The proposed project envisages commitment of up to US$ 65 million to BVPEF III, the successor Fund to First NIS Regional Fund (First NIS), NIS Restructuring Facility (NISRF) and Baring Vostok Private Equity Fund (BVPEF), all managed by Baring Vostok Capital Partners Limited (BVCP), a private equity firm.
The Fund’s objective is to seek intermediate and long-term capital appreciation through negotiated transactions involving primarily equity and equity-like investments in companies operating in Russia and the newly independent states of the former Soviet Union.
BVPEF III is well-positioned to meet the transition criteria of EBRD by having one of, if not the most experienced and dedicated private equity teams in Russia/CIS. By investing in the third fund, the EBRD will support a leading private equity group with a strong franchise in the region thus contributing to the development of the local private equity market and consolidation of scarce financial resources in the hands of the best qualified and successful managers.
Since 1994, the Baring Vostok team has been able to raise in total close to USD 400 million primarily from quality institutional investors. The team has a successful track record in all forms of private equity investments in CIS which is evidenced by successful exits, good corporate governance history and network of industry and political contacts that are crucial for any long-term business strategy. Baring Vostok can be rated as having strong transitional impact, as well as a sustainable track record in one of the most difficult and volatile environments for private equity investments.
Established in 1997, the Fund’s Investment Advisor is Baring Vostok Capital Partners Limited, a private equity firm with its office in Moscow. BVCP’s roots date back to 1994 and the formation of the First NIS by Sovlink Corporation (“Sovlink”), a Russian-American merchant bank, and Baring Asset Management Limited (“BAM”). First NIS was initially managed and advised by a dedicated team of four investment professionals from BAM and Sovlink including Michael Calvey.
In 1997, the two investment teams from BAM and Sovlink responsible for the management of the First NIS Fund were merged to form BVCP. BVCP is part of the global network of partners comprising Baring Private Equity Partners (BPEP) International.
The Bank commits to invest up to US$ 65 million in equity in BVPEF III. The Fund’s target size is US$ 350 million.
Up to US$ 65 million.
The Fund will carry out its operations in accordance with the EBRD's Environmental Procedures for Private Equity Funds. The Procedures include compliance with the Bank's Environmental Exclusion and Referral List. The Fund will be required to submit annual environmental reports to the EBRD. Investee companies will be required to comply, at a minimum, with all applicable national health, safety, environmental and public information/consultation requirements.
Michael Calvey , Co-Managing Partner
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Fax: +7 095 967 13 08
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