JEREMIE initiative

JEREMIE is not a closed-end fund with private limited partners. It deploys European Regional Development Fund money and national co-financing through local financial intermediaries — banks, VC managers, guarantee societies — selected through public procurement. Returns recycle into the regional ecosystem rather than being distributed to investors.

The Andalusian holding fund is governed by a regional management committee and implemented by the European Investment Fund under a mandate agreement with the Junta de Andalucía. Individual investment decisions at the portfolio-company level are delegated to the intermediary fund managers selected to manage the underlying venture or loan portfolios.

JEREMIE holding funds can operate both as fund-of-funds vehicles backing regional VC managers and as direct co-investment vehicles alongside those managers. The Andalusian vehicle has primarily operated through intermediary managers, with direct instruments used selectively for larger growth-stage companies aligned with regional innovation priorities.

InvestEU, operational from 2021, consolidates multiple EU financial instruments — including JEREMIE, COSME, and Horizon 2020's InnovFin — under a single framework. Existing JEREMIE holding funds continue to operate through their contractual investment periods, but new programming cycles are structured under InvestEU's SME window, maintaining the same regional holding fund architecture.

Seed through growth equity, with a historical emphasis on Series A and early-stage B rounds where the regional equity gap is most acute. The vehicle also supports microcredit and mezzanine instruments for companies too small to access traditional venture finance, covering the full spectrum from pre-revenue to €10 million-plus revenue stage businesses.

Yes — the structure is designed to catalyze private co-investment. EU regulations require that public contributions through JEREMIE do not crowd out private capital. Regional fund managers selected by JEREMIE mandates typically raise matching private capital from local business angels, corporate investors, and family offices alongside the public commitment.

Capital originates from the European Regional Development Fund, supplemented by national and regional co-financing from EU member-state governments. In Andalusia, the regional government's IDEA Agency and the Ministry of Finance provide the co-financing component. The EIF manages the holding fund, but the underlying fiscal commitment rests with Brussels and Seville.