BARING VOSTOK PEF III

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 35376

Status Repaying

Location

Regional

Business Sector

Equity Funds

Notice Type

Private

Project timeline

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

Project ID 35376

Status Repaying

Location

Regional

Business Sector

Equity Funds

Notice Type

Private

Environmental Category

Approval Date

02 Nov 2004

Disclosure date

03 Sep 2004

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 envisages commitment of up to US$ 65 million to BVPEF III, the successor Fund to First NIS Regional Fund (First NIS), NIS Restructuring Facility (NISRF) and Baring Vostok Private Equity Fund (BVPEF), all managed by Baring Vostok Capital Partners Limited (BVCP), a private equity firm.

The Fund’s objective is to seek intermediate and long-term capital appreciation through negotiated transactions involving primarily equity and equity-like investments in companies operating in Russia and the newly independent states of the former Soviet Union.

Transition Impact

BVPEF III is well-positioned to meet the transition criteria of EBRD by having one of, if not the most experienced and dedicated private equity teams in Russia/CIS. By investing in the third fund, the EBRD will support a leading private equity group with a strong franchise in the region thus contributing to the development of the local private equity market and consolidation of scarce financial resources in the hands of the best qualified and successful managers.

Since 1994, the Baring Vostok team has been able to raise in total close to USD 400 million primarily from quality institutional investors. The team has a successful track record in all forms of private equity investments in CIS which is evidenced by successful exits, good corporate governance history and network of industry and political contacts that are crucial for any long-term business strategy. Baring Vostok can be rated as having strong transitional impact, as well as a sustainable track record in one of the most difficult and volatile environments for private equity investments.

The Client

Established in 1997, the Fund’s Investment Advisor is Baring Vostok Capital Partners Limited, a private equity firm with its office in Moscow. BVCP’s roots date back to 1994 and the formation of the First NIS by Sovlink Corporation (“Sovlink”), a Russian-American merchant bank, and Baring Asset Management Limited (“BAM”). First NIS was initially managed and advised by a dedicated team of four investment professionals from BAM and Sovlink including Michael Calvey.

In 1997, the two investment teams from BAM and Sovlink responsible for the management of the First NIS Fund were merged to form BVCP. BVCP is part of the global network of partners comprising Baring Private Equity Partners (BPEP) International.

EBRD Finance

The Bank commits to invest up to US$ 65 million in equity in BVPEF III. The Fund’s target size is US$ 350 million.

Project Cost

Up to US$ 65 million.

Environmental Impact

The Fund will carry out its operations in accordance with the EBRD's Environmental Procedures for Private Equity Funds. The Procedures include compliance with the Bank's Environmental Exclusion and Referral List. The Fund will be required to submit annual environmental reports to the EBRD. Investee companies will be required to comply, at a minimum, with all applicable national health, safety, environmental and public information/consultation requirements.

Technical Cooperation

None.

Company Contact

Michael Calvey , Co-Managing Partner
Ducat Place II, Suite 750, Gasheka str. 7, bldg 1
Moscow, 123056,
Russia

Tel: +7 095 967 13 07
Fax: +7 095 967 13 08

Email: info@bvcp.ru

Transition impact

ETI Score:null

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PSD last updated

12 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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