Prvi sklad raises an additional 9 million EUR

On Monday, 29 November 2010, the Slovenian Minister of Economy Darja Radič signed a contract pledging a capital investment in the venture capital fund Prvi sklad. By investing 9 million EUR, the Republic of Slovenia has gained a 49% share in the fund, and Prvi sklad has increased its investment capacity to 18.5 million EUR.

The state will gain a seat on the supervisory board of Prvi sklad. Its representative will also be on the investment committee, an independent body providing a more objective and independent operation of RSG Capital and Prvi sklad.

With the aim of further developing the venture capital market in Slovenia, the government decided to establish a holding fund (a so-called fund of funds) at the end of last year, and initiated cooperation with private investors by issuing a public tender for capital investments in March 2010. 35 million EUR were made available to private venture capital investors (currently 7.2 million EUR). Aside from meeting the criteria of the tender, private investors had to provide the same amount of private capital as they wanted to receive from the State, in order to gain capital from the fund. Prvi sklad was the first Slovenian venture capital fund to sign the contract with the state, and by having thus increased its investment capacity, it continues to be the biggest venture capital fund in Slovenia.

Prvi sklad will keep to its investment strategy and continue to invest in high-tech companies in the early stages of development, with investments ranging between 0.5 and 1.5 million EUR in size. Prvi sklad does not, however, specialize in any particular industry. Its investment focus is on Central and South-East Europe.

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