“TANEO is a true innovation in the field of public support for venture
capital. Its structure broke new ground in involving private investors
in helping to stimulate the creation of a venture capital market.
TANEO has learned from the experiences of others, has engaged
high-quality professional advice and support and has created a team
with the capability to make a real difference to the financing of SMEs
in Greece”
Rory Liam Earley
Chief Executive Capital for Enterprise Ltd
TANEO
Mission
TANEO’s mission is to develop and accelerate the development of world – class
Greek companies by achieving strong positions in the markets with great potential
and by increasing national and regional prosperity
Vision
TANEO’s vision for the future is to use the experience and household name that has
been achieved over the past years, in order to further assist development in the
Greek Economy. The current financial crisis that the country is experiencing,
highlights a number of areas that need to be explored and we have the ability
become useful
Endgame
To shift financial backing from public to private sector by involving privately managed
funds-of-funds to select the best European VC funds and sell their potential to
investors across the world
Investment Policy Drivers
Long term Investor:
Commitment to the venture capital asset class
No expectation of value creation on a short term basis nor through excessive leverage
Investment policy driven by financial and economic rationales
Target a reasonable and sustainable IRR on the long term for our sponsors and
investors
Primary investments (and incidentally secondaries in funds in which we are already
an investor)
Creation of new leading players on undeserved market segments
Why Venture Capital?
Rationale for Venture Capital Investment:
Promotion of research and development, innovation and structural change
Venture Capital is the best source for startup companies
Promotion of SMEs in later stage investments:
Growth Capital
Sustainable stabilization of the equity capital base
Diversification of financing resources
TANEO Fund Following a long tradition of collaboration between public and private investors
throughout the world i.e. Israel and the U.K, the semi-sovereign Greek fund of funds,
has invested and committed over €185m out of €280m under management in SMEs
since 2003.
TANEO leverage combines strength and full knowledge on Greek real assets,
opportunities and industry expertise in the following targeted sectors:
Through active management, innovative corporate governance and its value
creation model, TANEO’s team in collaboration with individual management
Teams, has established a reputation as the only first-class investment partner for
Greek SMEs.
Technology
Agribusiness
Nutrition
Eco business
Other opportunities
Milestones
2010
Investments in portfolio
companies reached €55m
2009
Investments to portfolio companies
reached €40m
2008
7 More Investments completed
(Alpha Ventures, FG RES, New Mellon, Oxygen
Capital, Thermi, GIVE, Piraeus Capital).
2007 Change of management, Mr Haritakis
Appointed as CEO of TANEO
Timeframe 2001 2003 2004 2005 2006 2007 2008 2009 2010
2005
4th
Investment, Pancreta Ventures
(Currently AIMS Management)
2004
2nd
Investment, Zaitech Fund
3rd
Investment, IBG Hellenic Fund II
2003
TANEO’s Bond Issue Vintage Year - €150.000.000
Under management 1st investment Capital
Connect Venture Capital Partners
2001
Establishment of TANEO S.A.
TANEO Structure
The Notes
Preferred Share Capital
Ordinary Share Capital
Share Trustee
Note-holders
Hellenic Republic
Trustee
Hellenic Republic
EUR105m
Notes and
Residual Certificates
EUR45m
Guarantee
Unique structure of Notes
Guaranteed coupon, Euribor -2bps
Additional return
Unlimited upside
First government
sponsored fund of funds
securitization in Europe
TANEO Investors
TANEO proudly claims that has earned the trust of many Greek and international
financial institutions and private investors. Our investors’ base consists of:
the Hellenic Republic, hedge funds, insurance companies, pensions funds and private banks.
TANEO’s Notes are listed on the Irish Stock Exchange as floating rate notes with a
final maturity date in 2013
TANEO has co-invested its resources with 11 out of the 18 members of the Hellenic
Venture Capital Association.
TANEO is providing quarterly reports for all its funds, according to EVCA reporting
guidelines, to its investors, via its Trustee, Deutsche Trustee Limited.
Human Capital
TANEO’s operating resources include:
The Board of Directors
Ioannis Papaioannou (MBA), Chairman
.
Nikolaos Haritakis (PhD), Vice-Chairman & CEO
Elias Mantzouneas (MSc), Member
Andreas Zombanakis (MBA), Member
Panayiotis Alexakis (PhD), Member
The Management Team
Eleni Kolofotia (MPP), Investment Manager
Antigoni Lymperopoulou (MBA), Investment
Manager
George Saperas (MBA), Finance Manager
Yiannis Petridis (MSc), Financial Analyst
TANEO Funds Under Management
% represent fund commitment over total commitment
Total Commitment 280.757.800€
Collaboration
Our investment and operational professionals, work closely with management teams
of the funds at all phases of our investment decisions. During diligence, we work with
fund management to develop a shared vision for the business by defining the most
important drivers
Our professionals monitor the progress and the performance with the fund
management and intervene when necessary, with respect to the engagements and
agreements of all parties
We, in TANEO, believe the sense of partnership, team work, integrity and diversity
are critical elements for success. While portfolio companies vary in sectors and stage
development, out teams’ network, our internal and external resources, are available
to support and assist in executing strategic plan wherever and whenever needed
Implementation
TANEO’s operating professionals and Board members, collaborate with management
teams of the independent funds as well as our portfolio companies, in order to design
and support the execution of the detailed value creation plan which includes:
Best practices within the sector
Overcome bureaucratic and financial obstacles
Implement revenue generating and cost-reduction techniques
Improve asset utilization and cash flow management
Deutsche Bank acts as Trustee for TANEO
KPMG, formerly Capital Dynamics, acts as Investment Advisor
Investment Activity
General Info
Fund Commitment : 140.046.041€
Draw Downs:
Funds Reserved for RES Projects 96.102.291€
Commitments to Portfolio Companies:
Invested Funds
Investment Focus by Geography: Greek SMEs
Investment Focus by Stage: Seed, Start –Up, Early Stage, Expansion-
Development, Bridge, Mezzanine
Sectors Invested: Software, IT, Transportation, Communications, Energy,
Food & Beverages, Medical/ Life Sciences, Industrial
Products, Waste Management, Real Estate
Portfolio Investments
INFORMATION TECHNOLOGY
Performance Technologies Information technology 2005 Central Greece
Mobile Technology Data Collection Systems and Mobile
Computer Systems 2006 Central Greece
Antcor Advanced Network Technologies 2006 Southern Greece
Upstream Mobile Marketing Solutions 2008 Central Greece
Advice ERP Systems 2003 Central Greece
e-Global Internet Life and Community Stations 2005 Northern Greece
Lead Generation Realtors and Property website 2009 Central Greece
ESS Electronic Shipping Solutions 2009 Central Greece
Voice Web Speech Application Developer 2009 Central Greece
HEALTH - MEDICAL RELATED
Micrel Medical devices 2004 Central Greece
Erasineio Hospital 2009 Central Greece
INDUSTRIAL PRODUCTS
Doppler Lift manufacturers 2005 Northern Greece
Autostop Leather interior manufacturers 2008 Central Greece
SPECIAL PROPERTY DEVELOPMENT
ISV+B Development Upscale innovative studios 2008 Central Greece
LOGISTICS
Foodlink Third Party Logistics 2008 Central Greece
Portfolio Investments ENERGY
Tsemperou Wind Park 14 MW 2010 Southern Greece
Ionia Energiaki 96 MW 2006 Central Greece
Aigaias Anaptyxiaki 87 MW 2006 Southern Greece
Thermi Energy 57 MW 2009 Northern Greece
Thermi Renewable 2010 Northern Greece
Faros Energy 0.75 MW 2009 Northern Greece
Solar Cells 2006 Southern Greece
Aims Solar 3.5 MW 2010 Southern Greece
Solar Datum 3 MW 2010 Southern Greece
Solar Concept 3.7 MW 2011 Southern Greece
Advent 2009 Southern Greece
Ensol Anaptyxiaki Energiaki 56.5 MW 2007 Central Greece
Orpheas 3,2MW 2010 Central Greece
ENEP 3MW 2007 Northern Greece
FOOD - BEVERAGES
Kritis Gi
Branded Mediterranean
products 2009
Southern
Greece
Biokid Biological baby foods 2010 Central Greece
Craft Microbrewery Handcrafted beer 2008 Central Greece
Piraiki Microbrewery Biological fresh beer 2009 Central Greece
Dipyrites Handakos Mediterranean products 2010
Southern
Greece
AGRI BUSINESS
Mediterra Mastihashop & products 2005
Northern
Greece
Krokos Kozanis Krokos products 2007
Northern
Greece
Panagopoulos Agri-Farm 2010
Southern
Greece
RECYCLING
Mavin Rendering facility 2006
Southern
Greece
Tyres Herco Tyres recycling 2006
Southern
Greece
Nea Anakyklosi Waste management 2010 Central Greece
Biocompost Waste management 2010 Central Greece
Asa Waste management 2011 Central Greece
Structural Issues
The lack of a critical mass of “venture minded” LPs that over the years
consistently commit capital to Greek VC is due to:
Absence of a class of long-term investors with skills and interest in
innovation & entrepreneurship to become successful players in the asset
class
Need for intermediation between small VC industry and large institutional
investors
Small number of FoFs with the know-how to conduct due diligence &
monitor VC funds
Need to demonstrate the ability to generate wealth in order to attract more
investors
It’s TANEO’s responsibility to explore opportunities, reveal values and
navigate the market towards profitable ventures
What’s Next
At this moment of turmoil in Greece, the majority of companies operating in the mid
market, that make up the back bone of the economy, are facing severe liquidity
constraints, as bank financing has become extremely strict.
During this current period of negative economic conditions, there is an increased
need for equity, especially given the liquidity squeeze in the market.
At the same time, however there is also increased lack of visibility, risk and
uncertainty, which holds back investment decisions and naturally brings out cautious
and risk-averse instincts of investors
In this environment TANEO is the only actual source of equity available to SMEs in
the Greek Market.
Hence, TANEO is preparing for its next step given this new status of the market
Barriers in Attracting Private Investors
Substandard size Immateriality reduces
Of VC Market selection pressure
VC’s financial Too little choice
Performance is regarding
uncertain intermediation
Size Attention
Choice Interest
Flip Siding the Barriers
Financial crisis
Moderate valuations
Mood for change
Slow investment pace
The opportunity
The objective
Equity/Debt ratio
Change of company
management
Use of inactive funds
Tax leverage
Key factors
TANEO
Institutional investors
Banks
Profitable companies
Execution
Equity support of leaders
Management
enhancement
Provision of contingent
capital
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