CVI Private Debt Fund

Location:

Regional

Project number:

51925

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Approval date:

21 Sep 2022

Status:

Concept Reviewed

PSD disclosed:

15 Jun 2022

Project Description

An equity commitment of up to EUR 25 million in favour of Credit Value Investment CEE Private Debt Fund SCA SICAV-RAIF (the "Fund").

Project Objectives

The Fund will provide flexible debt financing predominantly to small and medium-sized enterprises ("SMEs") mostly via senior debt but also offering junior and unitranche loans. It will invest primarily in Poland and also in selected opportunities in other Central and Eastern European ("CEE") countries.

Transition Impact

ETI score: 64

The operation is expected to contribute to the resilience of financial markets by sustaining private credit as an alternative funding source, and also increase and promote the competitiveness of the Fund's investee companies.

Client Information

CREDIT VALUE INVESTMENT CEE PRIVATEDEBT FUND

The Fund will be managed by CVI CEE GP S.a r.l and advised by CVI Dom Maklerski sp. z. o.o.

EBRD Finance Summary

EUR 25,000,000.00

Total Project Cost

EUR 130,000,000.00

Additionality

The Fund is one of the few  private debt funds in the CEE Region with a senior credit strategy and EBRD's participation will have a notable demonstration effect on the viability of the asset class and will act as a catalyst to attract potential private investors.

Environmental and Social Summary

Categorised FI (ESP 2019).  The Fund will continue to comply with EBRD's Performance Requirements 2, 4 and 9, adopt and implement the EBRD's Environmental and Social Risk Management Procedures for Active Equity Funds and continue to submit Annual Environmental and Social Reports to the Bank.  The Fund will mainly invest in SMEs which are considered to be low to medium risk from an E&S risk standpoint and has an Environmental and Social Management System in place which is adequate for such type of investments. 

Company Contact Information

Radoslav Tausinger
radoslav.tausinger@cvi.eu
+ 420 602 326 349
https://www.cvi.pl/en/
Piekna 24/26A, 00-549 Warszawa, Poland

Implementation summary


PSD last updated

15 Jun 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

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 compliance@ebrd.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 more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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