Balkan Accession Fund, C.V.

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 36969

Status Complete

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 36969

Status Complete

Location

Regional

Business Sector

Equity Funds

Notice Type

Private

Environmental Category

Approval Date

25 Jul 2006

Disclosure date

21 Jun 2006

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 is a private equity fund, dedicated to investing in mid-size private companies that are strategically positioned to capitalise on the economic growth of the second-wave of EU accession countries, primarily in Romania and Bulgaria. The Fund reached its First Close in January 2005; the Second Close is expected to take place in September 2006 with a target total capital commitment of up to EUR 100 million (with a maximum size of EUR 125 million). The Fund Manager has over ten years of investment activity in the region while managing the Romanian-American Enterprise Fund and the Bulgarian-American Enterprise Fund.

Transition Impact

The proposed investment in BAF will: a) support the development of an independent and technically first time fund manager who has the potential to become a well performing niche financial intermediary in financing medium-sized companies; b) support the development of a number of companies in the second wave accession countries by providing scarce equity finance, financial and other expertise; and c) help attract funding from investors new to the Region.

The Client

The Balkan Accession Fund C.V. is a Netherlands Antilles limited partnership, dedicated to investing primarily in Romania and Bulgaria. The primary Sponsor is the Romanian-American Enterprise Fund and has committed EUR 40 million, which makes it the Fund’s largest shareholder.

EBRD Finance

The Bank has made an equity commitment of EUR 22 million, or 20% of total aggregate capital commitments of the Fund. The Romanian-American Enterprise Fund, the Bulgarian-American Enterprise Fund, the Netherlands Development Finance Company (FMO) and Deutsche Investitions und Entwicklungsesellschaft mbH (DEG) are co-investors in the Fund.

Project Cost

EUR 110 million.

Environmental Impact

The Fund will follow the EBRD's Environmental Procedures for Private Equity Funds. In implementing these procedures, the Fund will assess potential environment, health, safety and labour issues associated with its investments which are required to comply, at a minimum, with local/national health, safety, labour, environmental and public consultation requirements.

Technical Cooperation

None.

Company Contact

Romania
Horia Manda
Managing Partner
Balkan Accession Fund

Tel: +40 21 2077100

E-mail: horia.manda@bafund.net

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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