Regional Advent IV (Central and Eastern Europe)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 38532

Status Complete

Location

Regional

Business Sector

Equity

Notice Type

Private

Project timeline

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

Project ID 38532

Status Complete

Location

Regional

Business Sector

Equity

Notice Type

Private

Approval Date

20 Nov 2007

Disclosure date

02 Dec 2024

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

Project Description

This PSD relates to a historical Bank project approved some years ago, and does not represent a new approval, or allocation of new funds. Disclosure of this PSD was deferred in accordance with the transparency framework in place at the time, but due to an administrative oversight, was not subsequently disclosed

In November 2007, the EBRD approved a commitment of up to EUR 100 million for the formation of a managed fund dedicated to making equity and equity-related investments in companies in Central and South Eastern Europe and Ukraine - areas underserved by private equity - with the objective of achieving long term capital growth. The project was expected to have a positive impact on the investee companies of the Fund through Advent’s hands-on and control-oriented investment strategy and considerable technical expertise and facilitate transfer of financial and operational knowledge.

Project Objectives

The project aimed to support the raising of a regional fund, which would in turn contribute to the development of a varied and market regulated private equity landscape in the region. Successful implementation of the fund was anticipated to attract institutional investment, develop and motivate high quality staff, and permit portfolio companies to grow, restructure, and increase in value.

Transition Impact

Investing in the fund was expected to leverage Advent’s extensive track record, developed over more than 13 years of investing in the region at the time, in order to demonstrate the success potential of private equity investments in Ukraine and Central and South Eastern Europe, transfer substantial experience in restructuring companies into the region, and thereby contribute to the development of a varied and market regulated private equity landscape.

Additionality

EBRD participation in the transaction as an investor was additional in a number of respects – it provided high quality risk capital to growing companies in the region, supported the eastward expansion of a successful and experienced fund manager, facilitated the mobilisation of private investment and promoted best practices in terms of environment, governance and integrity while preserving investor-friendly investment terms.

Environmental and Social Summary

This project was classified as Environmental Category FI, and the fund was therefore required to implement environmental procedures based on EBRD’s Environmental Procedures for Private Equity Funds, including adherence to the Environmental Exclusion List in effect at the time, and to provide an annual environmental report to the Bank for its approval. In turn, investee companies were required to comply with – at a minimum – applicable national requirements for environment, health and safety local environmental standards.

Technical Cooperation

n/a - none

Implementation Summary

The Fund was able to mobilise substantial capital commitments from established international institutional investors for investment into Central and South Eastern Europe and Ukraine.

Transition impact

ETI Score:60

PSD last updated

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

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Tel: +44 20 7338 7168
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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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