natgillin/translations-raw huggingface dataset:
Private equity: An investment in an unlisted private company in exchange for a medium to long-term interest, which is later sold. 
Zasebni kapital: naložba v zasebno družbo, ki ne kotira na borzi, v zameno za srednje-do dolgoročni delež, ki se pozneje proda.
The capital injection acts as start-up or development funding. 
Kapitalska injekcija deluje kot zagonsko ali razvojno financiranje.
53 REPLIES OF THE COMMISSION TO THE SPECIAL REPORT OF THE EUROPEAN COURT OF AUDITORS “CENTRALLY MANAGED EU INTERVENTIONS FOR VENTURE CAPITAL: IN NEED OF MORE DIRECTION” EXECUTIVE SUMMARY I. The primary objective of the six audited instruments is to improve access to equity financing for small businesses, between the years 1998 and 2036. 
53 ODGOVORI KOMISIJE NA POSEBNO POROČILO EVROPSKEGA RAČUNSKEGA SODIŠČA „UKREPI EU ZA TVEGANI KAPITAL, KI SE UPRAVLJAJO CENTRALNO: POTREBA PO BOLJŠEM USMERJANJU“ POVZETEK I. Glavni cilj šestih revidiranih instrumentov je izboljšati dostop malih podjetij do kapitalskih naložb med letoma 1998 in 2036.
Launched in several successive generations, the investment strategy of these instruments naturally developed over time, in reaction to changing market situation and policy priorities. 
Naložbena strategija teh instrumentov, ki je bila vzpostavljena v več zaporednih generacijah, se je postopno naravno razvijala glede na spreminjajoče se razmere na trgu in prednostne naloge politike.
While not primarily focussing on the impact on financed companies, the report makes a number of observations on whether these instruments help develop the venture capital market in the EU, and especially underdeveloped markets, which is only an ancillary objective of some of the audited instruments. 
Čeprav vpliv na financirana podjetja ni glavna tema poročila, to vsebuje več opažanj v zvezi s tem, ali ti instrumenti prispevajo k razvoju trga tveganega kapitala v EU in zlasti slabo razvitih trgov, kar je le dodatni cilj nekaterih revidiranih instrumentov.
Other Commission interventions – in the regulatory and cohesion remits – may also have an impact on market development in individual Member States, including those with underdeveloped markets. 
Tudi drugi ukrepi Komisije – na regulativnem in kohezijskem področju – lahko vplivajo na razvoj trga v posameznih državah članicah, vključno z državami s slabo razvitimi trgi.
These were outside the scope of the audit. 
Ti ukrepi ne spadajo v obseg revizije.
The Commission relied on ex-ante assessments and available market studies. 
Komisija je upoštevala predhodne ocene in razpoložljive tržne raziskave.
The instruments relied on structural in-built mechanisms to react to potential changes in absorption capacity. 
Instrumenti so temeljili na strukturnih vgrajenih mehanizmih odzivanja na morebitne spremembe absorpcijske sposobnosti.
The Commission produces publicly available reports to the Budgetary Authority every year, such as the report under Article 41.4 of the Financial Regulation. 
Komisija proračunskemu organu vsako leto predloži javno dostopna poročila, na primer poročilo v skladu s členom 41(4) finančne uredbe.
In addition, the Commission has reporting, which includes, inter alia, details on the impact on mobilised investment and employment. 
Poleg tega pripravlja poročila, ki med drugim vključujejo podrobnosti o vplivu na mobilizirane naložbe in zaposlovanje.
V. None of the programmes in question has, as an objective put forward by the legislator, “funds being invested in underdeveloped venture capital markets or activity sectors.” 
V. Zakonodajalec ni v zvezi z nobenim obravnavanim programom določil cilja, naj zagotavlja vlaganje sredstev „v slabo razvite trge tveganega kapitala ali manj razvite sektorje dejavnosti“.
The Commission assesses the programmes and their investment strategies against their stated objectives rather than other criteria. 
Komisija ocenjuje programe in njihove naložbene strategije na podlagi njihovih ciljev in ne na podlagi drugih meril.
The Commission has put in place a rather comprehensive approach to supporting access to finance for Small and Medium-sized Enterprises (SMEs) through the venture capital market. 
Komisija je vzpostavila resnično celosten pristop k podpori dostopu malih in srednjih podjetij (MSP) do financiranja prek trga tveganega kapitala.
It uses a set of measures that can contribute, directly or indirectly, to supporting venture financing: regulatory intervention, intervention through shared management and centrally-managed programmes. 
Temelji na sklopu ukrepov, ki lahko neposredno ali posredno prispevajo k podpori financiranja s tveganim kapitalom: regulativnem ukrepanju ter ukrepih programov v okviru deljenega upravljanja in centralnega upravljanja.
The audited instruments constitute only a subset of these measures. 
Revidirani instrumenti so le podsklop teh ukrepov.
A number of Member States with underdeveloped venture capital markets benefitted significantly from these instruments. 
Več držav članic s slabo razvitimi trgi tveganega kapitala je imelo velike koristi od teh instrumentov.
The Commission has analysed the possibility of giving part of the EU’s return on investments to private investors. 
Komisija je proučila možnost, da bi del donosov naložb, ki jih prejme EU, prenesla na zasebne vlagatelje.
This possibility was analysed in the design phase of several instruments. 
Ta možnost je bila proučena v fazi načrtovanja več instrumentov.
In fact, non pari-passu investments are already explicitly allowed for social investments under the EFSI Equity Product. 
Naložbe, ki ne temeljijo na načelu pari-passu, so dejansko že izrecno dovoljene za socialne naložbe v okviru lastniškega produkta EFSI.
In addition, the Commission is further examining the modality of non pari-passu investment under the SME window of European Fund for Strategic Investments (EFSI). 
Poleg tega Komisija nadalje proučuje obliko naložbe, ki ne temelji na načelu pari-passu, v zvezi z delom za MSP v okviru Evropskega sklada za strateške naložbe (EFSI).
The Commission notes that an European Investment Fund (EIF) investment in a fund is often considered as a seal of approval. 
Komisija ugotavlja, da se naložbe Evropskega investicijskega sklada v sklad pogosto štejejo za „žig odobritve“.
Thus, EIF’s commitment is catalytic and market-making. Such a reputation can only be maintained through a high-quality assessment and due diligence process, which inevitably takes time. 
Tak ugled je mogoče ohranjati le 1 na podlagi visokokakovostne ocene in postopka skrbnega pregleda, za kar pa je neizogibno potreben čas.
EIF’s deal allocation policy was overhauled throughout 2018. 
Prenova politike dodeljevanja sredstev Evropskega investicijskega sklada je potekala vse leto 2018.
It was presented to the Commission and the EIF committed to discuss any updates of the system with the Commission. 
Predstavljena je bila Komisiji, Evropski investicijski sklad pa se je zavezal, da bo o kakršnih koli posodobitvah sistema razpravljal s Komisijo.
The system is based on objective and pre-defined criteria, combining analysis of quantitative and qualitative factors. 
Sistem temelji na objektivnih in vnaprej določenih merilih, ki združujejo analizo kvantitativnih in kvalitativnih dejavnikov.
The process is coordinated by an independent service and all allocation decisions are appropriately recorded in the EIF’s systems. 
Postopek usklajuje neodvisna služba, vse odločitve o dodeljevanju sredstev pa so ustrezno evidentirane v sistemih Evropskega investicijskega sklada.
Currently, the whole market suffers from a “tail-end” problem, i.e. difficulties in closing old funds. 
Trenutno se celotni trg spopada s problemom „zaključevanja“, tj. težavami pri zapiranju starih skladov.
A comprehensive strategy has been agreed to close the mandates, in line with the legal basis. 
Dogovorjena je bila celovita strategija za končanje mandatov v skladu s pravno podlago.
As also highlighted in the context of a similar audit observation in the Commission replies to the ECA’s special report No 20/2017 on EU-funded loan guarantees and in particular paragraph 40 therein, the Commission considers that it is useful to have cost data from the implementing partner before entering into fee negotiations. 
Kot je poudarjeno tudi v okviru podobnega revizijskega opažanja v odgovorih Komisije na posebno poročilo Evropskega računskega sodišča št. 20/2017 o instrumentih za posojilna jamstva, ki jih financira EU, in zlasti v odstavku 40 poročila, Komisija meni, da je pred začetkom pogajanj o pristojbinah koristno pridobiti podatke o stroških od izvedbenega partnerja.
For this reason, the Commission obtains cost estimates whenever possible and also regularly analyses the EIF's financial statements to understand EIF's fee income and its contribution to overall EIF profitability and, more generally, continues to make efforts to obtain further relevant detailed data on the costs of running financial instruments. 
Zato Komisija, kadar koli je to mogoče, pridobi ocene stroškov in tudi redno analizira računovodske izkaze Evropskega investicijskega sklada, da bi razumela njegov prihodek od provizij in njegov prispevek k celotni dobičkonosnosti Evropskega investicijskega sklada, ter si na splošno še naprej prizadeva pridobiti nadaljnje pomembne podrobne podatke o stroških vodenja finančnih instrumentov.
Such data, however, may not come from directly comparable instruments. 
Vendar taki podatki ne smejo priti od neposredno primerljivih instrumentov.
Nonetheless, even in the absence of such data, the Commission should be able to finalise negotiations on the basis of available information. 
Kljub temu bi morala biti Komisija, tudi če ni takih podatkov, sposobna dokončati pogajanja na podlagi razpoložljivih informacij.
Start-up fees are designed to compensate the implementing partner for the detailed negotiations leading to the set-up of the instruments, for the need to develop new standardised legal agreements for new or revised instruments, to launch calls for expressions of interest and to adapt reporting and audit systems. 
Namen začetnih pristojbin je izvedbenemu partnerju zagotoviti nadomestilo za podrobna pogajanja o vzpostavitvi instrumentov, za potrebo po oblikovanju novih standardiziranih pravnih sporazumov za nove ali revidirane instrumente, za objavo razpisov za prijavo interesa ter za prilagoditev sistemov poročanja in revizije.
The Commission would like to recall that the legal framework governing the implementation of financial instruments has developed significantly over time (e.g. the provisions of the Financial Regulation governing financial instruments have become very sophisticated and detailed, which in turn requires more efforts and know-how on the side of the implementing partner). 
Komisija želi opozoriti, da se je pravni okvir, ki ureja izvajanje finančnih instrumentov, sčasoma zelo razvil (npr. določbe finančne uredbe o finančnih instrumentih so zelo zapletene in podrobne, kar od izvedbenega partnerja zahteva večja prizadevanja in strokovno znanje).
Therefore, the payment of start-up fees is justified and their size appropriate. 
Zato je plačevanje začetnih pristojbin upravičeno in višina pristojbin ustrezna.
In addition, the incentive fees of the instruments correspond to their stated objectives. 
Poleg tega provizije za uspešnost v okviru instrumentov ustrezajo njihovim navedenim ciljem.
For the reasons set out in the replies to the recommendations, the Commission is not in a position to fully accept all of them. 
Zato Komisija iz razlogov, navedenih v odgovorih na priporočila, ne more v celoti sprejeti vseh priporočil.
EU legislation already includes harmonised rules on private European label funds in risk capital projects, namely European venture capital funds (Regulation 345/2013 on European venture capital funds), European infrastructure funds (Regulation 2015/760 on European long-term investment funds) and European funds investing in social economy (Regulation 346/2013 on European social entrepreneurship funds). 
345/2013 o evropskih skladih tveganega kapitala), evropskih skladih za infrastrukturo (Uredba (EU) 2015/760 o evropskih dolgoročnih investicijskih skladih) in o evropskih skladih, ki vlagajo v socialno gospodarstvo (Uredba (EU) št.
The Regulations allow for the easy identification of the European risk capital funds with defined common features and thus make it easier for managers of alternative investment funds, investors and invested companies to identify them as possible investment vehicles, investment targets or institutional investors 2 
346/2013 o evropskih skladih za socialno podjetništvo). Uredbe omogočajo preprosto prepoznavanje evropskih skladov tveganega kapitala z opredeljenimi skupnimi lastnostmi, zaradi česar jih upravitelji alternativnih investicijskih skladov, vlagatelji in podjetja, ki se jim zagotovijo naložbe, lažje 2
respectively. Tasks undertaken by the European Securities and Markets Authority also foster convergence. 
Konvergenco spodbujajo tudi naloge, ki jih opravlja Evropski organ za vrednostne papirje in trge.
The evolution of fundraising for the whole period since 2007 shows a more comprehensive picture. 
Razvoj zbiranja sredstev v celotnem obdobju od leta 2007 omogoča celovitejši pregled.
According to InvestEurope1 data, the governmental share of venture capital funding rose from 2007, peaking in 2011 at 34.7%, and then was very volatile, rising and declining until 2018 to 18%. 
Po podatkih združenja InvestEurope1 se je vladni delež sredstev tveganega kapitala od leta 2007 povečeval, pri čemer je leta 2011 dosegel vrh pri 34,7 %, potem pa je bil zelo spremenljiv, saj se je povečeval in zmanjševal ter leta 2018 znašal 18 %.
In addition, it should be noted that this data also includes other public entities besides the EU. 
Poleg tega je treba opozoriti, da ti podatki poleg EU vključujejo tudi druge javne subjekte.
The share of the reviewed EU mandates in the overall fundraising was approx. 1.9% in 2018. 
Delež pregledanih mandatov EU v okviru vseh zbranih sredstev je leta 2018 znašal približno 1,9 %.
Current valuations show that the investment portfolios are likely to be profitable overall, making it an efficient way to deliver on policy objectives. 
Trenutna vrednotenja so pokazala, da bodo naložbeni portfelji verjetno v celoti dobičkonosni, kar zagotavlja učinkovito doseganje političnih ciljev.
The venture capital instruments supported funds that have provided access to finance to hundreds of innovative companies in key stages of their development, including major breakthrough innovators such as Skype, Spotify or start-ups developing products on the basis of graphene for which the 2010 Nobel Prize in physics was awarded. 
Z instrumenti tveganega kapitala so se podprli skladi, ki so več sto inovativnim podjetjem v ključnih fazah razvoja omogočili dostop do financiranja, med drugim tudi glavnim revolucionarnim inovatorjem, kot so Skype, Spotify ali zagonska podjetja, ki razvijajo proizvode na osnovi grafena, za katerega je bila leta 2010 podeljena Nobelova nagrada za fiziko.
The increase of the budget available to these instruments was driven by the fact that these instruments have become an established support mechanism, following the pilots of late 1990s and early 2000s. 
Povečanje proračuna za te instrumente je temeljilo na dejstvu, da so se ti instrumenti po pilotnih projektih s konca 90. letih prejšnjega stoletja in začetka novega tisočletja uveljavili kot mehanizem podpore.
In addition, EFSI introduced a major increase in support as a mechanism to boost investment following the financial and economic crisis. 
Poleg tega je EFSI znatno povečal podporo, da bi spodbudil naložbe po finančni in gospodarski krizi.
In addition to fulfilment of eligilbility criteria, award is based on the verification of policy consistency and the assessment of value added achieved by supporting the given investment – i.e. if the value added is not provided, the investment will not materialise. 
Dodelitev sredstev poleg izpolnjevanja meril za upravičenost temelji na preverjanju skladnosti politike in oceni dodane vrednosti, dosežene s podporo dani naložbi – tj. če dodana vrednost ni zagotovljena, naložba ne bo izvedena.
The Commission notes that, indeed, up to EUR 343 million is available for investments in funds-of-funds, but these resources can also be automatically used for other types of investments under the facilities, if the investments in funds-of-funds fail to materialise. 
Komisija ugotavlja, da je za naložbe v sklade skladov dejansko na voljo do 343 milijonov EUR, vendar se lahko ta sredstva samodejno uporabijo tudi za druge vrste naložb v okviru instrumentov, če se naložbe v sklade skladov ne izvedejo.
It is important to point out the relative role of the EIF on the European venture market. 
Opozoriti je treba na sorazmerno vlogo Evropskega investicijskega sklada na evropskem trgu tveganega kapitala.
The EUR 1.4bn committed by the EIF in 2018 should be compared with EUR 11.4 billion which was overall 2018 fundraising for venture capital in the EU. 
Znesek 1,4 milijarde EUR, za katerega se je leta 2018 zavezal Evropski investicijski sklad, bi bilo treba primerjati z zneskom 11,4 milijarde EUR, ki pomeni vsa sredstva, zbrana leta 2018 za tvegani kapital v EU.
Therefore the EIF in 2018 represented 12% of fundraising in the EU in this market segment. 
Evropski investicijski sklad je leta 2018 torej zagotovil 12 % zbranih sredstev EU v tem segmentu trga.
In addition, the EIF uses many mandates for this activity, including commercial ones and the EIF’s own resources. 
Poleg tega Evropski investicijski sklad za to dejavnost uporablja veliko mandatov, tudi komercialne mandate in svoja lastna sredstva.
The role of EU-supported mandates is therefore to focus on market gaps where public support is needed the most. 
Vloga mandatov, ki jih podpira EU, je torej osredotočiti se na tržne vrzeli, za katere je javna podpora najnujnejša.
OBSERVATIONS 30. 
OPAŽANJA 30.
However, strong data limitations 1 InvestEurope, 2018 European Private Equity Activity. https://www.investeurope.eu/media/811517/invest-europe-2018-european-private-equity-activity.pdf. 3 
Skupni odgovor na odstavke od 30 do 36: 1 InvestEurope, 2018 European Private Equity Activity. https://www.investeurope.eu/media/811517/invest-europe-2018-european-private-equity-activity.pdf. 3
exist due to the very nature of venture capital financing, as private information is not released by the investee on its business prospects and financial solvency. 
Vendar so podatki precej omejeni zaradi same narave financiranja s tveganim kapitalom, saj podjetja, v katera se vlaga, ne razkrijejo zasebnih informacij o svojih poslovnih možnostih in solventnosti.
In the absence of reliable and sufficient data, the Commission believes that surveys and qualitative analyses are a valid method to assess the market gap. 
Ker zanesljivi in zadostni podatki niso na voljo, je Komisija prepričana, da so raziskave in kvalitativne analize veljavna metoda za oceno tržne vrzeli.
Using a similar approach, the European Parliament writes: "In summary, Europe suffers from a low supply quantity, i.e. low fundraising from private institutional investors. 
Evropski parlament, ki uporablja podoben pristop, je navedel: „Na kratko, Evropa se spopada z majhno ponudbo, tj.majhnimi zneski sredstev, zbranih od zasebnih institucionalnih vlagateljev.
In addition, Europe suffers from a low supply quality, reflected in the low number of qualified, experienced, and sufficiently large venture capital funds. 
Poleg tega se Evropa spopada s ponudbo nizke kakovosti, ki je izražena v majhnem številu kvalificiranih, izkušenih in dovolj velikih skladov tveganega kapitala.
These problems are obviously closely interrelated: a higher venture capital fund quality would attract institutional investors and result in a larger venture capital quantity.” [Source: ‘Potential of Venture Capital in the European Union’, European Parliament Directorate General for Internal Policies, 2012] Virtually all Commission documents on the topic acknowledge the existence of an SME financing gap (including for venture capital), which implies that in the EU there is insufficient venture capital supply. 
Jasno je, da sta ta problema tesno povezana – višja kakovost sklada tveganega kapitala bi pritegnila institucionalne vlagatelje in tako zagotovila več tveganega kapitala.“ [Vir: „Potential of Venture Capital in the European Union“ (Potencial tveganega kapitala v Evropski uniji), Generalni direktorat Evropskega parlamenta za notranje politike, 2012] Skoraj vsi dokumenti Komisije v zvezi s to temo priznavajo obstoj vrzeli v financiranju MSP (tudi za tvegani kapital), kar pomeni, da je ponudba tveganega kapitala v EU nezadostna.
The Commission relied on market studies. 
Komisija je upoštevala tržne raziskave.
Several documented the investment gap, both inside the Commission (e.g. Buti 2014a2 and 2014b3), and outside (e.g. Barkbu et al. 
V več raziskavah je bila ugotovljena naložbena vrzel znotraj Komisije (npr. Buti 2014a2 in 2014b3) in zunaj nje (npr. Barkbu idr.
20154 and EIB 20135). 
20154 in EIB 20135).
The gap has been operationalised in internal documents. 
Vrzel je podrobno opredeljena v internih dokumentih.
As for venture capital financing gaps for SMEs, studies based on European Private Equity and Venture Capital Association (EVCA) and InvestEurope data were available (e.g. ESRI 20146 or Lopez de Silanes et al. 
V zvezi z vrzelmi v financiranju s tveganim kapitalom za MSP so bile na voljo študije, ki so temeljile na podatkih Evropskega združenja zasebnega lastniškega in tveganega kapitala (EVCA) in združenja InvestEurope (npr.ESRI20146 ali Lopez de Silanes idr.
20157), showing both the gaps and the underdevelopment of the venture capital market. 
20157) ter v katerih so bile ugotovljene vrzeli v trgu tveganega kapitala in slaba razvitost tega trga.
In addition, five of the six analysed instruments relied directly on annual budgetary contributions and their size can be modulated. 
Poleg tega je pet od šestih analiziranih dokumentov temeljilo neposredno na letnih proračunskih prispevkih, katerih velikost je mogoče prilagoditi.
Therefore, in cases where the market gap was fully addressed, further resources would not be provided to the facilities. 
Zato v primerih, v katerih je bila tržna vrzel v celoti obravnavana, instrumentom niso bila dodeljena dodatna sredstva.
Hence, the Commission has so far successfully managed this risk. 
Komisija je tako do zdaj uspešno obvladovala tveganje.
The 2011 study was based on the market reality at that time. 
Študija iz leta 2011 je temeljila na takratnem dejanskem stanju na trgu.
As the size of the venture capital market more than doubled since, the Commission is of the opinion that the conclusions of that study may not be fully applicable to today’s reality. 
Ker se je velikost trga tveganega kapitala od takrat več kot podvojila, Komisija meni, da ugotovitve te študije morda ne veljajo v celoti za sedanje dejansko stanje.
able to anticipate market developments and as evidenced by current achievements, the Commission’s mandates do not have any problem with implementing the budgets allocated to the venture capital interventions. 
V okviru študije ni bilo mogoče predvideti razvoja trga, in kot dokazujejo sedanji dosežki, se na podlagi mandatov Komisije brez težav izvajajo proračuni, dodeljeni za ukrepe na področju tveganega kapitala.
In 2018 the share of the audited venture capital interventions in overall fundraising in the EU was 1.9%. 
Leta 2018 je delež ukrepov na področju tveganega kapitala v okviru vseh zbranih sredstev v EU znašal 1,9 %.