Investors in Serbia

The Innovation Fund of the Republic of Serbia is the key state institution supporting innovative activities and managing funding for stimulating innovation. Serbia is one of the first countries in the region to adopt the so-called innovation imperative – the idea that successful participation in the world economy based on knowledge implies the ability to adapt and improve technological and research capacities based on cooperation between the public and private sectors.Active since 2011, the Innovation Fund has been a pioneer in the institutional implementation of this imperative - primarily by increasing the capacity of start-ups and available resources for their growth. The Fund is thus part of a broader state innovation strategy.The vision of the Fund is to, as a key state actor in the development of Serbia's innovation system, contribute to the country's economic growth by supporting innovation, strengthening the link between science and economy, establishing new and strengthening existing companies with innovative potential, through various financial instruments.

TS Ventures is a pre-seed to Series A investor run by Tim Schumacher and Stephan Jacquemot.We typically invest initial tickets starting at €200k in SaaS, AdTech, Marketplace, and (Climate) Impact Startups. We do not only invest capital but also love to work side-by-side with founders to achieve success together. With our diverse experience in entrepreneurship and Tech, we actively support founders with strategic decisions, business development, company-scaling, HR, as well as follow-on fundraising with institutional VCs.We have a portfolio of >20 companies, including Ecosia, Hitfox, Aklamio, Miomente, PiwikPro, Home, Zolar, Pachama, Joblift, SaaS.group, and others.If you’re a digital or impact startup looking for the right sparring partner, feel free to reach out!About the Investors:Tim Schumacher is the co-founder of Sedo.com, the world's largest domain marketplace. Since selling the company, Tim is active as an entrepreneur and/or investor in various startups. In 2020, Tim was awarded as best investor in Germany by the German Startup Association. He currently serves as Chairman of the Board at Eyeo (makers of AdBlock Plus) and co-founder of SaaS.Group, a Software as a Service portfolio company.Stephan Jacquemot has a very successful and long-standing career in supporting outstanding entrepreneurs in various roles. He has led the startup units at Microsoft in Germany and Europe and was co-founder of the Microsoft Accelerator in Berlin. Since 2016, he is an active investor with a portfolio of 15 angel investments. Besides his work at TS Ventures, he serves as Director of Founders Education at the Founders Foundation established by the Bertelsmann Foundation.

SMOK Ventures invests in early stage startups in Central and Eastern Europe. Our key geography is Poland, but we’ve invested in founders from all over the CEE region: Poland, Ukraine, Belarus, Serbia, Bulgaria, Croatia, Latvia, Bosnia and Czechia.We prefer to invest in Delaware C-Corp companies with a significant business or workforce in the CEE. We are happy to invest directly in any CEE country that is part of the European Union as well. So far out of 37 investments, 18 are headquartered in Poland, 12 are Delaware C-Corps, 2 are in Estonia and 5 are in other CEE countries.We are not interested in startups without a significant connection to CEE, i.e. no workforce in CEE, none of the founders is of CEE-origin, and startup is not based in CEE.Working with an investor is a long-term partnership. We need to be sure we will be able to communicate, help each other out and build awesome things together.

Cogito Capital Partners is Venture capital firm specializing in early stage, emerging growth, late venture & growth capital investments. The firm typically invest in growth of B2B technology companies with investments at series B&C, particularly in enterprise software, fintech, healthcare/healthtech, insurtech, and mobility. The firm seeks to invest in European market with focus on Austria, Belgium, Germany, Luxembourg, Netherlands, Switzerland, Bulgaria, Croatia, Czech Republic, Estonia, Hungry, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine and in the United States. It prefers to invest equity between €2.53 million ($2.75 million) and €15 million ($15.62 million). It acquires minority stakes in its portfolio companies. Cogito Capital Partners was formed in 2018 and is based in Warsaw, Poland with additional offices in Luxembourg, Luxembourg and New York, New York.

Gecad Ventures is a venture capital firm specializing in seed/startup, early stage, expansion phase, and growth capital. It seeks to invest in software and hi-tech companies, including security software, FinTech, cyber security, artificial intelligence, machine learning, virtual reality, augmented reality, IoT, agri-tech, online financial services, financial software, cloud technologies, e-commerce, crypto currencies and payment methods. The firm invests in the Central and Eastern Europe region that includes Romania, Bulgaria, Hungary, Croatia, Serbia, Slovenia, Poland, Czech Republic, Slovakia, Estonia, Lithuania, Latvia, Greece, Montenegro, Bosnia and Herzegovina. The firm typically invests between $1 million and $8 million in equity. It makes balanced sheet and personal capital investments. Gecad Ventures, formerly known as Gecad Group, was founded in 1992 and is based in Bucharest, Romania.

The only private investment fund in the SEE region that invests in startups in the pre-seed and seed phases. Initial support for startups, including an investment of up to 50,000 euros in exchange for a 5-15% stake in the company. A key partner at the crucial moment that helps startups overcome basic challenges and raise on solid foundations.

Ikigai Ventures is a seed-stage venture fund and incubator backed by the SiGMA Group. It specializes in gaming and frontier tech (including MedTech and Blockchain), providing capital, operating experience, and access to global tech hubs in Serbia and India.

Blue Sea Capital is a unique team with a pioneering pan-regional private equity concept in the countries of former Yugoslavia. Blue Sea Capital is looking to benefit from the reintegration of the markets in the region and staged accession into the EU by investing in businesses with regional growth potential, following up clear trends already initiated by some large strategic and private equity players. The Region has a total population of 21.3 million and GDP of USD 211 billion, with two of its largest economies (Croatia and Slovenia - generating more than 50% of the region’s GDP) being EU members.

Cudos Capital AG is a private equity and venture capital firm specializing in later stage, restructuring, growth capital, growth equity, middle market, buyouts, mid venture, emerging growth, management buy-ins and buyouts, successor issues, mezzanine, and distressed investments. The firm does not invest in real estate and tourism sectors. The firm is industry agnostic but has focus on invest in mechanical and electronic engineering, telecoms, utilities and transportation. It seeks to invest in Dach and CEE regions, Central and Eastern Europe and German-speaking countries with a focus on Poland, Czech, Slovakia, Hungary, Germany, Romania, Slovenia, Bosnia, Croatia, Serbia, Bulgaria, Montenegro, Austria, Southern Germany, Switzerland and selected neighboring countries. It seeks to invest in mid-market, small and medium-sized companies with revenues in the last 12 months, minimum €10 million ($11.46 million) and €100 million ($114.66 million) in sales value. The firm typically invest between euro 1 million ($1.11 million) and euro 8 million ($8.91 million).The firm prefers to have seats in management, supervisory or advisory boards depending on the investment situation. It prefers to have a say in strategic decisions and also the portfolio company in which the firm has invested needs to provide financial reporting to the firm on a regular basis. The firm targets stakes range from qualified minorities to full acquisitions. The firm’s investment period per deal is 5 years. Cudos Capital AG was founded in 2011 and is based in Vienna, Austria

Omorika Ventures is a venture capital firm specializing in seed, series A and startup investments. The firm prefers to invest in technology sector. It focuses to invest in SEE particularly in Balkan region. Omorika Ventures is based in Belgrade, Serbia.

BlackPeak Capital is a private equity and venture capital firm specializing in early venture, mid venture, mezzanine, small buy-out, inorganic growth through acquisitions and other forms of hybrid capital and growth equity investments. It avoids investments in gambling, logging, animal husbandry, aquaculture and sectors directly backed by the EU such as, fishery agriculture and forestry as well as financial institutions and real estate. The firm also makes follow-on equity and debt raising. The firm is generalist in terms of industry and seeks to invest in small and medium-sized enterprises in niche manufacturing, FMCG, information technology, industrials, and healthcare, e-commerce, professional services, consumer staples, financials, communication, information technology, Utilities, real estate sectors. It prefers to invest in export-oriented companies or companies which have some unique technology, or which are well-positioned on the local market. It primarily invests in the Southeast Europe and European Union with a focus on Romania, Bulgaria, Slovenia, Croatia, Serbia. The firm typically invests between $1.17 million and $12.13 million. The firm takes significant minority or majority stakes. The firm also makes co-investments. The firm exits its investments via trade sale or IPO. The firm invests its own capital. BlackPeak Capital was founded in 2014 and is based in Sofia, Bulgaria with an additional office in Europe.

Rockaway Ventures is a Private Equity and a venture capital firm specializing in Seed to Series A stage startups, early venture, and growth capital investments. The firm seeks to invest in Data Processing and Outsourced Services, Internet Services and Infrastructure, Application Software, Systems Software, Media and Entertainment, Real Estate Services, Retailing, Consumer Services, food and staples retailing, health care technology, financials, retail and e-commerce, travel & hospitality, digital logistics, digital media, cybersecurity, defense, CleanTech, and PropTech. It seeks to invest in Czech Republic, Slovakia, Hungary, Poland, Croatia, Slovenia, Serbia, Kosovo, Romania, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Estonia, Latvia, Lithuania, Macedonia, Montenegro and Switzerland. The firm prefers to take management control. The firm makes equity investments ranging between Euro 1 million ($1.18 million) to Euro 10 million ($11.85 million). Rockaway Ventures was founded in 2013 and is based in Czech Republic. Rockaway Ventures operates as a subsidiary of Rockaway Capital SE.

7L Capital Partners is an independent private equity firm active in Southeastern Europe, investing in Communications, Technology and Applications and Branded Goods and Services. Since 2006, 7L Capital Partners has been advising 7L Capital Partners Emerging Europe L.P. a fund focused on Southeastern Europe, including Bosnia & Herzegovina, Croatia, the Former Yugoslavian Republic of Macedonia, Kosovo, Montenegro, Serbia, Slovenia, Bulgaria, Romania, Greece, Turkey and Cyprus.

Impact Fund Denmark is a private equity and venture capital firm specializing in financing in the form of equity, mezzanine, loans, debt and guarantees. It makes socially conscious investments. It makes directly & indirectly investments. Under directly investing, it invests in early stage & growth capital investments. Under indirectly investments, it invests in venture capital funds. It specializes in establishing new companies, setting up joint ventures between Danish companies and local business partners and in acquiring existing companies. It provides financing to private-sector projects in the developing countries. The firm can only invest in countries whose 2008 GNI capita income is below $0.03 million with an exemption granted to South Africa, Botswana, and Namibia. Also, the host countries of investments must be on the OECD’s DAC list of development aid recipients. It invests where private sector financing is unavailable or insufficient. It invests in sustainable growth and high-impact solutions in developing markets/countries. It does not invest in Forced labor or child labor, Ozone depleting substances, PCB's (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals, wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES), Unsustainable fishing methods, Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations, Destruction of High Conservation Value areas, Radioactive materials and unbounded asbestos fibres, Pornography and/or prostitution, Racist and/or anti-democratic media, Alcoholic Beverages (except beer and wine), Tobacco, Weapons and munitions, Gambling, casinos and equivalent enterprises, Standalone fossil fuelled power plants, Drilling, exploration, extraction, refining and sale of crude oil, natural gas and thermal coal, Storage, supporting infrastructure (pipelines etc.), transportation and logistics, and services primarily related to fossil fuels, Any business using captive coal for power and/or heat generation, Electricity generation from peat and activities leading to deforestation, Investments and/or other projects that aim to produce or make use of agricultural or forestry products, Biomaterials and biofuel production, Export-oriented agribusiness mod, Meat and dairy industries. It prefers investing in commercial services and supplies, biofuels, electric power by solar and wind energy and irrigation systems sector. The firm seeks to invest in climate and Agribusiness. It focuses its investments in Green energy & infrastructure with focus on Clean, affordable renewable energy, Waste recycling and management, Energy efficiency, Water access and management; Financial Services with focus on Microfinance, MSME financing, Development banks and Insurance; Sustainable food systems with focus on Climate farming, Storage and distribution, Processing, Forest and land; Healthcare with focus on Hospitals and clinics, Pharmacy chains, Diagnostic services, Pharmaceuticals & medical equipment. The firm prefers to invest in companies based in Africa focusing on North Africa, Sub-Saharan Africa, South America, Central America, Middle East and Algeria, Angola, Benin, Botswana, Jordan, Denmark, Senegal, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Congo (Brazzaville), Democratic Republic of Congo, Côte d'Ivoire, Djibouti, Egypt, Arab Rep., Eritrea, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Morocco, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, São Tomé and Principe, Sierra Leone, Somalia, South Africa, Sudan, South Sudan, Swaziland, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe; Asia focusing on Afghanistan, Bangladesh, Bhutan, Cambodia, China, Fiji, India, Indonesia, Iran, Iraq, Brazil, Malaysia, Turkey, Mexico, Kiribati, Laos, South Korea, North Korea, Kyrgyzstan, Maldives, Federal States of Micronesia, Mongolia, Myanmar, Nepal, Marshall Islands, Pakistan, Papua New Guinea, Philippines, Western Samoa, Solomon Islands, Sri Lanka, Syria, Tajikistan, Thailand, East Timor, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, Vietnam, West Bank and Gaza, Yemen; Europe focusing on Albania, Russia, Armenia, Azerbaijan, Caucasus, Belarus, Balkans, Bosnia & Herzegovina, Bulgaria, Croatia, Montenegro, Romania, Slovenia, Georgia, Kosovo, Macedonia, Moldova, Serbia, Ukraine; and Latin America with a focus on Belize, Bolivia, Colombia, Cuba, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras Nicaragua, Paraguay, Peru, Saint Lucia, Saint Vincent and The Grenadines, Suriname, Ecuador, and Jamaica and North Asia, United States of America, Latin America and parts of Europe. It seeks to invest between from DKK15 million ($2.32 million) and DKK500 million ($77.52 million). The firm can invest up to DKK350 million ($51.34 million) per company. The firm seeks to co-invest with Danish businesses in projects based in developing countries. It prefers to take minority stake between 10% to 30% and up to 49 per cent in small projects. It prefers to take a board membership. The firm prefers to exit its investments within five to seven years when the loan has been repaid or the shares have been sold. The firm also offers special assistance to small and medium-sized enterprises which employs less than 300 employees, with an annual revenue of up to DKK 300 million ($53.16 million) and has a positive result in two out of three latest financial years. It also provides advisory services to business investments in developing countries. The firm makes two thirds of its investments in partnership and can also provide additional financing. Impact Fund Denmark was founded in 1967 and is based in Copenhagen, Denmark with additional offices across Asia, Europe, South America, and Africa.

Fifth Quarter Ventures is venture capital firm specialize in early stage investments. The firm focus to invest in AI Big Bets, Dev Tools, Open-Source Software, Industry 5.0, Crypto / Web3. The firm prefers to invest in Adriatic region. Fifth Quarter Ventures is founded in 2022 and based in Novi Sad, Serbia.

We partner with the most ambitious, dedicated, hard-working and brave teams that dare to build great companies and disturb the status quo.STRAIGHT TO THE BESTFinancing tech companies on their mission to change the world.With offices in Ljubljana, Zagreb, Belgrade and Skopje, South Central Ventures (SCV) focuses on tech companies in the SE Europe.Our investment strategy is targeted primarily to early stage and growth investments in technology companies. The main purpose of the invested capital is to facilitate the international business expansion and growth of the most promising tech startups that can show traction and prove their potential to “make it big”.

CEE Equity Partners Ltd is a private equity firm specializing in buyouts, buyins, expansion capital, development capital, replacement capital, mezzanine, turnaround, project finance, and restructuring investments. It prefers to invest in infrastructure, energy, telecommunications, specialized production healthcare, education, agriculture, manufacturing, waste management, high-tech and innovative business. Within infrastructure it invests in classic infrastructure: roads, rails, bridges, ports, and airports; municipal infrastructure: car parks, terminals, and street lighting; environmental infrastructure: sewerage/water treatment facilities, and waste management facilities; and heat production and distribution plants. Within energy it invests in renewables: wind farms, hydro, biogas, biomass, biofuels, geothermal and other feasible technologies; conventional fuel based (coal, gas, oil) power plants and heat producers; waste-To-Energy facilities; and storage and transmission distribution facilities. Within telecommunications it invests in fibre-optic infrastructure, both backbone, as well as fibre to home and to business; data centres; telecom operators; mobile-telephony infrastructure; and cable operators and their infrastructure. Within specialized production it invests in engineering; automation; equipment used for various sectors: infrastructure, energy, telecommunication; and industrial products and services. It also invests in incinerators, co-generation power plants, PPP ventures, and green energy. It prefers to invest in Central and Eastern Europe which includes Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, and Slovenia. The firm invests between $20 million and $100 million in equity and can also help arrange debt financing. It typically invests for a period of 5 to 8 years. CEE Equity Partners Ltd is based in Nicosia, Cyprus with additional offices across Europe.

Venture Growth Partners is a venture capital firm specializing in early-stage startups, angel, and seed investments. The firm invests in technology startups. It focuses on emerging and developing markets for investments including areas such as Central and Eastern Europe focusing on Czech Republic, Greece, Hungary, Poland, Romania, Slovakia, Bulgaria, Serbia, Ukraine; South East Asia focusing on Indonesia, the Philippines, Singapore, and Thailand; Latin America focusing on Argentina, Chile, Peru, and Brazil. It typically invests between $0.04 million and $0.08 million. Venture Growth Partners is based in Canada.

Elements Capital Partners specializes in direct and fund of fund investments. Within direct, it specializes in private equity and venture capital investments in growth capital, industry consolidations, distressed, recapitalizations, and buyout transactions. It prefers to invest in mature, turnaround, mid and late venture companies. The firm also makes real estate investments in heritage properties. It seeks to invest in renewable energy and financial services. Within fund of fund, it prefers to invest in private equity funds, turnaround debt funds, real estate and hedge funds. It prefers to invest in diversified financial services sector, although it also invests in other sectors. The firm typically makes investments in South East Europe, Western Europe, the U.S, Cyprus, Greece, Serbia, Slovenia, and Croatia. It prefers to invest at least €20 million ($21.9 million). The firm typically take an equity position for 3-5 years .Elements Capital Partners was founded in 2010 and is based in Nicosia, Cyprus with additional offices in Turkey and Ljubljana, Slovenia.

Foundcenter Investment GmbH is a venture capital firm specializing in investments in seed and start-ups. The firm typically invests in IT technology, health technology, natural resources, mobility, business products & services, art & design. The firm seeks to invest in the Central and Eastern Europe (CEE) region. The firm seeks to invest upto €1 Million ($1.05 million). Foundcenter Investment GmbH was founded in 2015 and is based in Berlin, Germany with additional offices in Los Angeles, United States and Belgrade, Serbia.

Horizonte Venture Management GmbH is a venture capital and private equity firm specializing in start-up, seed stage, early venture, mid venture, late venture, turnaround, and expansion stage companies. It seeks to make early and growth stage investments typically in product development and early revenue stages. It does not seek majority control. The firm prefers to invest in information technology, consumer discretionary, consumer staples, energy, materials, telecommunications, utilities, biotech, construction, communications, real estate projects, and general manufacturing companies. It prefers to invest in companies based in Austria; Bosnia and Herzegovina; Croatia; Serbia, including Slovakia and Slovenia; Southeast Europe including Bulgaria, Macedonia, and Montenegro. The firm typically invests between €1 million ($1.26 million) and €4 million ($5.03 million). It typically invests in the form of equity, equity-linked securities or a combination of equity and debt. The firm prefers to be the lead investor and often is the first outside investor in the companies it invests in. It seeks board representation in its portfolio companies and prefers to exit its investments within three to five years through a public offering of securities, sale to another company, or share repurchase. Horizonte Venture Management GmbH was founded in 1985 and is headquartered in Vienna, Austria with additional offices in Zagreb, Croatia; Sarajevo, Bosnia-Herzegovina; and Ljubljana, Slovenia.

Blue Dome Capital (Cyprus) Limited is a venture capital and private equity firm specializing in early stage, mature, later stage, startup/seed, series A and growth capital investments. The firm seeks to invest in technology sector with focus on deep science and emerging technologies, big data analytics, artificial intelligence, machine learning, cryptography and Blockchain, ubiquitous computing, internet of things (IoT), material science, nanotechnology, additive manufacturing, quantum computing, robotics, virtual reality (VR), augmented reality (AR), mixed reality. The firm typically invests in Central & South Eastern Europe (“CSEE”) with focus on Poland, Czech Republic, Romania, Hungary, Latvia, Croatia, Greece & Cyprus, Serbia and Slovakia. Blue Dome Capital (Cyprus) Limited was founded in 2019 and is based in Dublin, Ireland.

Western Balkans Private Equity Fund - Vintage I(“WBPEF-I”)Invests in small and Midcap companies in the Balkan region (Albania, Bosnia & Herzegovina, Croatia, Kosovo, North Macedonia, Montenegro, Serbia). Led by a team of experts in Private Equity and Acquisitions in the region, with a track record of over 40 billion euro in investments made.The team identifies targets within the medical, manufacturing, fintech, IT & Gaming, food sectors, creating value through the M&A process, and post-acquisition leadership it provides. We assess the management, the industry, historical financials and forecasts and conduct valuation analysis considering all appropriate parameters before making a commitment.WBPEF is seed funded by USAIDLong-Term Commitment Impactful investments, by acquiring capital holdings with voting rights in Western Balkan countries that are not on the Financial Action Task Force Money Laundering’s listOut of €80M fund, up to 15 sustainable investments in Western Balkans SMEs with good growth trends; focused in medium-to-long term capital growth, multiple investment rounds with concentration limitations and initial tickets €3-9M in minority or majority, by holding shares, quotas, equities and convertible bonds.Full due diligence how to invest well, generate value and disinvest in the best momentOriented, constantly monitored, weighted and preventive risk managementESG and sustainable development and exit driven approachWe plan to address these with the following benefits our team offersContinuous strategic support in establishing a strong company, following its ongoing development and a responsible exit strategy ensuring company longevityAccess to a managerial pool of talent. International experience leveraged onto our portfolio of companies to support their success and continuous developmentAccess to financing for growth and developmentCommitment to continuous improvement culture that creates stronger, longer lasting companiesWorking hand in hand with USAID to support female empowerment

The Swiss Investment Fund for Emerging Markets is a private equity and venture capital firm specializing in direct and fund of fund investments. The firm directly invests in mezzanine, middle markets, buyouts, mid to late venture, emerging growth, growth capital and in financial institutions with a small and medium enterprise or microfinance lending focus. It makes fund of fund investments in private equity fund, mezzanine funds and venture capital fund. The firm primarily invests in Healthcare, Education, Energy, water and resource, Business Activities and services including wholesale and retail trade, Infrastructure, Renewable Energy, Generalist, Financial service, Agribusiness, Aquaculture, Forestry, SME Development, Communication Services, manufacturing industry, transport & storage, Information & Communication Technology and consumer goods. The firm typically invests in countries whose GNI per capita is below the World Bank's IBRD graduation threshold. It seeks to invest in Latin America with a focus on Bolivia, Columbia, Central America, Cuba, and Haiti Peru; Sub Saharan Africa with a focus on Benin, Burkina Faso, Chad, Ghana, Greater Klakes Region, Horn of Africa, Mali, Mozambique, Niger, South Africa, SADC Region, and Tanzania; Middle East and Africa with a focus on Egypt, Jordan, Morocco, Occupied Palestinian Territory, and Tunisia; Southern and Eastern Europe, and CIS with a focus on Albania, Armenia, Azarbaijan, Bosnia, Georgia, Kazakhstan, Kosovo, Macedonia, Moldova, Serbia, Tajikistan, and Ukraine; and Asia with a focus on South-East Asia, Afghanistan, Bangladesh, Cambodia, Indonesia, Lao DPR, Mongolia, Myanmar, Nepal, Pakistan, Sri Lanka, and Vietnam. The firm invests at least 60 percent of its investment volume in any year to these priority countries. In cases of regional or global funds, the geographical criteria is fulfilled if at least 50 percent of fund or financial institution investment is made in the priority countries. Its primary focus is on institutions investing in the small and medium enterprise sector along with selective investments in microfinance and infrastructure projects. The firm seeks to invest between $2 million and $40 million in funds. It sources its capital through institutional investors. The firm prefers majority stakes. The firm invests in the form of loans and other debt instruments including secured or unsecured, subordinated, convertible or equity linked; direct equity or quasi-equity investments; and guarantees. It may also act as co-investor in the underlying portfolio companies of its private equity funds. The Swiss Investment Fund for Emerging Markets was founded in 2005 and is based in Geneva, Switzerland with additional offices in Bern, Switzerland.