The Fund will be a regional fund that will invest in negotiated private equity transactions, mainly in leveraged buyouts and expansion capital investments, in central and south-eastern Europe. Another goal of the proposed investment is to support one of the better performing fund managers in central and south-eastern Europe to consolidate its track record, and develop its team and investment strategy in, order to devote increasing resources to south-eastern Europe, an area underserved by private equity. The project is expected to have a positive impact on the investee companies of the Fund through Advent’s hands-on and control-oriented investment strategy and considerable technical expertise and facilitate transfer of knowledge.
Transition impact comes from demonstration effects through investments outside the most advanced accession countries and through the potential use of leveraged acquisition, which is an innovative financial transaction in the region. The Fund manager is also expected to adopt a hands-on approach by taking positions on boards of portfolio companies and initiating restructuring of portfolio companies. Through the significant involvement of local analysts and managers, the Fund is also expected to contribute towards the transfer of vital investment skills to local managers based in the region.
Advent International Corporation (the Fund Manager), a Delaware Corporation, will be the managing member of the Fund’s general partner, and will provide advice and assistance with respect to investment decisions and other activities of the Fund. Advent International Corporation is one of the well established private equity groups in the world.
Commitment to invest up to € 50 million in the equity in the Fund, subject to the size of the Fund. The co-financing is expected from a range of institutional investors, including European and US institutional investors as well as other International Financial Institutions.
The Fund’s target size is € 300 million, not to exceed € 350 million.
The Fund will have to adhere by the Bank’s Environmental Procedures for Property Development and Acquisition Funds, which require, among other things, adherence to the Bank’s Environmental Exclusion and Referral List and compliance of property projects with, at a minimum, national standards for environment, health and safety. The Fund will be required to prepare an annual environmental report.
Joanna James, Managing Director, Central & Eastern Europe
UK – Regional Headquarters
Advent International plc
123 Buckingham Palace Road
London SW1W 9SL
Tel: +44 (0)20 7333 0800
Fax: +44 (0)20 7333 0801
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