INNOVA/98 LP

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 5024

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 5024

Status Complete

Location

Regional

Business Sector

Equity Funds

Notice Type

Private

Environmental Category

Approval Date

19 May 1998

Disclosure date

29 Apr 1998

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

Investment of up to US$ 20 million in a private equity fund, which will invest in small and medium-sized enterprises (SMEs) principally in Poland but also in other EBRD countries of operations. The Fund will be structured as a Delaware limited partnership.

The EBRD's key objectives in supporting the Fund are:

to deliver much-needed wholesale equity to SMEs which are too small for the Bank to finance in its normal direct operations;
to support the development of a small but successful indigenous fund manager; and
to benefit financially from the expected growth in value of the Fund's portfolio.

Transition Impact

The facility will allow Innova to increase the scope and range of its investment activities and hence provide additional equity finance to SMEs in the region.

By supporting the development of Innova, the EBRD will be assisting the development of the indigenous asset management industry in central Europe and therefore enhancing local financial intermediation and creating a more permanent capacity to import scarce equity capital.

Innova's continued operations will also benefit the market generally by providing an increased level of competition in the local private equity market.

The Client

The Fund will be managed by Innova LLC, a successor to Poland Partners' management company, which aims to raise between US$ 65 million and US$ 150 million for the Fund.

EBRD Finance

It is proposed that the Bank will invest as a limited partner with an amount equal to the lesser of US$ 20 million and 20 per cent of the Fund's committed capital.

Project Cost

US$ 150 million (ECU 133 million).

Environmental Impact

Innova will follow the EBRD's environmental procedures for investment funds. In implementing these procedures, Innova will assess potential environmental issues associated with its investments, which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.

Technical Cooperation

None

Company Contact

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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