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European Investment Fund appoints Carpenter as new chief executive

Francis Carpenter has been appointed chief executive officer of the European Investment Fund, one of the largest investors in European venture capital funds. He will replace Walter Cernoia with effect from 1 August.

Giovanni Ravasio, chairman of the EIF Board of Directors, said: ‘Mr Carpenter's background, professional competence and considerable experience within the EIB Group makes him the most suitable person to lead EIF in the carrying out of the mission conferred to it by its statutes and shareholders, notably the pursuit of Community objectives.'

Carpenter has been at the EIB since 1975 and was the EIB's secretary general from 1996 to 2002.

The EIF is a subsidiary of the European Investment Bank responsible for making equity investments and guarantees for small and medium-sized enterprises. It has around E2bn under management, including some 168 investments in venture capital funds.

The EIB owns 61 per cent of the fund, the European Commission owns 30 per cent, and 28 European commercial banks own the remaining nine per cent.

Its basic mandate is to promote the growth of small, knowledge-based businesses as part of the European Union's broader ambition to become the most competitive economy in the world by 2010.

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