RVF - NW & W RUSSIA RVF II - FRAMEWORK

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 25620

Status Complete

Location

Russia

Business Sector

Equity Funds

Notice Type

Private

Sub-projects

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 25620

Status Complete

Location

Russia

Business Sector

Equity Funds

Notice Type

Private

Environmental Category

Approval Date

12 Feb 2002

Disclosure date

08 Jan 2002

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The proposed project involves further financing, via a follow-on fund, to the existing North West & West Russia Regional Venture Fund. The financing would enable the fund manager to continue making investments in private companies in Russia, retain the existing fund management team, and develop a number of exits from existing investments in preparation for raising private equity capital in mid-2003. The project will facilitate access by Russian medium-sized companies to equity finance. Investments will be focused on private companies with strong management, positive track record and high growth potential. The project will also enable the fund manager’s team of professionals to be retained and to prepare for the raising of private capital.

Transition Impact

The project will contribute to the transition process in the Russian financial market by providing equity finance to private and privatised companies. Hands-on and technical assistance by the fund manager will strengthen corporate governance, strategy and operations of the investee companies. The project will further catalyse the concept of equity finance by supporting one of the more efficient fund management teams in Russia.

The Client

The fund, an unincorporated equity investment fund managed as an EBRD equity account, will make equity and equity-related investments in medium-sized Russian private companies with an aim of achieving long-term capital growth. It will take significant minority stakes in the investee companies and will provide hands-on assistance to the local management. The fund will be managed by Norum, a Nordic venture capital management company with substantial investment expertise in Russia.

EBRD Finance

US$ 27.5 million (€31.3 million) equity investment.

Project Cost

US$ 27.8 million (€31.6 million) equity investment.

Environmental Impact

The fund will continue to be required to comply with the EBRD’s environmental requirements for financial intermediaries which include, inter alia, complying with the environmental exclusion list, implementing environmental due diligence procedures, requiring that investments comply at a minimum with national health, safety and environmental regulations and standards and annual reporting on environmental, health and safety matters.

Technical Cooperation

No new Technical Co-operation funding will be provided. However, remaining amounts from the existing Technical Co-operation funding provided by the Norwegian, Finnish and Swedish governments to the North West and West Russian Regional Venture Fund will be used to support both this follow-on fund as well as the original fund. The proceeds will be used to cover the management and investment related expenses of the funds, and technical assistance to investee companies.

Company Contact

Transition impact

ETI Score:60

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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