The EIF and the Government of Romania have launched a new fund-of-funds initiative to support local businesses with access to equity finance leveraging EU resources.
The Recovery and Resilience Facility was established by Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021, aiming to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.
Pursuant to the RRF Regulation, the Council of the European Union approved a recovery and resilience plan for Romania on 29 October 2021 (“PNRR”). More details about PNRR are available here.
Under PNRR, the Government of Romania has committed to set up an equity financial instrument as described in Component 9, section “Investment 2 – Financial instruments for the private sector”, with an allocation of EUR 400 million. In December 2021, the Government of Romania, represented by the Ministry of European Investments and Projects, has entrusted the EIF with the management of this new equity instrument – now known as the Recovery Equity Fund of Funds or REF.
Mandator
Partner
The REF
The REF invests into underlying funds managed by financial intermediaries (fund managers) that are selected according to the EIF’s standard procedures through the call for expression of interest, as further described below. Underlying funds could be national or regional, new or existing, and should commit to invest into Romania at least the equivalent of the contribution received from REF.
The policy objective of the REF is provide access to finance in the form of equity and quasi-equity for SMEs, mid-caps (companies with up to 3,000 employees), including start-ups, companies in early, advanced growth and expansion stages, and infrastructure projects focused, among others, on renewable energy and energy efficiency.
The REF does not invest directly in businesses; these underlying investments in portfolio companies will be carried out via the fund partners.
How to apply?
The EIF selects financial intermediaries based on a standard application and evaluation process including due diligence of applying fund managers. Please carefully read the call for expression of interest document and check the eligibility criteria before applying. Applications (and clarification questions) must be sent by email to ref@eif.org.
Deadline for applications: 31 December 2025
(date of emil receipt by the EIF)