I recently had the opportunity to debate in an interview with Ligia- Andreea Munteanu at Digi24 the issue of the €400M from PNRR that should save the situation in 2024 and support the birth of a new generation of Venture Capital and Private Equity funds. Unfortunately, this expectation is false as the public money need to be doubled by another €400M private contribution, money that is missing!
If the first generation of these funds had smaller sizes of up to 40M, and the EIF contribution was up to 70%, the private contribution has been mainly supported by High Net worth Individuals as semi-professional investors with minimum participations of €100,000 per fund, source which in other countries represents only ~10% of the total financing sources of the funds.

At the European level, however, pension funds, insurers and banks, represent over a third (>33%) of the capital committed in VC or PE funds. In total, more than 2/3 of the frequent funding sources are missing in Romania because we have neither sovereign funds like the PFR in Poland which allocated 1 Billion, nor Funds of Funds, nor foundations and private universities with fund allocations for innovation.

In conclusion, in order to have the new generation of VC and PE funds with sizes >50M, a quadrupling of the private contribution is necessary, an increase that can only be sustained by creating a framework and encouraging the involvement of Institutional Investors – Pension Funds, Insurance Companies , Investment Banks, which represent the critical fuel for running a healthy ecosystem of innovation and startups!
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Continuarea, aici.