ADVENT CENTRAL & EASTERN EUROPE II - REGIONAL FUND

Location:

Regional

Project number:

4607

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Approval date:

16 Dec 1997

Status:

Signed

PSD disclosed:

05 Nov 1997

 

Project Description

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.

Transition Impact

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.

The Client

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.

EBRD Finance

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.

Project Cost

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).

Environmental Impact

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.

Technical Cooperation

None.

Company Contact

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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. Requestors’ identities may be kept confidential, upon request.

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