NEVEQ - New Europe Venture Equity Fund

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 37581

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Project timeline

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

Project ID 37581

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

06 Feb 2007

Disclosure date

05 Jan 2007

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 with a target size of EUR 40 million that will invest in small and medium-sized enterprises primarily located in Bulgaria and Romania. The fund will target leading technology companies having proprietary technologies and focusing on software and IT services industry. The fund will make investments in cash generating middle market companies with strong management.

Transition Impact

Transition impact will be the result of sound investments in growing privately owned companies in the targeted countries. The fund manager is expected to adopt a hands-on approach by taking board positions in portfolio companies and transferring technical expertise and know-how. Through the significant involvement of its local team, the fund is expected to contribute towards the transfer of investment skills to local managers. The competitiveness of the portfolio companies will increase, thus developing the local markets and attracting strategic investors.

The Client

NEVEQ is a venture capital fund of a closed type, established and registered in the Cayman Islands.

NEVEQ Capital Partners Limited, a British Virgin islands Business Company, is the General Partner and will manage the Fund.

EBRD Finance

The EBRD commits to invest an amount equivalent to 20% of the total aggregate capital commitments to the fund up to EUR 10 million.

Project Cost

Expected target size of the fund is EUR 40 million.

Environmental Impact

NEVEQ will adopt and implement environmental due diligence procedures based on the EBRD’s Environmental Procedures for Private Equity Funds. NEVEQ must adhere to the requirements of the Bank's Environmental Exclusion and Referral List and ensure that investee companies comply, at a minimum, with national standards for environment, health and safety and labour and where NEVEQ is investing in a start-up company, relevant EU environmental standards. NEVEQ will provide the Bank with annual environmental reports.

Technical Cooperation

None.

Company Contact

Mr Ivo Evgeniev or Mr Konstantin Petrov
NEVEQ Capital Partners Limited
23, Kustendil Str.
Sofia, Bulgaria

Phone: +359 2 850 4000
Mobile: +359 898 600 617 or +359 888 922 360

Transition impact

ETI Score:60

PSD last updated

18 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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