Kofinansavimas UAB (the "Company") is a subsidiary of ILTE UAB (hereinafter referred to as "ILTE"), established for the purpose of implementing venture capital financial instruments. ILTE is a national development bank established by the Government of the Republic of Lithuania and wholy owned by the Ministry of Finance of the Republic of Lithuania, which implements financial instruments.

Kofinansavimas UAB acts as a management company and manages the venture capital fund Koinvesticinis fondas KŪB (hereinafter referred to as "the Fund" and/or "Coinvest Capital"), which invests venture capital in early-stage start-up and growth companies (startups) together with private venture capital funds, business angels and/or other investors.

As part of its continuous growth, Coinvest Capital seeks to update and strengthen the Fund's investment decision-making competences and is launching a public selection tender for the three independent members of the Fund's Investment Committee.

The Fund ensures equal opportunities and seeks to select members of the Fund's Investment Committee with complementary and diverse skills and international experience in venture capital investment management, in particular in the areas of angel investing, later stage venture capital and private equity funds, and the creation and development of startup ecosystems.

The Investment Committee of the Fund will be composed of 3 members elected for a maximum term of 6 years (this selection will include the selection of 1 member for a term of 2, 4 and 6 years respectively, with a new rotation model, followed by the re-selection/re-election of 1 member for a new term of 6 years every 2 years, in order to ensure both the relevance of the expertise of the Fund's Investment Committee and continuity of its institutional memory. At the end of the term of office of a member of the Investment Committee, members will be subject to a 12-month "cooling-off" period when recruiting or entering into transactions with the Fund's portfolio companies.

The aim will be to select the following composition of the Independent Investment Committee, taking into account the strongest competences in these areas, for such terms of appropriate duration:

• 2 years of first term as a member with experience of working in later-stage venture capital funds (Series A and beyond);
• 4 years as a first term member with international experience in business angel investment;
• 6-year first term member with knowledge and experience of the Lithuanian start-up ecosystem.

The following mandatory general and specific competences will apply to candidates for independent membership of the Fund's Investment Committee and will be used to assess and select candidates.

Mandatory general competences:

1. university degree or equivalent;
2. experience in attracting, making and managing investments;
3. impeccable business and personal reputation;
4. excellent knowledge of English;
5. independence.

Additional competences to be taken into account in the selection process:

1. experience in venture capital fund management and/or venture capital investing in international markets, in particular investing in early-stage companies, acting as a fund manager or senior executive and/or acting as a business angel;
2. experience in financial management, analysis and control, evaluation and implementation of investment projects;
3. knowledge of and experience in high-tech industries;
4. experience in strategic and corporate governance and working in collegiate bodies;
5. knowledge and experience in risk management;
6. experience of successful exits from venture capital investments.

Candidates must submit the following documents in English:

1. Curriculum Vitae (CV) (free form);
2. a cover letter, highlighting your motivation to serve on the Fund's Investment Committee and relevant competences
3. a declaration of interests and independence of the candidate for membership of the Investment Committee of the Fund and a consent to background checks (form attached, please fill-in, convert to pdf and sign);
4. any other documents the candidate considers relevant.

Submission of documents:

Please send all documents to: viktorija.trimbel@coinvest.lt, with the subject line "Selection of a member of the Investment Committee of the Fund".

Documents must be sent by e-mail no later than 19 January 2025 (inclusive).
We guarantee the confidentiality of all candidates for independent membership of the Fund's Investment Committee.

Method of selection of candidates:

Candidates who best meet the qualification requirements and the needs of the Fund, based on the selection documents submitted, will be invited for an interview.

The activities of an independent member of the Fund's Investment Committee are carried out under a civil service contract and do not constitute an employment relationship. The members of the Committee shall be paid a monthly fixed remuneration of EUR 2 000 (two thousand euro), including taxes payable. The independent members of the Fund's Investment Committee are covered by D&O (Directors & Officers) insurance

A member of the Investment Committee of the Fund shall not, in his/her capacity as a member of the Fund, have any investment, personal service or other personal contractual, management, control or employment relationship with potential investment partners of the Fund and/or direct and indirect investment beneficiaries of the Fund.

Full details of the selection process are available at www.ilte.lt and www.coinvest.lt. 

FURTHER INFORMATION ON THE FUND AND THE COMPETENCES OF THE INVESTMENT COMMITTEE

Geography of the fund's investments

The Fund invests in companies that:

• are established and operating in the Republic of Lithuania or in another Member State of the European Union, and the benefits of the investment accrue to the Republic of Lithuania; and
• at the time of the investment, are established and operating in the Republic of Lithuania, and subsequently in any country of the European Economic Area, the United Kingdom, the United States of America, or the Swiss Confederation, and which will benefit the Republic of Lithuania for at least one year after the first payment of the initial venture finance investment.

Fund investment model

The Fund always co-invests with its partners in the form of equity and/or quasi-equity through the following investment models:

• a unique global model for sharing investment profits with accredited private investors; and/or
• pari-passu model.

The main activities and functions of the Fund's Investment Committee:

• Decisions on the accreditation of private investors for co-investment under the profit-sharing model;
• Decisions on the making and/or realisation of venture capital investments and the material terms of the investments;
• Decisions on other material matters relating to a particular investment, its management, the exercise of shareholder rights in a portfolio company, etc;
• Evaluation of regular monitoring reports on portfolio companies;
• Proposals for the drafting of the Foundation's operational policies and similar operational documents;
• other functions assigned to the Investment Committee in the Fund's Participants Agreement.

The material for the decisions of the Fund's Investment Committee is prepared by the Fund's management team. Where necessary, the Fund engages independent industry and legal experts to evaluate and conduct due diligence on potential companies.

For more information about the Fund please read www.coinvest.lt. 
You can also send your questions regarding the selection process by email to viktorija.trimbel@coinvest.lt and the anonymized questions and answers will be published down here, updating the post entry.