The report summarises conclusions from Growth Analysis evaluations and analyses of three ongoing risk capital initiatives with co-funding from the European Regional Development Fund (ERDF). In total, ten reports and part-studies have been published in this area, six of which are directly linked to this framework report. Through policy discussions and recommendations, we wish to contribute to learning before future initiatives in the field of public risk capital. Although the experience is largely based on regional funds, we believe that a great deal can be relevant to national initiatives as well.

The regional co-investment funds, the national green fund (Almi Invest GreenTech) and the national holding fund (Swedish Venture Initiative, SVI) together have public funding of SEK 2.65 billion. To this sum shall also be added private co-financing which can be expected to be at least as large as the public funding (detailed provisions on co-financing vary slightly between the initiatives). The regional funds started as long ago as 2009, while the two national ones are relatively new and made their first investments at the end of 2017 and early 2018 respectively. This means that the main focus of the report is based on the regional funds and on international experiences from similar initiatives.