Project description
and objectives:
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The creation of a co-investment facility, which will invest, in parallel with an existing fund, in direct equity investments in Polish small and medium-sized enterprises (SMEs).
Project objectives: To provide wholesale equity funding to Polish companies that ordinarily would be too small for the Bank to finance directly. The investments will be principally pre-IPO (initial public offering) investments, where the eventual exit strategy is a listing on the Warsaw Stock Exchange or investments via IPOs.
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Transition impact:
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The Bank will be supporting the development of FAMCO and therefore the indigenous asset management industry in Poland. The facility will allow FAMCO to broaden the range of its investment activities and hence provide additional equity finance to Polish SMEs to finance their growth.
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The client:
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The Fund Advisory and Management Company (FAMCO) is a joint venture between BRE of Poland and Pictet of Switzerland. FAMCO manages an equity fund for Poland, the Polish Pre-IPO Fund (the SICAV), which has raised US$ 29.334 million.
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EBRD finance:
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The EBRD is providing US$ 20 million to create a co-investment facility, which will invest in Polish direct equity investments in parallel with FAMCO's existing fund, the SICAV. The facility is structured as a 100 per cent Bank-owned Delaware Limited Partnership (Pre-IPO L.P.).
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Total project cost:
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US$ 50 million (ECU 45 million).
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Environmental impact:
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FAMCO will follow the EBRD's environmental procedures for investment funds. In implementing these procedures, FAMCO will assess potential environmental issues associated with its investments, which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.
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Technical
cooperation:
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None
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Wojciech Ciszek, Operation Leader: ciszekw@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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