The Fund has raised EUR 43mn of long-term capital to accelerate growth of Romanian small and mid-sized companies

Black Sea Fund I has secured a EUR 43mn funding commitment at its initial closing held in December 2018. Fund’s main investor is the European Investment Fund, with resources from the Regional Operational Programme, co-financed through the European Regional Development Fund, while its second largest investor is the European Investment Bank.


European Investment Fund (EIF) is part of the European Investment Bank Group and is a key provider of venture and private equity capital to SMEs across Europe, through investments in venture capital and private equity funds, guarantees, and microfinance. In Romania, the EIF implements financial instruments funded through European Structural and Investment Funds (ESIF) such as JEREMIE 2007-2013, Regional Operational Programme, Competitiveness Operational Programme and the National Rural Development Programme.

The Romanian Regional Operational Programme (ROP) aims to promote smart, sustainable and inclusive growth in all regions of Romania, making them more attractive places in which to live and work. The Programme addresses major development challenges for Romania, such as regional competitiveness, sustainable urban development, the low-carbon economy, and economic and social infrastructure at regional and local level. The ROP benefits from EUR 6.8 billion in co-financing from the European Regional Development Fund.

Our Key Information Document can be found here.