The aim of the project is to establish a commercially managed, private equity fund operating mainly in Poland as well as in Romania, Czech Republic, Slovak Republic, Slovenia, Bulgaria, Hungary, Lithuania, Latvia and Estonia.
The fund will serve: (i) existing medium-sized companies that require capital injections to take advantage of growth opportunities; (ii) companies in the process of privatisation and post-privatisation; (iii) selective start-ups based on proven Western concepts; and (iv) buy-outs. The main sectors of interest will be: telecommunications, IT, financial sector, retail, distribution, health care and other sectors in which the manager of the fund has built up a significant track record.
The investment in PEF IV offers the Bank the opportunity to further advance the transition impact of initial investments in companies needing to expand or restructure. The fund will contribute to the development of the private sector and the economic growth of industrial regions in central and eastern Europe by: (i) carefully selecting enterprises with strong prospects in the private sector or in the process of privatisation; (ii) providing equity financing, thereby attracting additional funds from banks and other investors; and (iii) advising the companies in which the fund has invested and helping them to improve their performance.
The Polish Enterprise Fund IV L.P. will be a limited partnership to be established under the laws of Delaware for the purpose of making equity and equity-related investments in companies in the above listed countries. The main country focus of the fund will be Poland. The fund will expand the investment activities originally developed by Polish Private Equity Fund I&II and Polish Enterprise Fund, both funds located in Warsaw. Enterprise Investors will manage the fund.
The EBRD committed up to US$ 50 million of the capital of the fund.
The fund will have a maximum target for all subscriptions of US$ 300 million at final closing.
The fund will follow the EBRD's Environmental Procedures for Private Equity Funds. In implementing these procedures, the fund will assess potential environmental issues associated with its investments, all of which are required to comply, at a minimum, with local/national health safety and environmental standards, regulations and public consultation requirements.
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Text of the PIP