The project involves an equity investment in an investment fund management company and the provision of anchor capital for a number of funds, some offering products for the third-pillar pension programme.
The EBRD’s equity investment will strengthen CAIB TFI’s capital, allowing it to launch new funds. The Bank’s participation will demonstrate the importance of developing local fund management expertise.
The anchor capital allocation will help to develop and stabilise the existing and the new funds. This is of particular importance for the credibility of the third-pillar pension programme launch.
The closed-end equity fund, which is expected to be listed, will give Polish investors a vehicle to tap into opportunities prior to initial public offering (IPO), encouraging the development of the domestic institutional investor base.
The proposed equity investment in CAIB TFI will be the first project where the Bank will invest in a local, as opposed to an offshore, fund management company, demonstrating the importance of developing local fund management expertise.
By offering innovative, attractive alternatives to bank deposits and insurance products, the operation will contribute to capital market expansion, enhance competition and promote greater efficiency within the financial sector in Poland. As a result, it will help mobilise both household and institutional savings, one of the highest priorities for the further development of the transition process in the EBRD’s more advanced countries of operations.
CAIB Towarzystwo Funduszy Inwestycyjnych (CAIB TFI) was established in late 1998 and currently has capital of PLN 10 million. CAIB TFI has a licence to manage investment funds, both open ended and closed ended, for retail and institutional clients in Poland.
PLN 4 million (€0.99 million) for up to 19.9 per cent of the shares in CAIB TFI plus PLN 2 million (€0.5 million) for potential future capital increases.
PLN 30 million (€7.44 million) to be allocated as anchor capital for open-ended investment funds, existing and new.
Up to PLN 40 million (€9.9 million) for the Bank’s potential subscription to up to 19.9 per cent of the committed capital of a closed-end private equity fund (with target capital of PLN 200 million) to be established by CAIB TFI.
CAIB TFI will adopt the EBRD’s Environmental Procedures for Funds, which includes the EBRD’s Environmental Exclusion List. The existing funds’ statutes will be amended to reflect the Bank’s environmental policy.
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