Taneo

About

TANEO (The New Economy Development Fund) is a Greek government backed private equity fund of funds. The majority of its investors are institutions (from both Greece and overseas) and it also receives large investments from the Hellenic government. TANEO was structured by UK fund of funds group Westport Private Equity. Its objective is to produce financial returns at the same time as jump-starting the venture capital industry and boosting economy in Greece by investing in Greek private equity funds. The New Economy Development Fund was raised through the bond markets. TANEO offers investors government guarantees and it needed to ensure that it abided by the European Commission’s rules on state aid. The unusual way in which this fund was raised allows governments to raise capital on an off-balance-sheet basis to help foster their venture capital industry without getting involved in where the fund is invested.

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