1. 1
Impact Investing
Erik Wijnbladh
Cleantech Venture Day 2015
Helsinki I 28.10.2015

2. Contents
2
A) Introduction to the European Investment Fund
B) Market update
C) Impact investing

3. EIF: Fostering Entrepreneurship &
Innovation in Europe
3
Europe’s Leading Developer of
Risk Financing for Entrepreneurship
& Innovation
”EUR 14.4bn
of AUM mobilising
EUR 77.4bn with other
market players
Some EUR 8.8bn in
venture capital and
growth funds, 50% in
VC
Policy and
Financial
Return
objectives driven
AAA rated
Public Private
Partnership
European Investment
Bank, European
Commission and 26
financial institutions
EUR 4.5bn share
capital
“
Addressing
market needs by acting
as a countercyclical
investor in tough
economic times

4. Europe’s largest and most influential
investor in European Venture Capital
4
Invested in
260+ Venture
Capital funds
3800+
Portfolio
companies
170+
VC fund manager
relationships
99% visibility
on European
venture market
18 years on
European
VC market
€4.4bn
Investments in
European
Venture Capital
funds
Backing first time
funds managed
by tomorrow’s
top quartile
teams
First mover in
Europe’s
emerging
markets and
technology
sectors
“We support Europe’s micro, small and medium sized businesses
(SMEs) by improving their access to finance”

5. …and probably Europe’s largest
Cleantech investor in Venture Capital
5
€ 360m committed in Cleantech
funds since 2006
16 VC Cleantech funds
Strong pipeline of funds +300 companies in Cleantech
sector

6. …and Europe’s largest Social Impact
investor in Venture Capital!
6
€ 80m committed in Social Impact
funds since 2013
8 VC Social Impact funds
Healthy pipeline of funds
“A profit-seeking investment
activity that intentionally
generates measurable benefits
for society”

7. EIF supports SMEs across the whole
value chain…
7
SEEDPRE-
SEED
EMERGING
GROWTH
START-
UP
DEVELOPMENT
Business Angels, Technology Transfer
Microcredit
VC Seed & Early Stage
Environmental and Social Impact Funds
VC Lower Mid-market & Mezzanine Funds
Portfolio Guarantees & Credit Enhancement
Higher risk Lower risk
Cashflows
EIF has an established role as 1st mover in initially riskier and new market segments

8. EIF: an increased support to the
European VC Ecosystem …
8
0
200
400
600
800
1,000
1,200
2013 201620152007 20092006 2010 20122008 20142011
Av. 200m
EIF's
Commitment
(EURm)
Av. 400m
Source: EIF

9. …a Ecosystem that is maturing
9
European VC
Ecosystem
Capital
Thinking
Big
Exits
Talent
Experience
• Preferred career path
• Attracts high potentials /
managers
• Next generation of founders
• Successful exits via M&A and IPOs
• Entrepreneurs reinvest in the ecosystem
• Powerful role models for young talent
• 1st generation founders as
mentors
• Execution infrastructure ready
• Excellence building blocks
available
• Former entrepreneurs invest
• Business angels are everywhere
• Every good idea gets funded
• Strong teams are ambitious
• Looking beyond building small
• Focus: big international
opportunity
Source: Holtzbrinck Ventures

10. 10
2009 2010 2011 2012 2013 2014 2015
Performance
Index, rebased
Cleantech
Venture Capital
EIF portfolio - Evolution of portfolio
company valuation…
Source: EIF

11. Main characteristics of Impact
Investing
11
3. Correlation between impact
and financial return
2. Profit orientation
4. Measurable impact
5. Positive effect on society
Impact
Investing
1. Intentional impact
Source: EIF

12. Focus on and balance:
Avoid:
• Unfocused strategy (no defined target sectors or interests and no ex ante
definition of the expected impact/financial drivers/results).
• Investment approach based on personal preferences, emotional ties and
relationships etc.
Conclusion: focus on both impact
and financial returns
12
Financial returns
• An investment must
include a focus on
financial returns
Impact business
• Impact as part of the
business objectives
and origin of
investment decisions.

13. Contact
13
Erik Wijnbladh
e.wijnbladh@eif.org
European Investment Fund
37B avenue J.F. Kennedy
L - 2968 Luxembourg
www.eif.org