Bulgaria – Corporate finance and venture capital services – Изпълнение на финансов инструмент „Фонд Дигитализация“, 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 Digitalisation Fund (DF). The Financial Intermediary shall 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 realization and management of the investment activity of the Fund. The Fund Manager will perform services, the scope of which is defined below, in compliance with the applicable Standards and their subsequent changes and updates:

- Preparation and implementation of actions for the establishment of an AIF in a jurisdiction of its choice 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 offer;

- Identification of Eligible Final Beneficiaries, analysis of the viability of the investment, as well as structuring, negotiating and implementing financing, including through the provision of BFP, from the DF in accordance with the concluded Operational Agreement;

- Implementation of monitoring and control over the performance of the enterprises in which investment is made, including: supporting the Final Beneficiaries in their activities, implementing Follow-up Investments (if applicable), managing investments whose development is below expectations and other;

- 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;

- Organisation of the liquidation of the DF after the expiry of its term, with the care of a good merchant (i.e. in an organised 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 criteria for the operator in the conditions of a market economy, pursuant to Section 4.2 of the Notice or the rules of Regulation (EU) No 651/2014, indicated in the present documentation, or the rules for granting de minimis aid pursuant to the de minimis Regulation;

- Apply the Eligibility Requirements to the Final Beneficiaries and investments, including BFP;

- 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 EFSF at the European and national level.