A regional programme is appointing a fund manager to set up and run a venture capital fund, mobilise private co‑investment and meet EU rules, reflecting a wider shift.
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Romania’s regional development agency for the Centru Region is procuring a registered fund manager to build and run a new venture capital vehicle under the “Center Region” Program 2021–2027. The manager will set up the fund, attract investment and ensure compliance with applicable legislation. The move underscores how public authorities are using financial instruments to back business growth and innovation.
In October 2025, Agentia pentru Dezvoltare Regionala Centru published a contract notice for Venture Capital Fund Management Services. The authority seeks a registered or authorised fund manager to establish and manage the fund, bring in additional investment and run the operation in line with European and national rules.
The scope is concise but significant. The manager is expected to:
Although detailed terms are not included in the notice, the emphasis on attracting private capital and on compliance mirrors how similar public-backed funds have been structured across Europe during the 2021–2027 programming period.
Romania’s regions have been moving in step. In March 2025, Agentia de Dezvoltare Regionala Nord-Vest sought portfolio management services for a venture capital fund aimed at SMEs. A month later, in April 2025, Agentia Pentru Dezvoltare Regionala Vest launched a similar procurement to manage a venture capital investment fund for high‑potential SMEs in the West Region.
Elsewhere, authorities have set clear expectations of co‑investment and long-term horizons. In June 2022, North Tyneside Council ran a competition to appoint a manager for the North of Tyne Combined Authority’s venture fund. The notice (Financial and insurance services) set out an initial £30m first close, including £10m public capital and at least £20m to be raised by the manager, with potential growth above £100m and a 10‑year cycle pivoted to early‑stage investment.
Regional programmes have also used multiple instruments beyond equity. In September 2023, the Brussels‑Capital Region sought providers to set up and manage three ERDF‑backed tools for early‑stage equity, micro‑credit and social enterprise finance, with portfolio takeovers from the previous period (Public service contract for the implementation of financial instruments).
France offers further examples of ERDF integration. In April 2023, the Centre‑Val de Loire region tendered for a manager for its co‑investment fund tied to the 2021–2027 programme (Financial consultancy services). Earlier, in June 2022, Lazio Innova in Italy opened a framework for managing the “Credit 2021–2027” section of its participation fund, spanning origination, loan administration, monitoring and recovery (Financial markets administration services).
Some programmes target specific structural goals. In February 2024, the Czech national development investor launched a competition for a manager of a Just Transition brownfield fund in the Moravian‑Silesian Region to restore ex‑mining sites and enable new activities (Fund Manager for Brownfield Regeneration Projects).
While the Centru Region notice is brief, comparable procurements indicate the breadth of responsibilities public sponsors now expect from fund managers. The Lazio Innova framework, for example, spelled out duties across the lending cycle: preparing calls; assessing applications; approving and contracting loans; disbursing funds; monitoring and addressing variations; recovering unpaid receivables; and keeping accounts with periodic and final reporting (Financial markets administration services).
Across the examples, recurring delivery themes include:
Some authorities also embed expectations on co‑investment and collaboration. The North of Tyne notice envisaged first‑close thresholds and permitted additional public bodies to invest via the fund’s legal structure. Others, like the Brussels‑Capital Region, combined fresh investment with the takeover and active management of portfolios created under earlier programmes.
The Centru Region contract highlights compliance with applicable legislation as a core duty. That mirrors a wider compliance push around EU‑backed instruments. In October 2025, France’s Ministry of Economy sought legal and project management support for managing and controlling ERDF‑co‑financed programmes, including compliance audits and system updates (Technical Assistance for ERDF Management).
Separately, in June 2024, Luxembourg’s public pension reserve fund tendered for a long‑term financial consultancy mandate to review investment strategy, advise on tenders and strengthen investment controlling (Financial Consultancy Services Mandate). Though a different context, it underlines the demand for rigorous oversight capabilities around public assets and mandates.
For venture and loan instruments alike, these governance pressures translate into an operational need for robust reporting, transparent decision‑making and audit trails. Prospective managers of the Centru Region fund will be expected to demonstrate they can meet those standards while delivering investment performance.
Beyond general SME finance, sponsors are commissioning funds for specific groups and missions. In October 2025, Bulgaria’s national fund of funds launched a competition for a manager of a start‑up instrument focused on students and doctoral candidates, covering fundraising, investment analysis, performance monitoring and regulatory compliance (Fund for Start-up Enterprises).
These targeted approaches sit alongside place‑based regeneration funds, such as the Czech brownfield vehicle, and sectoral tools. Each expands the toolkit available to regional authorities and raises the bar for fund managers to tailor strategies to policy goals.
The Centru Region competition will set the tone for how the venture capital fund is structured and governed under the 2021–2027 programme. Watch for clarity on the manager’s mandate to attract investment, the fund’s governance and reporting model, and how compliance duties are embedded in day‑to‑day operations. The experience of other regions suggests a premium on co‑investment capability, active portfolio management and audit‑ready processes. How the chosen manager balances those demands with market delivery will shape the fund’s impact.
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