The received wisdom is that a development finance institution will not back a first-time fund. Their own published figures say otherwise — and the directory that would let you check has moved behind a membership wall. This one is free.
Free, no paid placement, no obligation. The download opens as soon as you submit.
Quotations and figures from their own published material — not inferences. 5 of the 41 institutions publish a position, and every one is an invitation.
EBRD — 50 per cent of fund commitments typically go to first-time fund managers, under an "open-door policy towards new relationships, whether these are fund managers with a long track record or first-time teams."
African Development Bank — 45 per cent of the private equity portfolio committed to first-time funds (figure published 2020, and dated as such in the directory).
European Investment Bank — "Both novice and experienced investment teams can qualify."
European Investment Fund — "Investing in first-time teams, emerging markets, nascent sectors, and helping proven teams close bigger funds."
No treaty or regulator defines "development finance institution," which is why every list in circulation disagrees with every other. The directory says so on its first page, and explains the one rigorous test that exists.
Meeting the definition tells you nothing about whether an institution could be a limited partner in your fund. Every entry answers the narrower question: what, in practice, would this institution be to you?
Several well-known institutions turned out to be lenders or guarantors that never commit to a fund. The directory names them, and says why they are not listed, rather than leaving you to assume an oversight.
Every entry was checked against the institution's own published material, and every web address tested, on a stated date.
Fields we could not establish are left blank rather than guessed. Several entries record a negative finding — that no evidence was found of an institution committing to third-party funds — because that is more useful than silence. The directory is not exhaustive anywhere, and absence from it is not a finding about an organization.
Russia is excluded from this directory as a matter of firm policy. That is a decision about where Private Capital Development works, not a finding about any institution.