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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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
Integrity and Compliance
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OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to email@example.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.
Access to Information Policy (AIP)
The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.
Specific requests for information can be made using the EBRD Enquiries form.
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).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requesters’ identities may be kept confidential, upon request.