The EBRD is to act as a cornerstone investor in Elbrus Capital Fund II, a private equity fund being launched to invest mainly in Russia but also in neighbouring states. The Bank has agreed to invest up to USD 50 million, but its investment will not exceed 25 per cent of aggregate commitments to the fund.
The target size for the new fund is USD 500 million. Its plan is to make equity investments in the regions of Russia, as well as other CIS countries, focusing on small and medium-sized companies – a sector which traditionally has very little access to long-term financing.
