The proposed EBRD financing involves an investment of up to € 10.05 million in a private equity fund that invests in small and medium-sized enterprises (SMEs) in Poland. The fund is structured as a limited liability company in Delaware, USA.
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 top national investment fund (NIF) fund manager to establish its first commercial private equity fund; and
- to benefit financially from the expected growth in value of the fund's portfolio.
The financing would allow Nova Polonia 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 Nova Polonia, the EBRD would assist the development of the local asset management industry in Poland and therefore enhance local financial intermediation. It would also help to improve the capacity to attract scarce equity capital.
The fund is expected to develop a management culture committed to the rules of the market and corporate governance. It will also reach out to the regions, rather than concentrating on Warsaw.
Nova Polonia Private Equity Fund is a limited liability company in Delaware, USA. The sponsor is AIB Capital Markets plc and it is managed by AIB WBK Fund Management Sp z.o.o, an indirect majority-owned subsidiary.
Up to €10.05 million.
After the closing, the fund is expected to be between € 60 and € 80 million, with a maximum size of € 100 million.
The Fund will follow the EBRD's Environmental Procedures for Private Equity Funds. In implementing these procedures, the Fund will assess potential health, safety and environmental issues associated with its investments which will be required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements. The Fund will submit an annual environmental report to the Bank.
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