The Venture Capital Syndication Fund PME-IAPMEI (“Fundo de Sindicação de Capital de Risco”) (FSCR) was created in 2003 by the State with the aim of promoting the activity of Venture Capital in Portugal, through risk sharing with Venture Capital Specialized Entities (EECR). Thus, the allocation of FSCR is geared towards capitalization of national SME, offering specific financial products for this purpose, namely:
The FSCR does not support directly SME, however co-finances Specialized Venture Capital Entities (“Entidades Especializadas de Capital de Risco”) in their investment in SME, minimizing the global risk of transactions, and thus allowing for companies to have easier access to this significant source of own capital.
The FSCR is governed by a General Board and is supervised by the Inspectorate-General of Finance, which annual audit shall monitor compliance with the rules contained in the applicable regulations, as well as produce an opinion on the annual accounts.
The FSCR was established with a budget of 50 million Euro (15 million Euro for Programme “PRIME Jovem” and the remaining 35 million Euro for the support of projects in general). Also in 2003, took place the first capital increase of the Fund in the amount of 20 million Euro, to support initiatives of SME that would fit under the Recovery Program Areas and Sectors Depressed (PRASD). In 2006, a new capital increase occurred in the amount of 30 million Euro under the Framework Programme for Financial Market Innovation for SME – INOFIN.
Due to the closure of the projects supported under the PRIME Programme, which supported the creation and reinforcement of FSCR capital, currently it amounts to the value of Euro 45.55 million.