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EBRD to invest in venture capital fund for Slovenia
The European Bank for Reconstruction and Development will invest in Horizonte Fund, a venture capital fund designed to provide capital and management assistance to new and young private companies in Slovenia. The European Bank will invest in Horizonte Enterprise Development Company B.V., one of the two parallel investment vehicles which constitute the Fund.
Ron Freeman, First Vice President of the EBRD, said: "The number of small companies in Slovenia is growing very quickly, and their contribution to the country's GDP is increasingly important. This fund will be the first of its kind to provide much needed equity financing at the start-up and early growth stages of these small enterprises."
The maximum size of the Fund will be ATS* 150 million (ECU 11 million), with the EBRD taking a maximum interest of 35 per cent. The sponsor of the Fund is Horizonte Venture Management GmbH, a Vienna based, Austrian-American venture management group which was established in 1985. Horizonte's founding shareholders are Finanzierungsgarantiegesellschaft GmbH, Vienna, and Advent International Corporation, Boston.
The Fund will invest in a wide range of opportunities. Each investment will be selected for its competitive advantage, significant market opportunity, qualified management team, and a credible business plan. The Fund will target small and medium-sized companies which serve niche markets through specialised products with export potential.
The Fund will help improve management skills in Slovenia through its involvement in investee companies and support the privatisation process of small companies, providing capital to local entrepreneurs.
* ATS = Austrian Schilling
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