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Croatian businessman sets up VC fund with target size of 30 mln euro - report

Author Iskra Pavlova
Croatian businessman sets up VC fund with target size of 30 mln euro - report Dinko Novoselec, Photo: Drazen Lapic/Lider

ZAGREB (Croatia), July 17 (SeeNews) - Croatian businessman Dinko Novoselec and partners are setting up a venture capital fund for Croatia and Slovenia with a target amount of 30 million euro ($33.7 million), Croatian media reported on Wednesday.

The new fund, Feelsgood Social Impact Venture Fund, is in the process of registration with the Croatian Financial Services Supervisory Agency (HANFA), business weekly magazine Lider quoted Novoselec as saying.

The fund has already received a 15 million euro capital injection from the European Investment Fund (EIF), Novoselec said.

"The fund's targeted amount is 30 million euro and I expect it will launch operations at the end of this year or the beginning of next one. It will invest in newly established companies and in those at an early stage of their operations, with each investment ranging between one and two million euro," he added.

Novoselec headed Croatia's largest pension insurance fund AZ for 15 years before leaving the position in April 2017.

AZ pension funds managed by Allianz ZB, a company owned by Allianz Zagreb and Zagrebacka Banka, have been among the largest institutional investors in Croatia.

Novoselec is now a co-owner and partner at alternative fund manager Inspire Investments.

($=0.891294 euro)