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EBRD and CalPERS commit US$50 million each to The Polish Enterprise Fund IV, L.P.
The European Bank for Reconstruction and Development (EBRD) and the California Public Employees’ Retirement System (CalPERS) have announced that they have become limited partners in the Polish Enterprise Fund IV, L.P. (‘PEF IV’), managed by Enterprise Investors Corporation (‘EI’), through a commitment of up to US$ 50 million (€58 million) each. PEF IV, with US$ 200 million (€232 million) so far in total commitments, had its first closing on 2 October 2000 and is seeking a total of US$ 300 million (€348 million) in commitments.
The PEF IV is expected to make equity investments in the following sectors: health care, IT, telecommunications, consumer related and other. While PEF IV will focus primarily on Poland, EI will selectively consider investments in other countries in the region. Enterprise Investors Corporation has build up a widely recognised expertise in executing private equity transactions in Poland over the past ten years managing since May 1990 in excess of US$ 500 million of committed capital in the following funds: Polish American Enterprise Fund, Polish Private Equity Fund I & II and Polish Enterprise Fund.
The EBRD was an investor in earlier funds managed by Enterprise Investors Corporation; CalPERS, a first-time private equity investor in central and eastern Europe, anticipates joining the EBRD as a leading investor in this rapidly growing region. Its commitment to PEF IV forms part of a previously announced investment programme into the region, in which it has also earmarked an additional US$ 150 million(€174 million) commitment to another fund.
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