{"id":1881,"date":"2022-01-19T15:16:09","date_gmt":"2022-01-19T15:16:09","guid":{"rendered":"https:\/\/cvca.hr\/u-niskom-startu-novi-fond-za-mezzanine-financiranje-malih-i-srednjih-poduzeca\/"},"modified":"2022-01-19T15:46:27","modified_gmt":"2022-01-19T15:46:27","slug":"u-niskom-startu-novi-fond-za-mezzanine-financiranje-malih-i-srednjih-poduzeca","status":"publish","type":"post","link":"https:\/\/cvca.hr\/hr\/u-niskom-startu-novi-fond-za-mezzanine-financiranje-malih-i-srednjih-poduzeca\/","title":{"rendered":"U niskom startu novi fond za mezzanine financiranje malih i srednjih poduze\u0107a"},"content":{"rendered":"

Mali i srednji poduzetnici (MSP) \u010desto se na\u0111u u situaciji da moraju preispitivati ili odlu\u010divati o na\u010dinu financiranja, bilo da je rije\u010d o premo\u0161\u0107ivanju, investicijama ili drugim poslovnim iskoracima.<\/p>\n

\u010cesto to zna\u010di vaganje izme\u0111u duga i vlasni\u010dkog kapitala. Takvo raskri\u017eje ponekad su, recimo, pokretanja investicija u razvojnoj fazi, kada poduzetnik (jo\u0161) ne bi razrje\u0111ivao vlasni\u0161tvo pripu\u0161tanjem npr. private equity ulaga\u010da, a iz nekog razloga se u financiranju ne mo\u017ee ili ne \u017eeli potpuno osloniti na banke, odnosno vlastiti kapital. Sli\u010dne dvojbe mogu se nametnuti kad, primjerice, u poduzetni\u010dkom pothvatu dvaju osniva\u010da jedan \u017eeli iza\u0107i, a drugi bi htio samostalno nastaviti. U takvim i brojnim drugim situacijama u poslovanju \u010desto se optimalnim rje\u0161enjem name\u0107e ne\u0161to izme\u0111u klasi\u010dnog bankovnog kredita i equityja \u2013 razne varijante tzv. mezzanine financiranja koje je u pravilu znatno fleksibilnije nego bankarsko, uklju\u010duju\u0107i i pitanje povrata odnosno amortizacije kredita.<\/p>\n

Uskoro bi trebao profunkcionirati i novi fond za doma\u0107em tr\u017ei\u0161tu koji je svoju tr\u017ei\u0161nu ni\u0161u prepoznao upravo u tom segmentu financiranja MSP-a, a \u010diji bi ulaga\u010dki potencijal trebao biti blizu 400 milijuna kuna. Iza projekta Croatian Mezzanine Debt fonda stoje Darko Drozdek, Kre\u0161imir Gjenero i Tomislav Tadi\u0107. Hanfa je, naime, na pro\u0161lotjednoj sjednici Upravnog vije\u0107a izdala odobrenje za osnivanje Croatian Mezzanine Debt fonda, zatvorenog alternativnog fonda (ZAIF) rizi\u010dnog kapitala. To rje\u0161enje uklju\u010duje i davanje suglasnosti za upravljanje tim fondom dru\u0161tvu Mezzanine Partners. Fond planira prikupiti 50 milijuna eura, te je trajanje ulaganja ovog fonda 4 do 7 godina. Croatian Mezzanine Debt fond jedan je od triju projekata fondova rizi\u010dnog kapitala koji su pro\u0161li selekcijski postupak Europskog investicijskog fonda (EIF) te su i financijski podr\u017eani ulaganjem sredstava EIF-a i Hrvatske banke za obnovu i razvitak u okviru CROGIP-a, investicijskog programa koji su te dvije institucije ugovorile s ciljem poticanja ulaganja u mala i srednja poduze\u0107a. U kona\u010dnici \u0107e ulaga\u010dki potencijal biti barem dvostruko ve\u0107i od iznosa njihove podr\u0161ke. Kako ka\u017eu Drozdek i Gjenero, cilj je u kona\u010dnici sakupiti ukupno 50 milijuna eura. Nakon \u0161to je od Hanfe dobiveno odobrenje za osnivanje i upravljanje, u idu\u0107ih nekoliko tjedana slijede razgovori s (drugim) potencijalnim investitorima, a to su financijski institucionalni investitori.<\/p>\n

Sve u svemu, fond bi s operativnim radom trebao startati za koji tjedan. S obzirom na specifi\u010dan profil, a jedno od obilje\u017eja mezzanine aran\u017emana je da investicije zapo\u010dinju kao dug, i ciklusi u pogledu realizacije transakcija su pone\u0161to druk\u010diji nego kod, primjerice, private equity (PE) fondova. Stoga se ra\u010duna i da bi prve transakcije CMD fonda mogle uslijediti ve\u0107 s krajem prvog kvartala. \u201cMezzanine koncept obi\u010dno dolazi kao korak prije private equity kapitala\u201d, isti\u010de Gjenero. Vezano uz veli\u010dinu pojedina\u010dnih transakcija, isti\u010du kako su ciljani iznosi izme\u0111u milijun i pet milijuna eura. Kad je pak rije\u010d o tra\u017eenim\/o\u010dekivanim prinosima, oni su pozicionirani u skladu s hibridnim karakterom mezzanine \u201cproizvoda\u201d i prate\u0107ih rizika. Doma\u0107i financija\u0161i re\u0107i \u0107e kako je mezzanine danas itekako prepoznat kao ni\u0161a s dobrim potencijalom, iako institucionalnih igra\u010da, fondova, u njoj zasad ima malo. S jedne strane, banke su postro\u017eile uvjete kreditiranja, a s druge, u PE industriji je, ka\u017eu, ve\u0107 povelika gu\u017eva.Iz HANFE isti\u010du kako je plan da fond ulo\u017ei u najmanje 10 do 15 dru\u0161tava \u201cputem podre\u0111enog duga, ali potencijalno uklju\u010duju\u0107i varante s vlasni\u010dkom komponentom\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mali i srednji poduzetnici (MSP) \u010desto se na\u0111u u situaciji da moraju preispitivati ili odlu\u010divati o na\u010dinu financiranja, bilo da je rije\u010d o premo\u0161\u0107ivanju, investicijama ili drugim poslovnim iskoracima. \u010cesto to zna\u010di vaganje izme\u0111u duga i vlasni\u010dkog kapitala. Takvo raskri\u017eje ponekad su, recimo, pokretanja investicija u razvojnoj fazi, kada poduzetnik (jo\u0161) ne bi razrje\u0111ivao vlasni\u0161tvo […]<\/p>\n","protected":false},"author":1,"featured_media":1888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[],"class_list":["post-1881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vijesti-sa-trzista"],"acf":[],"yoast_head":"\nU niskom startu novi fond za mezzanine financiranje malih i srednjih poduze\u0107a - CVCA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/\" \/>\n<meta property=\"og:locale\" content=\"hr_HR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U niskom startu novi fond za mezzanine financiranje malih i srednjih poduze\u0107a\" \/>\n<meta property=\"og:description\" content=\"Mali i srednji poduzetnici (MSP) \u010desto se na\u0111u u situaciji da moraju preispitivati ili odlu\u010divati o na\u010dinu financiranja, bilo da je rije\u010d o premo\u0161\u0107ivanju, investicijama ili drugim poslovnim iskoracima. \u010cesto to zna\u010di vaganje izme\u0111u duga i vlasni\u010dkog kapitala. Takvo raskri\u017eje ponekad su, recimo, pokretanja investicija u razvojnoj fazi, kada poduzetnik (jo\u0161) ne bi razrje\u0111ivao vlasni\u0161tvo […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/\" \/>\n<meta property=\"og:site_name\" content=\"CVCA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cvca.hr\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-19T15:16:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-19T15:46:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cvca.hr\/wp-content\/uploads\/2022\/01\/Mezzanine-financing.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"jure\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cvca_hr\" \/>\n<meta name=\"twitter:site\" content=\"@cvca_hr\" \/>\n<meta name=\"twitter:label1\" content=\"Napisao\/la\" \/>\n\t<meta name=\"twitter:data1\" content=\"jure\" \/>\n\t<meta name=\"twitter:label2\" content=\"Procijenjeno vrijeme \u010ditanja\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/\"},\"author\":{\"name\":\"jure\",\"@id\":\"https:\/\/cvca.hr\/#\/schema\/person\/a0652a205d7927dd68ad61d744f70651\"},\"headline\":\"U niskom startu novi fond za mezzanine financiranje malih i srednjih poduze\u0107a\",\"datePublished\":\"2022-01-19T15:16:09+00:00\",\"dateModified\":\"2022-01-19T15:46:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/\"},\"wordCount\":614,\"publisher\":{\"@id\":\"https:\/\/cvca.hr\/#organization\"},\"articleSection\":[\"Vijesti sa tr\u017ei\u0161ta\"],\"inLanguage\":\"hr\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/\",\"url\":\"https:\/\/cvca.hr\/new-fund-for-mezzanine-financing-of-small-and-medium-enterprises-is-at-a-low-start\/\",\"name\":\"U niskom startu novi fond za mezzanine financiranje malih i srednjih poduze\u0107a - 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