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Public-Private Early Stage Funds Co-financed by ERDF Money

The Italian Experience of Ingenium Funds

Luigi Amati, Andrea Caddeo, Francesca Natali

Emilia Romagna was the first region in Italy to implement risk capital funds under the General Block Exemption Regulation in 2006. The experience of Ingenium Funds managed by Zernike Meta Ventures Spa (hereinafter referred as ZMV), can be capitalized by other managing authorities in understanding some of the main issues in implementing new equity financial schemes, especially when addressing a particular market gap. The main challenge when designing these instruments was represented by the need to combine short-term expectations on the public – and the political level – with the long term returns of venture capital investments. The EC has envisioned a good solution to this trade off. The proposed solution would be to appoint a financial intermediary to provide not only funding opportunities but also managerial support to target companies in order to sustain their growth process: From early-stage conception to the internationalization phase. This intermediary would be managed on a commercial basis and would be selected with an open, transparent, and non-discriminatory call for tenders in order to select independent and profit-driven fund managers.


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