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.
Update 1/20/2025: The deadline to apply for this position has expired, we do not accept any new applications. Thanks to everyone, who applied, each will receive an answer in due course.
Who we are:
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.
What we are looking for:
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, 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 competencies in these areas, for such terms of appropriate duration:
2-years first-term as a member with experience working in later-stage venture capital funds (Series A and beyond);
4-years first-term member with international experience in business angel investment;
6-years first-term member with knowledge and experience of the Lithuanian start-up ecosystem.
The following mandatory general and specific competencies will apply to candidates for independent membership of the Fund's Investment Committee and will be used to assess and select candidates:
Mandatory general competencies:
university degree or equivalent;
experience in attracting, making and managing investments;
impeccable business and personal reputation;
excellent knowledge of English;
independence.
Additional competencies to be taken into account in the selection process:
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;
experience in financial management, analysis and control, evaluation and implementation of investment projects;
knowledge of and experience in high-tech industries;
experience in strategic and corporate governance and working in collegiate bodies;
knowledge and experience in risk management;
experience of successful exits from venture capital investments.
Candidates must submit the following documents in English:
Curriculum Vitae (CV) (free form);
a cover letter, highlighting your motivation to serve on the Fund's Investment Committee and relevant competences
a declaration of interests and independence of the candidate for membership of the Investment Committee of the Fund and a consent to background checks (a form attached, please fill-in, convert to pdf and sign, certified e-signature is preferred);
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.
Selection method and process:
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 exiting of venture capital investments and the key 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 Fund's operational policies and similar operational documents;
other functions assigned to the Investment Committee in the Fund's Partnership Agreement.
The decision-making materials for 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.
ANSWERS TO QUESTIONS RECEIVED
Updated 1/2/2025:
How often do investment committee members meet, and what is the workload? Is travel to Vilnius, Lithuania required regularly?
Typically we have pre-booked weekly online meetings of 1 hour each Wednesday with the investment committee members, unless there are no topics for the IC to discuss on a particular week. Occasionally we might call for an extraordinary meeting and/or suggest a voting in writing instead of a formal meeting. Most IC work is done online, and remotely, no travel is needed, even if we would appreciate calling an in-person meeting at least once per year. We will review and adjust the timing and frequency of the new IC meetings in a dialogue with the new members of the IC, aiming to accomodated both Fund operational needs and IC memver schedules
Has an investment committee the status of a board (board of directors)?
No. Our Fund's investment committee is an independent collegial investment-decision-making body with specific competencies and reponsibilities, defined in the Limited Partnership agreement of the Fund, primarily focused on investment and exit decision-making, but it does not constitute a management body such as a board. The Fund is managed by the fund management company UAB Kofinansavimas with its director, acting as a single management body, and ILTE, acting as a single shareholder, while the Fund itself is incorporated as a limited partnership, where ILTE acts as a single LP (limited partner), and UAB Kofinansavimas acts as single GP (general partner). See more here: https://www.coinvest.lt/about-us
Is it worth applying, have you already preselected the investment committee members?
We are running a fully transparent, fair and open selection process and have committed to ensuring equal opportunities to all candidates. Please apply in a due manner before the deadline by submitting all required documents as defined above. The nomination commission members will rank all candidates and will make a shortlist of 5-9 top applicants, that will be invited to an interview. After interviews are completed, the top 3 candidates will have to undergo clearance procedures with the relevant authorities before final formal confirmation of their appointment.
Can I privately meet with the Fund's Managing Director to get more information about the process?
We will invite you to an interview with the nomination committee only if you make it to the top 5-9 applicants after the application deadline and review made by the selection commission. Should you have any questions regarding the selection process, please email, as defined above, and then anonymized questions and answers will be posted here by updating this post to facilitate equal opportunities and access to relevant information for all candidates.
Updated 1/3/2025:
Who is making the selection decision?
The Selection commission is appointed by the decree of the CEO and Chairman of ILTE and comprises of 3 members, representing the Fund, the Limited Partner and the Shareholder.
Can I apply to become an independent investment committee member, if I am a founder/employee/investor in the Fund's portfolio company?
No. The indicated relation directly implies not being an independent candidate. Please take your time to read through the application documents, and selection criteria and assess before applying, if you meet the basic criteria identified within.
Updated 1/12/2025:
The candidate's declaration template, included in the selection conditions, among the possible situations of potential interest, mentions the existence of a significant relationship. How is materiality (signifancy) defined? If I have currently directly and/or indirectly invested a small amount in a portfolio company of the Fund, which represents an insignificant part of my personal investment portfolio, and I would commit to selling this investment in the event of a success in the selection process, am I eligible to apply to become a member of the Investment Committee(s)?
We invite you to read carefully the eligibility and independence requirements published in this call for applications, including the candidate's declaration template, and decide whether you wish to apply, considering all of your personal circumstances and future plans. Materiality will be assessed on a case-by-case basis, taking into account all individual factors and provisions of the applicable regulatory framework governing independence and preventing conflicts of interest. The first priority of the Selection Commission will be to shortlist 5-9 candidates from the large pool of applicants, who will be invited to the next round of selection interviews.
Updated 1/16/2025:
Can you look at my CV and tell me, if it's worth applying?
Well, first of all, we already answered this question (please read above), however, we keep receiving similar inquiries, so we are elaborating on the answer further.
This is YOUR personal decision if this opportunity is worth your effort to apply, and, if selected, to be an active, value-bringing IC member (and also worth our effort to analyze your application).
We run a fair and transparent selection process and seek to find the best candidates to meet the Fund's needs and strategy. Please, read through the qualification criteria and the Fund's website and decide.
We will be considering only dully, on-time, and in-full submitted applications. And yes, we already have many qualified applications from all over the world.
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