Your potential partners worldwide

It helps investors and entrepreneurs to build lasting and profitable relationships.

NPM Capital finances buy-outs in partnership with management teams and provides growth and replacement capital to (family) companies:through the acquisition of a controlling or substantial minority interest;(initially) worth between € 20 and € 200 million;in companies that operate in the Benelux andhave an enterprise value of between € 50 and € 500 million.NPM Capital manages a portfolio of approximately 25 medium and large businesses that operate in a range of sectors from food to e-commerce, energy and healthcare. All of our portfolio companies have three things in common: a clear growth or development strategy, dynamic management and sustainable competitive advantages.When assessing investment propositions we look for businesses that demonstrate the following characteristics:Experienced management with a proven track record.Sound corporate governance, ethical principles and environmental performance.A strong market position in a niche market or a strong brand.Sustainable competitive advantages.Stable cash flow.Potential for growth, operational improvement and/or a buy-and-build strategy.Clear exit possibility.

In 5 months full of action, The Accelerator transforms high-potential initiatives and startups into thriving global ventures geared up for scale - and investment.

It helps investors and entrepreneurs to build lasting and profitable relationships.

Portugal Ventures is a Venture Capital, focusing its investments in innovative, scientific and technology-based companies as well as in companies from the more traditional Portuguese Tourism and Industrial sectors, with significant competitive advantages and export oriented to global markets. We partner with exceptional entrepreneurs, assisting them in achieving new levels of competitiveness and success at all stages of development of their companies and operating in a number of different sectors.

The ProSiebenSat.1 Accelerator is ProSiebenSat.1 Group's 3-month program to support start-ups, which runs twice a year. The program offers start-ups comprehensive support and provides entrepreneurs with a customized coaching concept. In addition, start-ups receive 500,000 EUR in TV media volume, 25,000 EUR funding and office space.

ALTIUS is one of the largest independent law firms in Belgium. The firm assists companies in their international and Belgian transactions and litigation, and also acts as day-to-day counsel for many Belgian companies and subsidiaries of multinationals. For all tax-related issues, ALTIUS maintains an operational relationship with niche firm Tiberghien.

BMI-SBI is a unique semi-public finance institution on federal level active in the co-financing of business ventures by Belgiun private companies abroad. BMI-SBI offers tailor-made solutions taking into consideration the particular needs and risk profile of each individual project. The financial products offered include equity participation, quasi-equity capital as well as long-term loans. Since its creation in 1971, BMI-SBI has invested in over 300 projects in more than 50 countries.

Fortis Private Equity is the private equity branch of BNP Paribas Fortis. FPE provides minority equity and mezzanine financing to support the growth and development as well as management buy-outs of companies in the Benelux.
FPE acts as a strategic partner alongside management teams or co-investors

E-Capital supports the growth and development of promising Belgian small and medium-sized enterprises, with turnovers from € 10 million up to € 100 million and without sector restriction. The E-Capital funds have a unique profile: a group of entrepreneurs and industrial families that join their forces to invest in growth companies managed by ambitious entrepreneurs. E-Capital is a fully independent player, based in Brussels. The funds under management with E-Capital I, II and III are close to € 170 million of which € 100 million under E-Capital III which are readily available for investment in Belgian small and midcap non-listed companies. The E-Capital funds have realized over 20 acquisitions since 2004.

Gilde Buy Out Partners is one of Europe’s foremost mid market private equity investors, with managed funds in excess of €2.0 billion. Gilde operates in the Benelux, Germany, Switzerland and Austria. With offices throughout this region and its multinational team, Gilde is truly entrenched in these markets and can offer local expertise coupled with European reach and execution skills.

Since its inception in 1982, Gilde has invested in over 250 companies across a diverse range of sectors. At €800 million its current investment fund Gilde Buy-Out Fund IV is among the largest dedicated mid market buyout investment funds in Europe today.

Gilde Buy Out Partners have consistently delivered high returns to its investors. The Gilde Buy-Out Funds are subscribed by over 30 institutional investors which include some of the worlds leading financial institutions, pension funds and specialized investment funds.

ING Belgium invests between € 2 to 20 million per project in LBO's, development and venture capital. It favors companies managed by a strong management team that has the ability to help the company grow either internally or through build-ups. ING Belgium team is composed of professionals who have an industry experience and can help the managers grow and create value for personnel, clients, suppliers and shareholders.

ACME Labs was founded by entrepreneurs for entrepreneurs. It is organized as a collective: upon completion of the program and provides not just funding, but the advice, expertise, and relationships to help entrepreneurs shape and realize their vision.

Alliance Jura-Hongrie Venture Capital Fund Management Ltd. (AJH) has been established in July 2013 with the clear mission to become a leading player of the Hungarian venture capital market in short term. The owner of the company is Alliance Jura-Hongrie Holding S.A., a privately held company registered in Switzerland. 

A Venture Capital fund helping entrepreneurs build successful businesses

DBH was founded in 1994 by Hungarian and Dutch local governments and development agencies in Maastricht. DBH Group is a venture capital fund and established the DBH Investment Venture Capital Fund Management Public Limited Company (Plc.). DBH Investment Venture Capital Fund Management Plc. successfully took part in the competition of the New Hungary Venture Capital Program  tendered by the European Commission and as a result, its fund grew to 5 billion HUF in 2009.

Garangold Investment Plc. was founded on the 12 June 2013  to act as a Venture Capital Fund Management Company. The Fund Management Company is waiting for the application of potential target companies by filling a project form. Based on the given data, the Fund Management does a pre-qualification process. The form can be downloaded from the following link. 

GB & Partners is currently managing two Hungarian venture capital funds launched under EU’s JEREMIE initiative of the European Investment Fund. Both funds aim to invest primarily in start-up or early stage small and medium sized innovative companies/projects in Hungary, with a strong and promising business concept, a devoted professional management team and with unique products/services with the chance to attract international attention.

No specific industry preference is determined, however the following sectors have special attention:

Healthcare and biotechnology:medical/recreational activities and services, biotech innovation, health tourism, rehabilitation services

Sustainable energy and environmental protection: energy efficiency enhancing innovations, sustainable energy projects, environmental services, recycling and waste disposal

Information technology: internet and mobile solutions and applications, data protection, business intelligence, information security, business process management (BPM)

Food industry: manufacturing and export of Hungarian frozen and canned food, confectionery, winery and premium segment food products, as well as food safety investments

The Funds may not make investments in the Central Hungarian region, nor in the following sectors: shipbuilding, coal and steel industry, financial services, real estate development.

The Growth Fund, ‘Profit’ makes investments in the range of 500,000 EUR and 2,500,000 EUR per project, while the Seed Fund, ‘Proseed’ in the range of 100,000 EUR and 150,000 EUR. In all cases the funds aim to held majority or at least 25% ownership.

The investment period of the Funds closes on 31st December 2015. The Funds plan to exit their investments partially or in full 3-7 years following the of growth period. The maximum period of time for keeping a portfolio company is 10 years from the launch of the Fund (i.e. end of 2023).

The social policy mission of MORANDO Venture Capital fund is to create new and long term jobs in Hungary.
The MORANDO Venture Capital Fund ceased its investment period on the 31st December 2013, currently the MORANDO Venture Capital Fund Management Ltd.. only manages the existing portfolio of MORANDO Venture Capital Fund.

State support, state funding

Provides business plan and financial models for startups. In 2014 MyConcept opened its representative offices in the USA and Singapore as well.

Crowd funding

OXO Labs runs its startup acceleration programs both in the area of facilitating and mentoring early stage tech projects in line with lean strategy principles and by supporting and funding such projects to boost growth and market entrance.

PBG FMC is a venture capital fund management company in operation since 2011. Our primary goal is to profitably manage capital entrusted to us while furthering the excellent reputation of Hungary.

PortfoLion is a Budapest-based venture capital and private equity fund management firm that invests in the CEE region.

We partner with companies across multiple stages to help them expand and realise their growth potential.

Besides the financial investment we also support our partners with our business experience, financial knowledge and network.

Primus Capital enables ambitious and innovative companies in the technology and services sectors to realize their full business potential. Primus accelerates the growth of early and expansion stage enterprises by providing venture capital funding, development advice and access to international clients, partners and investors.

OXO Labs runs its startup acceleration programs both in the area of facilitating and mentoring early stage tech projects in line with lean strategy principles and by supporting and funding such projects to boost growth and market entrance.

Central European based experienced entrepreneurs looking to support and invest in the most passionate startuppers, women & innovative SMEs. The mission is to help 1+3 months incubation in the heart of Europe and the leader startup Centre.

Valor Capital Venture Capital Fund Management Ltd. is a member of the Cashline Group,being is active in venture capital and private equity investments for 15 years. Valor Capital has no industry focus strictly speaking, although there is an emphasis on IT, biotechnology and green energy projects (primarily due to the large upside potential). The duration of the funds is 10 years, but there is no optimal investment time horizon. There is no pre-defined expected return, the expected return on each investment is determined mainly by the risk of the specific project. 

X-Ventures is a branch of Biggeorge’s-NV Group dealing with venture capital investments. It coordinates the activities of the X-Ventures Alpha Closed Corporation founded in 2008 – earlier called Biggeorge’s–NV Equity Closed Corporation –, as well as the activities of the fund under the management of this company.

The Alpha Fund, launched within the framework of the Jeremie 1 Programme, focuses on start-up companies as well as on more mature, self-financing companies with significant growth potential.

Young entrepreneurs association that represents and defends the professionals interests of the entrepreneur, while at the same time new companies creation is encouraged, offering opportunities of development of business through different services, activities and programs, helping the development, contact and ideas exchange among the associates.

It helps investors and entrepreneurs to build lasting and profitable relationships.

Sunstone Capital is an early-stage Life Science and Technology venture capital company investing in European start-up companies with strong potential to achieve global success in their markets. 

OXO Labs runs its startup acceleration programs both in the area of facilitating and mentoring early stage tech projects in line with lean strategy principles and by supporting and funding such projects to boost growth and market entrance.

It helps investors and entrepreneurs to build lasting and profitable relationships.

DBH was founded in 1994 by Hungarian and Dutch local governments and development agencies in Maastricht. DBH Group is a venture capital fund and established the DBH Investment Venture Capital Fund Management Public Limited Company (Plc.). DBH Investment Venture Capital Fund Management Plc. successfully took part in the competition of the New Hungary Venture Capital Program  tendered by the European Commission and as a result, its fund grew to 5 billion HUF in 2009.

Gilde Buy Out Partners is one of Europe’s foremost mid market private equity investors, with managed funds in excess of €2.0 billion. Gilde operates in the Benelux, Germany, Switzerland and Austria. With offices throughout this region and its multinational team, Gilde is truly entrenched in these markets and can offer local expertise coupled with European reach and execution skills.

Since its inception in 1982, Gilde has invested in over 250 companies across a diverse range of sectors. At €800 million its current investment fund Gilde Buy-Out Fund IV is among the largest dedicated mid market buyout investment funds in Europe today.

Gilde Buy Out Partners have consistently delivered high returns to its investors. The Gilde Buy-Out Funds are subscribed by over 30 institutional investors which include some of the worlds leading financial institutions, pension funds and specialized investment funds.

Formed in 2000, with three funds under management, their typical initial investment in a company is between € 0.5 to € 2 million. Prior investments include Avinity (acquired by ActiveVideo Networks); DataCenterTechnologies (acquired by Symantec); Clear2Pay (acquired by FIS, Inc in Sept 2014); Dedigate (acquired by Terremark) and Q-layer (acquired by Sun Microsystems).

Benefits:

• Leverage the international start-up experience of our management team
• Accelerate time-to-market and the achievement of milestones
• Free up entrepreneurs to focus on their core competencies
• Provide a stepping stone to later stage funds
• Draw on the talents and network of our Venture Partners and advisors

It helps investors and entrepreneurs to build lasting and profitable relationships.

Finnvera is a specialised financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland. Finnvera provides financing for the start, growth and internationalisation of Finnish enterprises and guarantees against risks arising from exports. Its offering loans, domestic guarantees, venture capital investments, export credit guarantees and other services associated with the financing of exports.

From seed stage to growth, and across the technology and services stack, BVP invests in enterprise, consumer and healthcare technology startups around the world.

Formed in 2000, with three funds under management, their typical initial investment in a company is between € 0.5 to € 2 million. Prior investments include Avinity (acquired by ActiveVideo Networks); DataCenterTechnologies (acquired by Symantec); Clear2Pay (acquired by FIS, Inc in Sept 2014); Dedigate (acquired by Terremark) and Q-layer (acquired by Sun Microsystems).

Benefits:

• Leverage the international start-up experience of our management team
• Accelerate time-to-market and the achievement of milestones
• Free up entrepreneurs to focus on their core competencies
• Provide a stepping stone to later stage funds
• Draw on the talents and network of our Venture Partners and advisors

An international organisation, specialising in audit, accounting, tax, consulting and advisory services. It has 14,000 professionals in 73 countries.

The Black Forest Accelerator was a 4 -month startup funding for business ideas in the field of health and fitness in the spring and summer , 2014.
It supported participating teams by starting capital , co-working spaces and a comprehensive mentoring program .

We invest in new Internet companies. Mobility, SaaS, platforms and industries where network effects and digital distribution can change the game.

Invest Lisboa is Lisbon’s investment promotion agency and it’s a partnership between Lisbon’s City Council and the Portuguese Chamber of Commerce and Industry with the support from AICEP, (the national economic promotion agency) and Baía do Tejo, (land and business parks management).

• Personalized, confidential and free support for Investors, Businesses and Entrepreneurs - to ensure a rapid response to requests for information, contacts, advice, partners, facilities and investment opportunities. We are facilitators and a contact point.
• International Promotion to attract investments, businesses and talent - ensure visibility of Lisbon as an investment destination and business location.
• Promotion of Economy - mobilize partners and resources for the implementation of projects that contribute to boost the economy.

Portugal Ventures is a Venture Capital, focusing its investments in innovative, scientific and technology-based companies as well as in companies from the more traditional Portuguese Tourism and Industrial sectors, with significant competitive advantages and export oriented to global markets. We partner with exceptional entrepreneurs, assisting them in achieving new levels of competitiveness and success at all stages of development of their companies and operating in a number of different sectors.

It helps investors and entrepreneurs to build lasting and profitable relationships.

Balderton Capital, investing early in Europe's leading entrepreneurs

We invest in new Internet companies. Mobility, SaaS, platforms and industries where network effects and digital distribution can change the game.

Formed in 2000, with three funds under management, their typical initial investment in a company is between € 0.5 to € 2 million. Prior investments include Avinity (acquired by ActiveVideo Networks); DataCenterTechnologies (acquired by Symantec); Clear2Pay (acquired by FIS, Inc in Sept 2014); Dedigate (acquired by Terremark) and Q-layer (acquired by Sun Microsystems).

Benefits:

• Leverage the international start-up experience of our management team
• Accelerate time-to-market and the achievement of milestones
• Free up entrepreneurs to focus on their core competencies
• Provide a stepping stone to later stage funds
• Draw on the talents and network of our Venture Partners and advisors

London-based accountants specialising in outsourced accounting and finance solutions 

Scaling early stage investment across Europe through software

JLAB is a programme from John Lewis, designed to fast track the growth of startup companies. Each year, we offer up to 10 startups unique access to John Lewis, helping them refine their products and their business models. 

OXO Labs runs its startup acceleration programs both in the area of facilitating and mentoring early stage tech projects in line with lean strategy principles and by supporting and funding such projects to boost growth and market entrance.

Central European based experienced entrepreneurs looking to support and invest in the most passionate startuppers, women & innovative SMEs. The mission is to help 1+3 months incubation in the heart of Europe and the leader startup Centre.

It helps investors and entrepreneurs to build lasting and profitable relationships.

Axis is a venture capital manager providing enterprises with capital and quasi-capital instruments to finance their growth.

The financing area of innovative companies has tools for the creation and consolidation of companies based Technology and to Promote Growth and development of them.

The Fund is aimed at entrepreneurs with innovative technological projects in the field of energy and energy efficiency who have set up or intend to set up a company. The Fund's objective is to support them in taking their solutions to the market as quickly as possible.

Creas supports social entrepreneurs with financing and also offers a mentoring program.

Mashauri is a platform for new ventures and early-stage businesses that was developed with the goal of rebuilding economies through improving the success rates of entrepreneurs. It takes an entrepreneur on an interactive journey from defining the business concept to reaching a sustainable and growing business.

The entrepreneur is guided along this journey via the Mashauri Map completing all the key steps along the way. Visual reports are produced at certain milestones. Many of these outputs become part of the overall business plan that is developed and refined along the way. The entrepreneur also has access to our key "resources" - a collection of highly useful information and tools covering finance, accounting, marketing, strategy and legal issues among other elements. Furthermore, Mashauri helps these new business owners in staying focussed and motivated through videos, case studies and performance dashboards.

At pre-agreed intervals, the venture interacts with one of our real live mentors (highly-experienced business people), who reviews the work to date and agrees with the entrepreneur when they are ready for the next phase in the journey.

Investors are a key element of Mashauri and we help our entrepreneurs source financing from a range of potential funding sources; as well as assisting our investment partners (angels, VC's, crowd-funders) in identifying appropriate and exciting businesses to support.

Mashauri has been designed to allow "hubs" to use the platform to optimally manage their own collection of ventures. By "hubs", we mean organisations that support a group of entrepreneurs such as accelerators, business schools, co-working spaces and even large companies wishing to foster the entrepreneurial spirit within their own ranks. The hub has a view of all their ventures at an individual and aggregate level and can track their process on the Mashauri Map.

So - these are the components of the Mashauri ecosystem: our entrepreneurs, our mentors, the investors, the hubs and the journey itself.

As we say in Spain "buen viaje"!

Sociedad Estatal de Participaciones Industriales (SEPI) is a public law entity attached to the Ministry of Finance and Public Administrations, whose purpose is the promotion through SEPI Desarrollo Empresarial, S.A. (SEPIDES) of entrepreneurial activity 

Medixea Capital handles the investments of Principia Fund, a Venture Capital fund launched by Quantica SGR (CEO, Pierluigi Paracchi): EOS - Ethical Oncology Science and Banzai Group are part of the portfolio.

Consultant of Sofinnova Capital VII (2011-14), a 240M€ Venture Capital Fund specialized in Series A investments in Life Science (biotech, pharma, medical devices and industrial biotech). 

Internet and Mobile Ventures. We are dedicated to fund, launch and operate highly innovative projects and services in Internet and Mobile services. We enjoy access to a network of top-tier Companies and Professionals with whom we have partnered both for co-investment opportunities as well as for shared expertise and synergies on particular projects. With over 12 years fully dedicated to Internet on a Global scale, Xandas combines broad expertise from the areas of Web, Mobile Internet, Applications and Services. Our projects have a Global scope and have been deployed in Europe, US, and Asia.

The ProSiebenSat.1 Accelerator is ProSiebenSat.1 Group's 3-month program to support start-ups, which runs twice a year. The program offers start-ups comprehensive support and provides entrepreneurs with a customized coaching concept. In addition, start-ups receive 500,000 EUR in TV media volume, 25,000 EUR funding and office space.

“Business Angel”, focus on funding innovation companies in Murcia’s region. The companies in which we invest have to have a technological differential value with a highly scalable business model, an international perspective and provide solutions to the real economy.

It is the part of the  Enterprise Europe Network that offers servicies to the small and medium companies.

Europe’s angel-led acceleration fund, educational events and tech meetups, co-working space, consultancy services and much more – we’re Ignite, and we’re here to help entrepreneurs, developers and designers grow, make a difference and build businesses people love.

We invest in new Internet companies. Mobility, SaaS, platforms and industries where network effects and digital distribution can change the game.

It helps investors and entrepreneurs to build lasting and profitable relationships.

It helps investors and entrepreneurs to build lasting and profitable relationships.

NUMA Sprint is the pioneering acceleration program for your startup in France. It accelerate all stages startups within our 4 months program. In exchange for 5% equity.:

Portugal Ventures is a Venture Capital, focusing its investments in innovative, scientific and technology-based companies as well as in companies from the more traditional Portuguese Tourism and Industrial sectors, with significant competitive advantages and export oriented to global markets. We partner with exceptional entrepreneurs, assisting them in achieving new levels of competitiveness and success at all stages of development of their companies and operating in a number of different sectors.

Startup Pirates is a programm, to sail in the world of startups and entrepreneurship, giving the chance and the tools to develop a business idea from 0.

HugeThing is a 3-weeks long, intensive pre-acceleration programme, based in Poland. The programme is dedicated to startups working on a scalable, innovative idea. During this period, we aim to provide a series of methods and resources for their development and growth.

It helps investors and entrepreneurs to build lasting and profitable relationships.

StartupReykjavik is a mentorship-driven seed stage investment program. It runs a 10 week long program in Reykjavik, Iceland once each year. We’re very selective on the ideas we get into our program. 

About Eleven
Eleven is an innovative accelerator and venture fund for early-stage European startups— providing mentorship, wide range of support, and critical initial capital to entrepreneurs and their ideas.

LAUNCHub is a seed fund supporting the most promising entrepreneurs and digital startups in Southeastern Europe

Finnvera is a specialised financing company owned by the State of Finland and it is the official Export Credit Agency (ECA) of Finland. Finnvera provides financing for the start, growth and internationalisation of Finnish enterprises and guarantees against risks arising from exports. Its offering loans, domestic guarantees, venture capital investments, export credit guarantees and other services associated with the financing of exports.

It helps investors and entrepreneurs to build lasting and profitable relationships.

Central European based experienced entrepreneurs looking to support and invest in the most passionate startuppers, women & innovative SMEs. The mission is to help 1+3 months incubation in the heart of Europe and the leader startup Centre.

Gilde Buy Out Partners is one of Europe’s foremost mid market private equity investors, with managed funds in excess of €2.0 billion. Gilde operates in the Benelux, Germany, Switzerland and Austria. With offices throughout this region and its multinational team, Gilde is truly entrenched in these markets and can offer local expertise coupled with European reach and execution skills.

Since its inception in 1982, Gilde has invested in over 250 companies across a diverse range of sectors. At €800 million its current investment fund Gilde Buy-Out Fund IV is among the largest dedicated mid market buyout investment funds in Europe today.

Gilde Buy Out Partners have consistently delivered high returns to its investors. The Gilde Buy-Out Funds are subscribed by over 30 institutional investors which include some of the worlds leading financial institutions, pension funds and specialized investment funds.

It is the part of the  Enterprise Europe Network that offers servicies to the small and medium companies.

It helps investors and entrepreneurs to build lasting and profitable relationships.

We are a new seed and early stage venture capital firm that invests in exceptional entrepreneurs from the CEE & Baltic regions building world-changing startups.

StartupHighway is a Baltic startup accelerator and an early seed stage fund based in Vilnius, Lithuania. Since it’s establishment in 2011 it has developed a proven investment programme focusing all of its efforts on value maximization for innovative technology startups. It has been purely designed to provide individually tailored support for the most perspective participating entrepreneurs.

HardGamma Ventures is an early stage fund based in Warsaw, established in 2011, investing in technology startups in Poland / Central Eastern Europe / UK (London) and – opportunistically in the US. Besides invested in two editions of Springboard accelerator (including one of the first accelerators focused on hardware/IoT) and we are one of the investors in Techstars London. Within HGV we also run own accelerator GammaRebels.

The Foundation links Business Angels and entrepreneurs, helping private investors to access scalable entrepreneurial projects with high growth potential in any activity area.

Creas supports social entrepreneurs with financing and also offers a mentoring program.

It manages funds from private investors, financial institutions and other institutional investors. The firm has grown from the understanding of business spirit, promoting an entrepreneurial culture and the key role played by innovation. 

Regional Development Agency that offers support services for the creation of new companies, entrepreneur's education, financing, etc.

SODIAR is an instrument of the Department of Economy, Industry and Employment of the Government of Aragon designed to stimulate business activity, participating in initiatives that provide investment and generate employment in Aragon.

Startup Pirates is a programm, to sail in the world of startups and entrepreneurship, giving the chance and the tools to develop a business idea from 0.

Powerful service to accelerate startup and entrepreneurs in Zaragoza city.

Gilde Buy Out Partners is one of Europe’s foremost mid market private equity investors, with managed funds in excess of €2.0 billion. Gilde operates in the Benelux, Germany, Switzerland and Austria. With offices throughout this region and its multinational team, Gilde is truly entrenched in these markets and can offer local expertise coupled with European reach and execution skills.

Since its inception in 1982, Gilde has invested in over 250 companies across a diverse range of sectors. At €800 million its current investment fund Gilde Buy-Out Fund IV is among the largest dedicated mid market buyout investment funds in Europe today.

Gilde Buy Out Partners have consistently delivered high returns to its investors. The Gilde Buy-Out Funds are subscribed by over 30 institutional investors which include some of the worlds leading financial institutions, pension funds and specialized investment funds.