An ECU 30 million private equity fund with a 10-year life. The Fund will invest in medium-sized private and privatised enterprises in Bulgaria and will be supported by EU/Phare technical cooperation funding. The principal objective is to provide new equity capital, corporate governance and technical assistance to private and privatised enterprises in Bulgaria.
The direct equity investments and the technical assistance funding will enable the establishment, modernisation or expansion of investee companies.
The Fund will be managed by a Prague-based private equity company, which will put in place a resident team in Bulgaria. The Fund will invest in medium-sized private and privatised enterprises in Bulgaria. The target companies will have good growth prospects and the potential for providing high returns commensurate with the high risks involved.
The EBRD will provide equity capital of ECU 30 million. The Fund Manager will co-invest alongside the Fund with a total amount of ECU 10 million.
The total project cost (including the Fund Manager's co-investment, the Fund's capital, and technical cooperation funding) amounts to ECU 55 million.
The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments, which are required to comply, at a minimum, with the local/national health, safety, environmental and public consultation requirements.
Technical cooperation will be provided by EU/Phare to: (i) meet the operating costs of the Funds; (ii) pay for accounting, legal, environmental and other due diligence in respect of the potential investments; and (iii) provide consulting support to enterprises for project preparation and implementation.
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