Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

05 Nov 2002



PSD disclosed:

07 Oct 2002

Project Description

The Askembla Growth Fund is a private equity fund established in Sweden that would invest in medium sized companies with good growth potential in Estonia, Latvia, Lithuania and Poland.
The Fund shall acquire majority or significant minority equity stakes in selected medium sized companies that demonstrate good growth potential, either in domestic or export markets. Target companies will have strong management willing to work with the fund manager and improve corporate governance and shareholder value.

Transition Impact

The Fund’s investments in private sector companies shall demonstrate the benefits in a market economy of developing sound and transparent business practices and improved corporate governance.

The Client

The Fund is structured as a 10-year limited partnership registered in Sweden. The Sponsor and Fund Manager is Askembla Asset Management Ltd, a private equity and investment management firm based in Stockholm. The Fund shall invest in selected medium sized companies with good growth potential in Estonia, Latvia, Lithuania and Poland.

EBRD Finance

The Fund shall be launched in 4th quarter 2002 with capital of EUR 28 million, to which the EBRD shall provide EUR 7 million (25%). The EBRD shall provide up to 25% of the Fund’s total capital.

Project Cost

The Fund has a total target size of EUR 80 million.

Environmental Impact

The Fund will carry out its operations in accordance with EBRD's Environmental Procedures for Private Equity Funds. In implementing these procedures, the Fund will require its borrowers to comply, at a minimum, with national / local health, safety, environmental and public consultation requirements.

Technical Cooperation


Company Contact

Mr Christoffer Kurpatow
Askembla Asset Management Ltd
Karlavegen 50
Stockholm 114 49
Tel. +46 8 678 0610

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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Text of the PIP

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