securitisation market, we have recently launched the EIB Group Risk Enhancement Mandate (EREM) which increases EIF’s underwriting capacity for credit enhancement solutions that deliver maximum benefits for SMEs.16

51.€ bn With over €5bn already committed we are a prime provider of guarantees to catalyse bank lending for SMEs. 17

2. HOW WE HELP BUSINESSESGUARANTEES AND SECURITISATIONWE SUPPORTENTERPRISES BYSHARING FIRST-LOSSRISK. ENCOURAGINGINNOVATORS ANDENTREPRENEURS.GUARANTEES “InnovFin EU Finance for Innovators” is another key programme that backs innovativeWe have been entrusted by the EU and SMEs and small mid-caps, under the EUMember States to manage several SME and “Horizon 2020” innovation and researchmid-caps initiatives aiming at providing programme. This portfolio guarantee facilityenhanced access to finance for SMEs. These deployed through banks, leasing companiesprogrammes are implemented via financial and guarantee institutions provides uncappedinstitutions, namely banks and guarantee guarantees covering 50% of the credit riskinstitutions which are required to take incurred by EIF’s intermediaries.additional risk so that we can guarantee asubstantial part of their portfolio of newly InnovFin builds on the success of the pilotgranted SME loans or leases’ expected loss. “Risk Sharing Instrument“ which for the period 2012-2013 featured a total guarantee amountOne of the programmes supporting SMEs is of €1.6 billion, covering 18 countries andthe COSME Loan Guarantee Facility, part of enabling over €3.2 billion of loans/leases tothe EU Programme for the Competitiveness innovative SMEs and small mid-caps.of Enterprises and SMEs, to which financialintermediaries can apply until 2020 andwhich has a budget of €650m of first losscover. By sharing the credit risk of the selectedintermediaries, the programme is expectedto support €25bn of financing for SMEs.Through COSME, €1 of budget would helpto mobilise €38 of financing to businesses.The programme builds on the success of the2007-2013 Competitiveness and InnovationFramework Programme which has so farsupported 348,000 SMEs and enabled morethan €16bn of loans and leases in Europe.18

CASE STUDY BUSINESS: BEARINGSNBI BEARINGS EUROPE COUNTRY: SPAIN SUPPORTING BANK: BANKINTER under the risk sharing instrumentBEARINGS WITH A TWIST Bankinter, one of the key banks in Spain, granted NBI a working capital loan – backedFrom cars to diggers, cranes to trains, nearly by a guarantee from us – which allowed theall moving machinery has one component in company to expand its research andcommon: bearings. NBI Bearings Europe is development facilities and take on more staff.one of the leading suppliers in Spain. Unlike The guarantee was funded by the EC as a wayconventional products, their bearings have a of complementing existing national researchprotective layer of grease which isn’t affected promotion schemes in Spain. NBI has grownby dirt and moisture, leading to a longer quickly as a result, serving clients in sectorsworking life. ranging from oil and gas to agriculture.That kind of competitive advantage comes Through the Risk Sharing Instrument, NBIabout through research and development. Bearings was able to access an EU-supportedIt’s a vital part of the business and the loan of €500,000.company continually looks to recruit the bestengineering talent from institutions includingthe Technical University of Valencia andDeusto in Bilbao. 19

2. HOW WE HELP BUSINESSESMICROFINANCE92% OF COMPANIESIN THE EU HAVE FEWERTHAN 10 EMPLOYEESAND OFTEN STRUGGLETO OBTAIN FINANCING.WE AIM TO CHANGETHAT.2.3 MICROFINANCE Under the European Progress Microfinance Facility – a €205m initiative which we manageIt’s crucial that small businesses get on behalf of the EC and the EIB –the right support to access the financing we provide support to micro-enterprises withinthey need. With this in mind, we provide EU-28. Thanks to this initiative, microfinancefinancial instruments (guarantees, loans institutions are able to allocate micro-creditsand equity) and non-financial support – typically very small loans or lease(technical assistance) to Europe’s receivables below €25,000 – tailoredmicrofinance institutions, many of to the needs of micro-enterprises, includingwhich are not banks. those in the social economy providing jobs for the unemployed.Our aim is to improve the availability ofresources for micro-entrepreneurs, particularlythose belonging to vulnerable groups suchas start-up companies created by unemployedindividuals, young entrepreneurs and theself-employed who often lack access to thecommercial credit market. The microfinanceactivity therefore forms an essential partof our wider commitment to the EU 2020strategy to promote inclusive growth.20

CASE STUDY BUSINESS: RESTAURANTA TASQUINHA DOS COUNTRY: PORTUGALPESCADORES SUPPORTING INSTITUTION: MILLENNIUM BCP under Progress MicrofinanceA SMALL LOAN FOR A BIG DREAM “ To me this moneyAntónio used to work as a waiter in a has meant that I canrestaurant in the tourist town of Armação de now do what I havePêra in the Algarve. The restaurant faceddifficulties, which meant António often ended always dreamt ofup working without a contract. His dream was doing: cooking goodto open his own place – he had the experience food, having my ownand some personal savings, but needed extra business and befinancial backing to get started.This is where Portuguese microfinanceprovider Millennium BCP came in. With successful”resources managed by EIF on behalf ofthe EC, they were able to grant a loan of António Carvalho€7,000. As a result, António opened a small Restaurant ownersnack bar on the beach and is now selling arange of seafood and traditional Portuguesetreats which are proving to bea big hit. 21

3. STRATEGIC PARTNERSHIPSFINANCIAL ENGINEERING WITH STRUCTURAL FUNDSWE FORGE ANDMAINTAIN STRATEGICALLIANCES WITHNATIONAL PARTNERSAND MEMBER STATES –TO ADDRESS MARKETGAPS.3.1 FINANCIAL ENGINEERING The objective is to encourage growth inWITH STRUCTURAL FUNDS EU Member States, particularly in less developed regions, with the help of revolvingOne of our key instruments for regional instruments rather than grants – and todevelopment is the Joint European provide impartial advice that helps regionalResources for Micro to Medium and national authorities manage theirEnterprises (JEREMIE). resources. The public private partnerships developed by EIF under JEREMIE provideJEREMIE is a joint initiative of the EC and EIF financial support and facilitate the creation ofto promote financial engineering products new entrepreneurship eco-systems improvingthat enhance SME access to finance in the overall innovation landscape and marketEuropean regions. With JEREMIE, EU Member competitiveness. Additionally, JEREMIE productsStates and regions have the opportunity to use ensure significant leverage of public fundingpart of their Structural Funds to provide risk from private investors, knowledge transfer andfinancing to SMEs. capacity building.22

CASE STUDY BUSINESS: SEMICONDUCTORSBROLIS SEMICONDUCTORS COUNTRY: LITHUANIA JEREMIE SUPPORTED FUND: LITCAPITALWHEN THREE BROTHERS MET JEREMIE LitCapital saw the potential of the start-up and gave the brothers financial backing andSemiconductors may not sound glamorous, advice. Brolis now specialises in the designbut the world would hardly function without and development of long-wave-length,them. They are the vital component inside mid-infrared laser diodes and molecular beameverything from microwaves to medical epitaxy technology – which is applied inappliances, air conditioners to pocket medical diagnostics, dermatology, materialscalculators. And they are the chosen field processing, gas sensors, combustion processof expertise for a young and ambitious control and home security night vision sectors.Lithuanian company called Brolis. The company is now well established and provides quality products and managementThe idea to set up Brolis – which means to a growing portfolio of clients.‘brother’ in Lithuanian – was conceivedwhen Augustinas and Kristijonas Vizbaraswere finishing their doctorates in physics atMunich University. Together with their brotherDominykas, they set up Brolis Semiconductorsin 2011. But it would never have happenedwithout funding from the EIF-supportedventure capital fund LitCapital, whichoperates under the JEREMIE Holding Fund. 23

3. STRATEGIC PARTNERSHIPSSUPPORTING CANDIDATE COUNTRIESWE AIM TO SUPPORTEU MEMBER STATES –AND CANDIDATECOUNTRIES ENGAGEDIN EU ACCESSIONNEGOTIATIONS.3.2 SUPPORTING CANDIDATE Elsewhere, we have been involved inCOUNTRIES launching the Western Balkans Enterprise Development and Innovation Facility. This isWith this in mind, we currently advise two an EU-funded initiative aimed at increasingSME-funding instruments in Turkey known as the financial resources available to SMEs inthe Greater Anatolia Guarantee Facility and the Western Balkans, as well as providingthe G43 Anatolia Venture Capital Fund. Both technical assistance for strategic investments –combine a commercial approach with policy particularly in infrastructure, energy efficiencyobjectives. We are also managing a new and private sector developments. This workTechnology Transfer Accelerator to help new is an important part of supporting socio-technologies reach the market faster and economic development and EU accessionhave established a new fund-of-funds initiative across the region.– the Turkish Growth and Innovation Fundalongside the Small and Medium EnterprisesDevelopment Organisation of Turkey (KOSGEB).24

3. STRATEGIC PARTNERSHIPSNATIONAL AND REGIONAL COLLABORATION Baltic Innovation Fund Cyprus Entrepreneurship Fund Dutch Venture Initiative European Recovery Programme Greater Anatolia Guarantee Facility LfA-EIF Facility Mezzanine Dachfonds für Deutschland Polish Growth Fund of Funds Technology Transfer Accelerator Turkey Turkish Growth and Innovation FundUK Future Technologies Fund Western Balkans Enterprise Development & Innovation Facility3.3 NATIONAL AND REGIONAL To give one example, the Baltic InnovationCOLLABORATION Fund (BIF) is a fund-of-funds initiative launched in close co-operation with theOur regional and strategic development governments of Lithuania, Latvia and Estonia.activity involves working with counterparts BIF is unique because it involves more thanat a number of levels. As well as managing one Member State, enabling the critical levelJEREMIE, we advise and manage a number of commitments to be reached. It alsoof funds-of-funds for third parties, including reinvests the capital that comes fromnational and regional governments as Structural Funds reflows deployed throughwell as private and strategic investors. financial engineering instruments into theThe aim is to provide a wide choice of Baltic SME market.financial solutions that complement existingnational schemes, with a view to supporting Similarly, the Polish Growth Fund of Funds,SMEs and optimising the use of EU and which we launched in cooperation with Banknational resources. Gospodarstwa Krajowego, stimulates equity investments in growth-focused businessesWith this in mind, we have rolled out based in Poland. This initiative helps developseveral dedicated facilities equipped with the VC and private equity markets in Polandincreased investment capacity across and creates an attractive long-term investmentEurope, in partnership with national and scheme for private finance, delivering afinancial institutions. Such resources are significant stimulus to the market.currently deployed in the Baltics, Germany,the Netherlands, Poland, Portugal, Spain Through these collaborations and more, weand the UK. address the needs of SMEs in a targeted way, enabling the creation of specific financial instruments, attracting additional resources and maximising their impact. 25

4. LATEST DEVELOPMENT AND PLANSA NEW GENERATIONOF FINANCIALINSTRUMENTS ISDELIVERING SMART,SUSTAINABLE ANDINCLUSIVE GROWTHACROSS EUROPE.We carefully look at opportunities to A new generation of EU financial instrumentsexpand our reach to new market players, is delivering smart, sustainable and inclusivebroaden our product range and forge growth across Europe. We will continue to offerpartnerships with private players, national an ever broader range of financial instrumentsinstitutions and governments. Here are and programmes in support of businesses.some of the latest developments. We also intend to capitalise on the experienceOur shareholders have recently increased gained from managing financial engineeringour risk-taking capacity by approving a instruments co-financed by Structural Fundscapital increase of €1.5bn. This brings and fund-of-funds managers, as well asour total authorised capital to €4.5bn developing our partnerships with nationaland is a crucial step in scaling up our support. promotional institutions.Working with the EIB, we are developing joint Meanwhile, we remain engaged in designingsolutions to broaden our existing offering. added-value and quick-impact products in the technology transfer, business angels,The new EIB Group Risk Enhancement debt credit enhancement and social impactMandate (EREM) managed by EIF will investing segments.contribute to the revitalisation of the SMEsand mid-caps market and offer a new rangeof equity, credit enhancement and debtfinance products over the next seven years.These additional resources will furtherencourage access to finance for SMEsand mid-caps via financial intermediaries.26

Access to financeremains an obstaclefor businesses toachieve optimalgrowth. Financialengineeringinstrumentsthrough publicprivate partnershipsare a proven andviable solutionto compensatefor market gaps. 27

5. BECOME PART OF OUR TEAMEMPLOYMENT OPPORTUNITIESWITH MORE THAN260 PEOPLE FROM ALLOVER EUROPE OUR AIMIS TO BE AS DIVERSEAND MULTICULTURALAS THE BUSINESSESWE SUPPORT.EMPLOYMENT OPPORTUNITIESAs a team we are united by common valuesthat include empowering staff, valuing theiropinions and encouraging a good work/lifebalance. By offering targeted training andbroad scope for career development, we aimto attract and retain the best people fromacross Europe. “ Being at EIF is a school of life itself where I learn to handle various situations projects may entail. My job provides me with a wide range of daily challenges which is something I really enjoy.” Silvia Manca Institutional Business Development Manager Mandate Management28

“ Constant change is how I “ EIF is a front-runner would describe my six years on products targeting in the securitisation team the real economy, from at EIF and riding the wave microfinance to social of turbulent capital markets enterprises and innovative designing tools to address start-ups. For me, working market deficiencies. But it here means contributing is the wide impact of our efforts which brings me to a results-driven, human and responsive EU.” the most satisfaction.” Cyril Gouiffès Georgi Stoev Investment Manager Structured Finance Manager Social Impact Investing Securitisation 29

European Investment Fund37B, avenue J.F KennedyL-2968 LuxembourgT (+352) 2485-1 F (+352) 2485-81200W www.eif.org E [email protected]