Library FAQ
Who makes the final investment decisions?
All investment decisions must be made by the EIC Fund and in accordance with these EIC Investment Guidelines.
Can subcontractors or other entities relied upon by the EIC Fund Final Recipient be subject to the same declarations?
Yes. Where appropriate, the EIC Fund Final Recipient shall provide the same declarations signed by a subcontractor or any other entity on whose capacity it intends to rely. Declarations already submitted for an EU award procedure may suffice if the situation h...
How are 'Non-Compliant Jurisdiction' criteria defined?
Non-Compliant Jurisdiction refers to jurisdictions that are (a) listed in Annex I of the EU list of non-cooperative jurisdictions for tax purposes, (b) included in the OECD/G20 list of jurisdictions not satisfactorily implementing tax transparency standards, (...
How is 'Fiscal Year' defined?
Fiscal Year means the twelve (12) month period ending on 31 December in each year, except for the first fiscal year which started on the date of establishment of the Company and ended on 31 December 2020.
How is 'Investment' defined for a Compartment?
Investment means, in respect of a Compartment, (i) an investment made by the Company in respect of that Compartment, directly or indirectly through an Intermediary Vehicle, in any asset judged appropriate by the Company at the time of making or committing to t...
What activities are explicitly excluded by the EIC Fund Investment Guidelines?
Excluded activities include live animals for scientific and experimental purposes (including breeding); ammunition, weapons, military/police equipment or infrastructure (except dual-use items defined in Regulation No 428/2009); gambling, casinos and equivalent...
What are 'Investment Restrictions'?
Investment Restrictions means the investment restrictions and guidelines of each Compartment as described in the relevant Special Section.
What are 'Sanctions' according to the guidelines?
Sanctions means economic, financial and trade restrictive measures and arms embargoes issued by the European Union pursuant to Chapter 2 of Title V of the Treaty on European Union and Article 215 TFEU, and measures and arms embargoes issued by the United Natio...
What does 'External AIFM' mean in the guidelines?
External AIFM means Alter Domus Management Company S.A. in its capacity as external AIFM of the Company.
What does the term 'Person' include?
Person means any legal person like corporate bodies with a separate legal personality and legal arrangements without a separate legal personality like trusts; it also includes any government, state, agency, organisation or other public entity and an individual...
What exclusions must an EIC Fund Final Recipient confirm in the EIC Fund Agreement?
The EIC Fund Final Recipient must confirm it is not in an exclusion situation: not bankrupt or subject to insolvency/winding-up procedures, not under asset administration by a liquidator or court, not in arrangement with creditors, not suspended or in an analo...
What is a 'Follow-on Investment'?
Follow-on Investment means, in relation to a Compartment, an investment in an EIC Fund Final Recipient in which the Compartment has previously invested and which goes beyond the maximum investment amount authorised by the Commission award decision or the EIC F...
What is an 'Intermediary Vehicle'?
Intermediary Vehicle means any subsidiary or other company, entity or arrangement (such as a limited partnership, unit trust or trust) in which the Company, for the account of a Compartment, holds any direct or indirect interest for the purpose of structuring...
What is the 'Investment Committee'?
Investment Committee means the investment committee of the External AIFM at the level of the External AIFM in charge of making all investments and divestment decisions, composed exclusively of officers, directors, delegates, members, employees or agents of the...
What is 'TRL' as used in the guidelines?
TRL means technology readiness levels pursuant to the Horizon Europe Work Programme general annexes.
What must the EIC Fund Final Recipient confirm regarding the ethics self-assessment?
The EIC Fund Final Recipient must confirm in the EIC Fund Agreement that the information provided in compliance with the Checklist (Horizon Europe ethics self-assessment guidance) is still accurate or provide updated information.
Who are 'Qualified Investors' under these guidelines?
Qualified Investor means an investor deploying privately sourced funds in an EIC Fund Final Recipient with demonstrable know-how and experience in the relevant market, technology and jurisdiction, who adds to Company due diligence and provides crucial support...
Who are 'Sanctioned Persons'?
Sanctioned Persons means any individual or entity listed in or otherwise subject to one or more Sanctions.
Who associated with the EIC Fund Final Recipient must also not be in an exclusion situation?
Natural or legal persons who are members of the administrative, management or supervisory body of the participant, those with powers of representation, decision or control regarding the EIC Fund Final Recipient, and beneficial owners as defined in Article 3(6)...
Can the EIC Fund appoint board members or experts to investee companies?
Yes. Subject to Board policy, the External AIFM may ensure qualified representatives or independent experts are appointed as voting board members of Final Recipients; such appointments are considered case by case during due diligence and included in legal docu...
How are exit (divestment) decisions made?
Exit decisions are made by the External AIFM in full discretion, in accordance with regulatory requirements, market practice and the Compartment’s Investment Guidelines. The Compartment generally acts as a patient investor.
How does the Adviser exercise shareholder voting rights on behalf of the EIC Fund?
Investment officers of the Adviser may be appointed by the External AIFM as Appointed EFFR Shareholder Representatives to act as proxies and exercise voting rights strictly in accordance with prior written voting instructions recorded in a Proxy Appointment; t...
How is intellectual property (IP) managed for EIC Accelerator operations?
EIC Accelerator operations are exempt from Horizon Europe IP obligations except where no investment component is awarded, no investment agreement is concluded, or the operation is terminated early. Within applicable national law, investees and co-investors are...
How should the Compartment coordinate exits with co-investors?
Divestment should generally occur alongside the lead investor or one of the lead investors. The Compartment should seek to divest with co-investors unless there are justified reasons to extend participation (e.g., to obtain a blocking minority) and should pref...