Economic Co-operation Funds (ECFs)

1. What are ECFs?


ECFs are open venture capital investment funds with private equity that are established and operate in accordance with the Alternative Investment Funds Act. The aim of their establishment is to promote the development of the economy, to preserve the current and create new jobs, to strengthen the existing and start-up new business entities by means of ownership restructuring through the investment of additional capital.
HBOR, as a qualified investor appointed by the Government of the Republic of Croatia, participates in the implementation of ECFs’ activities together with private investors.


2. Beneficiaries


The companies with the seat in the Republic of Croatia that are active exclusively or predominantly in the Republic of Croatia and have:


  • products and services with the high growth potential,
  • advantage over their competitors,
  • good management,
  • sound and transparent operation and sound business plan,
  • acceptable rate of return on funds invested by EFCs.


3. Manner of Implementation


Implementation stages:


Initial contactBusiness entities interested in an investment into their companies by an ECF can refer to companies for the management of ECFs.
Presentation of a company to ECFFor a meeting with representatives of the ECF, it is necessary to prepare the summary financial statements of the company, its share in the market, description of company management and the strategy of development.
Business planIn the next stage of negotiations, it is necessary to make a business plan with planned effects of the investment by the ECF.
Signing of the preliminary investment contractAfter reaching an agreement in principle, signing of the preliminary investment contract is initiated that is not binding for the contracting parties. This contract is signed for the purpose of regulating further activities and preparing the transaction both of the company and the ECF.
Implementation of due diligence (financial, legal, operational)After signing the preliminary contract, due diligence of the business operation is initiated by authorised auditing and law companies.
Signing of the Investment ContractAfter obtained findings of the due diligence, detailed terms and conditions of the transaction, obligations of the company and the ECF, period of the investment closing etc. are defined in the Investment Contract.


4. Amount of Financing, Percentage of Co-ownership and Company Ownership Exit

Amount of financingNot limited – depends on the financing possibilities of the Company for management of ECFs and on the concrete investment programme.
Percentage of co-ownershipNot limited.
Exit from company ownershipSale of shares will be initiated until the expiry of 5 years from the investment at the latest. The manner of exit and other provisions are determined by the Investment Contract.


5. Contacts


For additional information, please contact:


HBOR, Strossmayerov trg 9, 10000 Zagreb, Croatia, e-mail:,
phone: + 385 1 45 91 666

or one of the private investors participating in the implementation of ECFs’ activities:





  • Inspire Investments d.o.o., Ulica Andrije Hebranga 34, Zagreb, e-mail:,