Reorganisation of current direct invetments

May 03, 2017

Estonian Development Fund (EDF) and SmartCap are restructuring their current direct investments portfolio into a venture capital fund of funds investment model. The intention is to hand over the investment portfolio of EDF, Early Fund II and capital available for follow-on investments to a fund managed by a private fund manager. 

SmartCap, EDF and European Investment Bank launched a call to find a private fund manager in August 2016. The European Investment Bank appointed an independent selection committee, which decided in December 2016 that Tera Ventures is the winner of the call.  

SmartCap has started negotiations with the representatives of Tera Ventures on technical details of the reorganisation. As a result of these talks, management of the investment portfolio should be transferred to the private management company within the first half of 2017.

EDF and SmartCap would like to ensure that a competent and experienced private fund manager would administer the outstanding investment portfolio along with its capital for follow-on investments in a sustainable manner and according to the market standards meanwhile maximising the return for investors.