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Equity funds

The EBRD is the largest private equity funds investor in the region with commitments of over €2 billion. Third parties manage the funds, enabling the EBRD to raise corporate governance standards and to promote an entrepreneurial culture. EBRD’s significant support to its private equity fund managers accelerates the development and institutionalisation of the private equity industry in the region.

Strategic priorities

  • Work with successful fund managers with demonstrable track record
  • Highly selective approach for new funds
  • Leading role in identifying private equity opportunities
  • Close partnerships with premiere institutional investors
  • Enhance transition impact and returns by providing co-investment facilities
  • Promote high value added investment strategies
  • Share extensive in-house experience of equity sector and country issues with management and institutional investors.

Products

Private Equity Funds

  • All spectrum of investment strategies: venture capital, buyouts, mezzanine finance
  • Both regional and country-specific funds

Donor Supported Funds

  • Established by the EBRD and supported by donors when private equity is not available
  • Average fund capital €35 million
  • More typically found in earlier transition stage countries where private equity investment is more difficult to attract and the business environment and exit strategies are more uncertain. 

New developments

The Bank is introducing new products in the developed equity markets. For example, Accession Mezzanine Fund is the first dedicated mezzanine finance fund for central and eastern Europe. Mezzanine finance is a form of risk capital that combines the characteristics of conventional bank lending with the potential of equity type returns. This financial instrument is expected to transfer substantial product knowledge not only at investee company level, but also more widely in the financial and legal community in the investee countries. By investing in this facility, the Bank will increase the possibilities of investments by providers of other forms of capital, which ultimately increases flexibility in financing available to local companies.

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Equity funds performance

EBRD private equity funds represent, by different estimates, between one third and one half of all private equity activity in the region. The performance by the Bank’s funds thus represents a significant sample of the area’s asset class. 

The Bank collects aggregate statistics on:

  • “net” fund performance of its portfolio of funds investments
  • “gross” performance of the 800+ investments by its funds
  • investor characteristics.

Results are collated annually.

The following results were presented at the Investor Forum:
        

Impact of the Financial Crisis: 2007-1H 2009 (251KB - PDF)

2008 private equity funds results (327KB - PDF)

2007 private equity funds results (420KB - PDF)  

2006 private equity funds results (569KB - PDF)  

2005 private equity funds result (291KB - PDF)  

2004 private equity funds result (531KB - PDF)  

2003 private equity funds results (extract) (183KB - PDF)  


Last updated 28 June 2010

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