Catalysing the Venture Capital Market in Italy

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1 Catalysig the Veture Capital Market i Italy Mila, 9 December 2014 Pier Luigi Gilibert

2 EIF at a Glace We provide risk fiacig to stimulate etrepreeurship ad iovatio i Europe, supportig over 1.5 Millio SMEs over 20 years EU specialised istitutio for SMEs risk fiacig, offerig a large array of targeted products to support SMES ragig from veture capital to guaratees ad microfiace Geographic Focus: EU 28, EFTA, Cadidate Coutries Distributio through Baks ad Fuds (Full delegatio) Fouded i 1994 Multilateral Developmet Bak (MDB) status Basel II 0% risk weightig AAA ratigs (Moody s/s&p/fitch) Shareholdig Structure: EIB: 58 %, EIB shareholders: 28 EU Member States EC: 30 % 26 Fiacial Istitutios: 12 % * from (14) Europea Uio Member States, ad Turkey 2

3 Our resources We maage resources o behalf of a variety of stakeholders Europea Ivestmet Bak Risk Capital Resources (RCR) EIB Group Risk Ehacemet Madate (EREM) Progress Microfiace Europea Commissio COSME allocated to equity, securitisatio ad guaratees H2020/IovFi Progress Microfiace SME iitiative WB EDIF* Natioal & Regioal Fuds 13 fuds-of-fuds icludig i the Balkas, Germay, Polad, Portugal, Spai, Turkey, UK 14 Holdig Fuds supported by struct. fuds *WB EDIF: Wester Balkas Eterprise Developmet & Iovatio Facility 3

4 EIF s commitmets at mid 2014 We are the prime provider of SME fiacig i Europe EUR 42b EUR 34b 24,027 22,499 EUR 7.9b 4,160 3,838 Total Siged Growth Capital 18,624 Catalysed Volumes Early Stage EUR 5.1b 3,402 1,732 Total Siged EIF Ow Resources/Securitisatio 11,458 Catalysed Volumes Madates Equity Guaratees/securitisatio Microfiace 4

5 Equity: Ivolved Throughout The Lifecycle of the Eterprise EIF Curret Ivestmet Focus Techology Trasfer Accelerator Ivestig i VC fuds Ivestig i Growth Capital Mezzaie Techology Trasfer Proof of Cocept Busiess Agels Seed Stage Early Stage Busiess Agels Expasio/ Developmet Capital Lower Mid-Market Strategic Challeges Provide istrumets to stimulate iovatio, competitiveess ad etrepreeurship Fill fudig gap left by istitutioal ivestors Support VC ecosystem ad decrease depedecy o public fiace Busiess developmet Catalyse hybrid debt fiace for growth Europea Commissio Resources EIB / EIF Resources Member States / Private Sector Resources 5

6 EIF i Italy Overview Active o the market sice 1994 (1998 for Veture Capital); More tha 200,000 Italia SME s supported so far with Equity ad Guaratee products; Guaratee & securitisatio commitmets by EIF i Italy: EUR 1.4b which catalysed EUR 6.9b; Equity commitmets by EIF i Italy sice start of operatios: EUR 670m which mobilised additioal EUR 3.5b ivestmets i 32 PE fuds primarily focusig o Italia SMEs. 6

7 EIF i Italy s PE Market Equity trasactioal Summary Sice iceptio a total of EUR 670m ivested i 32 fuds focused o Italy; Utilizig EIB, Commissio ad EIF ow resources, EIF catalysed o average more tha 6x its commitmets. Fud ame Vitage year Siged (EUR m) Total Fud Size (EURm) From iceptio to 2009 (20 fuds) From 2010 to 2014 Wisequity III Alto Capital III Arcadia Small Cap Fud Eurokights VI* Capital Star III Ambieta II Cosilium Private Equity Fud III Emisys Developmet (ex-mezzaove II) Sofiova VII* Uited Vetures Oe Iogest Capital II TOTAL * multi-coutry fuds with a miimum Italy target 7

8 Strog Cooperatio with Fodo Italiao d Ivestimeto Combiig both fiacial ad structurig efforts to establish ad promote best market practices # Fud ame Team locatio Geo focus Vitage EIF commitmet (EUR m) FII commitmet (EUR m) 1 Progressio Ivestimeti II Italy Italy Wisequity III Italy Italy Alto Capital III Italy Italy Capital II* Frace-Italy Italy (40%) Star III Italy Italy Sofiova VII* Frace Multi- Coutry Total (EURm) Ambieta II Italy Italy Cosilium III Italy Italy Emysis Developmet Italy Italy Uited Vetures Oe Italy Italy Total (*): Multi-coutry fud with a specific allocatio to Italy 8

9 More to come i Italy Strog pipelie of Italia deals 2 Approvals for a total of EUR 40m (oe Social Impact fud ad oe Mezzaie fud) - sigatures plaed i early PE Fuds at Board approval stage 2 VC fuds i screeig process 9

10 Past Italia Success Stories Italia compaies have prove they ca tur ito global leaders 10

11 Recet Italia Success Stories This tred cotiues with successful exits i 2013 ad 2014 * Car isurace broker ad price compariso website acquired by Oakley Capital for c. EUR 36m Biopharmaceutical compay sold to Clovis Ocology for up to EUR 310m Biotech compay (rare cells detectio) acquired by Mearii for c. EUR 40m Isurace telematics services compay sold to Reova Group for EUR 405m * Not i EIF s portfolio * Cloud-based paymet platform compay acquired by Amazo ad Double Beam 11

12 Maturig Ecosystem Strog uiversities ad research ceters: Active icubators/agel clubs all over the coutry: Active public fiacig bodies: Emergece of sector-focused VC players: Govermetal actio support programs: Corporates: 12

13 Existig Challeges Early stage segmet of the market remais uderserved compared to potetial supply of ivestable compaies; Difficult for VC fuds to close with large eough fud sizes; SGR is a costly structure difficult for VC firms to break eve; Need for more collaboratio betwee differet players, particularly for seed ad early stage (e.g. VCs, BAs, icubators, regios, Public Authorities); Necessity to attract fudig sources capable of ehacig ad backig SMEs global ambitios; VCs have to embrace best market practices (e.g. idepedet teams, goverace) for attractig capital at scale. 13

14 EIF as a Market Catalyst Not waitig for the market to happe but helpig to create the market; Mobilisig domestic actors for the commercialisatio of state-of-the-art techology (Techology Trasfer Activity of EIF); Egagig etrepreeurial potetial available to seed the VC space (EIF s busiess agels co-ivestmet schemes); Brigig Italia success stories to the iteratioal stage with co-ivestmets alogside iteratioal fuds ivestig i Italia SMEs (EIF workig o a coivestmet facility alogside VC Fuds to address this market segmet); Gradually buildig a geuie Italia VC idustry meetig best-market practice ad poolig etrepreeurial experiece with ivestmet skills (EIF ready to back also first-time teams as a corerstoe ivestor). 14

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