An equity investment in Change Ventures Fund II (the "Fund"), a venture capital fund investing in technology or technology enabled early-stage enterprises primarily active in the Baltic countries of Estonia, Latvia and Lithuania. The project will form part of the Bank's Early-Stage Innovation Facility ("ESIF"), a EUR 100 million facility through which the EBRD selectively invests in commercially-oriented early-stage venture capital funds.
The Fund will seek to achieve long-term capital growth by making equity and quasi-equity investments in early-stage enterprises.
The project is expected to contribute towards ESIF's transition goals by enhancing the resilience of financial markets expanding the regional venture capital asset class; and increasing the competitiveness of innovative early stage enterprises and increasing availability of funding for early stage innovation.
USALDUSFOND CHANGE VENTURES FUND II
The Fund is managed by CVF Fund Manager OU incorporated in Estonia.
EBRD Finance Summary
An equity commitment of up to EUR 8 million.
Total Project Cost
The target size of the Fund is EUR 35 million.
The Bank's commitment will enable the Fund to reach its target fund size and will be seen in the market as an important endorsement of the project and support for early-stage startups during the period of COVID-19 related economic challenges.
Environmental and Social Summary
Categorised FI (2014). The Fund will be required to comply with EBRD's Performance Requirements 2, 4 and 9, to adopt and implement EBRD Environmental and Social Procedures for Active Equity Funds and to submit Annual Environmental and Social Reports to the Bank. The indicative pipeline of the Fund contains a mixture of opportunities in a sector that is deemed to be inherently low and medium E&S risk and it is not anticipated the Fund will make investments in Category A projects.
Technical Cooperation and Grant Financing
Company Contact Information
Andris K. Berzins
Valukoja 8/2 Tallinn 11415 Estonia
PSD last updated
07 May 2020
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Access to Information Policy (AIP)
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Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
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