The IAF (Italian Angel Fund) is a co-investment fund, which objective is to co finance in equity the operations born inside the IBAN network.

The fund was created on the basis of the good practices existing at the European level and of the possibility to use a part of the funds that the EIF (European Investment Fund) have at its disposal within the CIP (Competitiveness and Innovation Programme), together with the Fund for the Financing of Enterprises of the Italian Ministry. Both funds cover around half of the overall budget of the fund, and for the other half funds are collected from the market and from the business angels.

The Fund is promoted by IBAN. It is a “side car” fund, investing in initiatives where also Business Angels and/or other institutional investors are investing. The funding is 25 Million Euro, of which 30-50% requested from public institutions. It presents the classical structure of an investment reserved closed fund for qualified investors (including business angels) and institutional investors. The target of the fund are early stage innovative enterprises, mainly high tech and principally located in Italy. The duration of the fund is established to 8 years.