T e c h n i c a l s u p p o r t

Transcription

1 T e c h n i c a l s u p p o r t

2 LAZIO REGION ERDF REGIONAL OPERATIVE PROGRAM VENTURE CAPITAL FUND LAZIO REGION STUDY VISIT 25 November 2013 Rome, Italy Lorenzo De Fabio-Filas Filas

3 FILAS EXPERIENCE IN VC FUND MANAGEMENT Fi.La.S. -Finanziaria Laziale di Sviluppo S.p.A.is the Regione Lazio company dedicated to support the development of innovative SMEs of Lazio Region. Filas experiencein managing Venture Capital funds for early stages and expansion phases of SMEs has started in Co research Filas has managed 3 VC funds with 50 M under management, investing over 40 M in 75 enterprises(over 70% start-ups). In 2010 Filas has been selected by AIFI the Italian Venture Capital Association between the 7 finalistsfor the deal in NRT SpA a start-up operating in IORT Technologies

4 POR I.3 FUND POR I.3 Fundisthe VC FundofRegione Lazio s POR FESR 2007/2013. Itwaslaunchedat the end of2011 and willbeinvestinguntil2015. The Fundismanaging20M in public funds, and isregulatedbya Co research specialstate AidFrameworkcalled Regime di Aiuto 722/09 Regione Lazio, approvedbythe EuropeanCommissionin 2010 (ref. Dec. C(2010) 6068). Thisframeworkistodayconsidereda best practice in Europe, and in Italy bothbasilicata and Liguria Region, asfar asweknow, are launching a similar kind of fund.

5 PUBBLIC PRIVATE CO-INVESTMENT RIERIMENTI NORMATIVI POR I.3 Fund can invest only together withprivate Co-Investors included in the Fund s Official List, specifically institutional investors (Venture Capital/Private Equity Funds), corporate investors and business angels. Public Private co-investment is shared at 50%, but the Fund can invest up to 70% in all those target enterprises that satisfy its priority criteria. Filas and Co-investors share all evaluation, governance and exit strategy phases of the joint investment, each one remaining autonomous from each other.

6 INVESTMENT TARGETS POR I.3 Fundinvestmenttargetsare the SMEslocated or consideringtobelocated in the Lazio Region, evenifnotyet incorporated as a Company(eg a business idea). All the SMEs development projects presented to the Fund must be innovation oriented. The Fund finances both early stage projects(seed and start-up capital) as well as SMEs expansion programmes. To access the Fund, a complete business plan of the enterprise s project must be presented to Filas.

7 INVESTIMENT CRITERIA POR I.3 Fund can invest, togheter with Co-investors, within these limits: Maximum investment amount: up to 2,5 M Temporary investment: maximum 5 years Only minority participations acquired: up to 49,9% BothEquityand quasi-equity(i.e. convertiblebonds) instruments can be used 7

8 PRIORITY CRITERIA The POR I.3 Fund has some priority criteria, connected to financing: Start-ups, expecially spin-off/spin-out/technology transfer Growth and aggregation of existing enterprises Family succession processes in enterprises Smes located in less industrialized areas of Lazio Region Greater creation of job opportunities 8

9 PRIORITY SECTORS POR I.3 Fundcan investin allsectorsasa generalistfund (withsome specificexceptions), butittargetsitsinvestmentsin enterprises belonging to one or more of this stategic sectors for Regione Lazio : aerospace chemical/pharma bioscience/biotech energy ict/audiovisual tourism, cultural services

10 ADVANTAGES FOR CO-INVESTITORS Toattractinvestmentsbyprivate co-investorsin Lazio Region s SMEs, POR I.3 Fund has two incentive mechanisms. These incentives apply as follows when a joint divestment takes place: a risk mitigation mechanism, that works like a partial liquidity preference in case of capital loss upon exit anequitykickermechanism, thatgivestothe private co-investora part ofthe capital gainofthe public fund

11 POR I.3 FUND RESULTS Up tooctober2013, the POR I.3 Fundhasalreadyinvestedin 15 enterprises, and it s closing 4 more investments, for a total of 20 M invested, 12,6 M ofwhichcomingfromourpublic fund. Most of these investments are in start-ups, mainly in the digital sector. The official co-investor list now includes over 85 private Co-investors (see 35 of which are venture capital/private equity funds. Filas also uses this network to support entrepeneurs in their search for VCs.

12 THANK YOU!