Announcements
Information on the Update of the Financing Product “Fund of Funds through a First-Loss Tranche”
For the attention of potential investment partners,
ODA informs potential investment partners about the amendment and supplementation of the Financing Product “Fund of Funds through a First-Loss Tranche”. The update does not affect the conditions for participation in the Call for Participation for the Selection of the First Investment Partner, and the deadline for submitting applications remains unchanged — 16 September 2026, 23:59.
The amendments to the Product are aimed at aligning it with the requirements applicable to State aid schemes for promoting risk finance investments. In this context, in order to justify public intervention, point 15 of the Product has been supplemented with two additional minimum eligibility criteria applicable to the final beneficiaries of the investments.
The first criterion provides that the enterprise receiving the investment must not fall within the category of undertakings in difficulty, as defined in the Regulation on State aid for rescuing and restructuring non-financial undertakings in difficulty, approved by Decision No. 05 of the Plenum of the Competition Council of 29 October 2025.
The second criterion establishes that, on the date the investment is made, the final beneficiary must not be admitted to trading on a regulated market, as defined by Law No. 171/2012 on the capital market. Admission to a multilateral trading facility in which at least 50% of the financial instruments admitted to trading are issued by SMEs does not affect the beneficiary’s eligibility.
We recall that, through the Product, ODA establishes the minimum eligibility criteria, while the selection of beneficiary SMEs is the responsibility of the investment partner. The investment partner will mobilise private and institutional capital in compliance with the financial multipliers provided for in the Product. Through the first-loss tranche mechanism, ODA’s public contribution will reduce the investment risks assumed by investors and facilitate the mobilisation of additional capital for financing eligible SMEs.
The ongoing Call aims to select an investment partner for the investment component intended for SMEs with growth potential. It is addressed to local, regional and international investment funds, investment management companies, alternative collective investment undertakings and other investment entities that meet the conditions established in the Product.
The amended and supplemented version of the Product, together with the documentation related to the Call, can be consulted on the dedicated page of the “Fund of Funds through a First-Loss Tranche” Product. For additional information, you can write to us at