Four PE/VC funds get EUR 80 mln financing through Romania’s Recovery Equity Fund

Four private equity and venture capital funds will get a total financing worth EUR 80 million through Romania’s Recovery Equity Fund (REF), which is a part of the country’s Recovery and Resilience Program (PNRR) financed by the European Union.

The REF is managed by the European Investment Fund (EIF).

The four funds that will get financing through REF are Innova/7, Booster Capital, GapMinder II and Morphosis Capital II. They will receive up to EUR 80 mln in total and will have to invest in a minimum of 30 companies in the development stage and start-ups from sectors such as technology, manufacturing, FMCG, services for firms and individuals, and healthcare.

“The Investment Committee confirms, through the decisions taken, the priority given to investments in the Romanian economy, the growth of Romanian companies and the creation of an ecosystem favorable to the development of Romanian capital. The approved allocations contribute, at the same time, to the fulfilment of the milestones set for this investment financed under the PNRR,” said Csilla Hegedϋs, state secretary within the Ministry for Investments and European Projects (MIPE).

Romania has pledged to offer EUR 400 million in financing for private equity and venture capital funds under the PNRR and entrusted the EIF with the management of this equity instrument known as the Recovery Equity Fund (REF). The first REF financing was awarded in December 2022.

The call for applications under this program is open until December 31, 2025.

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