Bulgaria – Corporate finance and venture capital services – „Изпълнение на финансов инструмент Фонд Предприемачество Рисков капитал, финансиран със средства по Програма „Конкурентоспособност и иновации в предприятията“ 2021-2027"

With the present procedure, FMFIB entrusts the Financial Intermediary with the implementation of the Venture Capital Fund. The Financial Intermediary is to prepare and carry out actions for the establishment of an Alternative Investment Fund (AIF) in a jurisdiction of its choice, in which investors, including FMFIB, will invest an amount to be invested through Eligible Instruments for Eligible Investments. An integral part of the service is also the implementation and management of the investment activity of the Fund. The Fund Manager will perform services, the scope of which is defined below, while complying with the applicable Standards and their subsequent changes and updates: - Preparation and execution of actions for the establishment of an AIF in a chosen jurisdiction in an EU country, in which Investors will invest; - Management of the established AIF; - Raising commitments and funds from Independent Private Investors, at the Fund level and/or at the Final Beneficiary level, depending on the nature of their proposal; - Identification of eligible Final Beneficiaries, analysis of the viability of the investment, as well as structuring, negotiation and implementation of financing from VCF in accordance with the concluded Operational Agreement; - Implementation of monitoring and control over the performance of the enterprises in which investment is made, including: assistance to the Final Beneficiaries in their activities, implementation of Follow-on Investments (if applicable), management of investments whose development is below expectations and others; - Implementation of Exits from the made investments, in accordance with the Investment Strategy, the exit strategy, the Operational Agreement and the present Documentation; - Ensuring the relevant distributions to the Fund Manager and to the Investors; - Organization of the liquidation of VCF after the expiry of its defined term, with the care of a good merchant (i.e. in an organized and responsible manner), in accordance with the requirements of the Operational Agreement. In addition, in the implementation of the Financial Instrument, the Fund Manager will: - Apply the rules regarding pari passu transactions, in accordance with the operator criteria in the conditions of a market economy, under Section 4.2 of the Notice or the rules of Regulation (EU) No 651/2014, referred to in the present documentation, or the rules for granting de minimis aid in accordance with the de minimis Regulation; - Apply the Eligibility Requirements to the Final Beneficiaries and investments; - Ensure timely and accurate reporting, in accordance with the requirements of the Operational Agreement; - Ensure compliance with other applicable conditions agreed in the Operational Agreement; - Ensure compliance with other acts applicable to the EFSI at European and national level.