Equity investment in a private equity fund that aims to support small and medium-sized enterprises in the central and eastern Europe.
The principal objectives of the project are:
to provide equity finance for the region, especially to small and medium-sized private companies;
to provide resources to support the management of the investee companies;
to contribute to the development of local capital markets through eventual IPOs (initial public offerings) of portfolio companies.
This Fund will have a considerable demonstration effect by successfully providing equity financing to eligible local companies and joint ventures with foreign partners. Additionally, transition towards market practices shall be achieved via transfer of management know-how including strategy, organisational design, procurement, marketing and finance skills.
Advent Central & Eastern Europe Fund II (ACEE II) will continue the successful investments begun by its predecessor, Advent Private Equity Fund – Central Europe. ACEE II will invest systematically in Croatia, the Czech Republic, Hungary, Poland, Romania the Slovak Republic and, when the opportunity arises, in the Baltic states, Russia and Ukraine.
The Bank intends to invest up to US$ 25 million (ECU 21.8 million) or 15 per cent of the total committed capital, whichever is greater.
It is envisaged that the new fund will be established as a closed-end investment company and will have a target size of US$ 150 million (ECU 131 million).
The Fund Manager will require investee companies to comply, at a minimum, with the health, safety and environmental regulations and standards of the country of investment. Since in many cases the Fund will invest alongside inward investors, it is possible that many new investee companies will comply with environmental standards equivalent to those of the European Union. The Fund will be required to submit an annual environmental report to the Bank.
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