Vækstfonden– An introduction12 September 2011
About•   Promotes growth and innovation in entrepreneurial firms and    SME’s in order to achieve greater socio-economic r...
Why state intervention in the marketfor venture capital?Three factors may justify government intervention in capital marke...
Products and target groupsNeed for capital,million DDK                                        Global75                    ...
Investment activity (1993-2010)                                                                                           ...
Activity in 2010VF Funds• Indirect investments in 12 new Danish companies via funds• Follow-up investments in 43 companies...
VF Funds – Catalyst                        Growth companies ‒ EUR 10 billion                       EUR 1,5 billion        ...
Initiative for more risk capital                                 Pension funds      Max 3,75 bn DKK loan             Min 1...
What are other countries doing?        Sweden                    Norway        • Industrifonden          • Argentum       ...
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Vækstfonden an overview

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Transcript of "Vækstfonden an overview"

  1. 1. Vækstfonden– An introduction12 September 2011
  2. 2. About• Promotes growth and innovation in entrepreneurial firms and SME’s in order to achieve greater socio-economic returns• Provides venture capital and competences – preferable by co-investing with private partners t Total balance: Early stage EUR 350 m companies & venture funds (75 %) 27. april 2012 / page 2
  3. 3. Why state intervention in the marketfor venture capital?Three factors may justify government intervention in capital markets:1. Socio-economic returns/ positive externalities2. Pump priming (removing barriers of entry) VF Funds & Intervention on the market for venture capital VF Venture3. Asymmetric information and credit rationing VF Guarantees Intervention on the market for loan capital 27. april 2012 / page 3
  4. 4. Products and target groupsNeed for capital,million DDK Global75 growth companies VF Funds Equity International growth companies VF Venture25 Regional growth companies VF Guarantees 5 Borrowed Local capital growth companies ”Get started”-loan Turn over potential, million DDK 25 100 500+ 27. april 2012 / side 4
  5. 5. Investment activity (1993-2010) Phase III 1800 1600 1400 1200 Phase II 1000Mio. Kr. 800 600 Phase 400 I 200 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Direct investments Investments in funds Guarantees 27. april 2012 / side 5
  6. 6. Activity in 2010VF Funds• Indirect investments in 12 new Danish companies via funds• Follow-up investments in 43 companiesVF Venture• Direct investments in 9 new companies• Follow-up investments in 16 virksomhederVF Guarantees• Undertake to loan with guarantee to 334 companies• ”Get started”-loan (Kom-i-gang-lån) to 144 companiesAccumulated portfolio ultimo 2010• 170 companies (investments)• 1.100 companies (guarantees)27. april 2012 / side 6
  7. 7. VF Funds – Catalyst Growth companies ‒ EUR 10 billion EUR 1,5 billion EUR 8,5 billion Private venture Other sources of companies private funding EUR 0,5 billion EUR 1 billion Private Vækstfonden investors 27. april 2012 / side 7
  8. 8. Initiative for more risk capital Pension funds Max 3,75 bn DKK loan Min 1,25 bn DKK X KR. Equity VÆKST- FONDEN DANSK VÆKSTKAPITAL Funds Companies VÆKSTLÅN VÆKSTKAUTION 3 MEZZANINKAUTION 27. april 2012 / side 8
  9. 9. What are other countries doing? Sweden Norway • Industrifonden • Argentum • Sjätte AP-fonden • Investinor Finland USA • Industry Investment • SBIC Program Overview • Tekes • Finvera UK • UK Innovation Investment Fund • NESTA 27. april 2012 / side 9

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