Almaz Capital Fund II

Location:

Regional

Project number:

43690

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Approval date:

16 Jan 2013

Status:

Signed

PSD disclosed:

28 Nov 2012

Translated version of this PSD: Russian

Project Description

The EBRD is considering an equity investment of up to USD 50 million, but not exceeding 25 per cent of total aggregate capital commitments, to Almaz Capital Fund II (“the Fund”). The Fund will make venture capital investments in Information & Communications Technologies (“ICT”) companies in Russia and Commonwealth of Independent States ("CIS") with a focus on

(i) proven technologies for global markets, developed in Russia/CIS; and

(ii) proven business models targeted at Russian/CIS consumers.

Transition Impact

The transition impact of the proposed project would come from the following areas:

(i) market expansion in the Russia/CIS venture capital sector through continued investments by one of the few institutional quality private investors
(ii) institution building as a result of the Fund’s unique proposition of creating a bridge between the Silicon Valley and Russia/CIS
(iii) transfer of Western venture capital knowledge and skills to the Russian venture capital sector
(iv) promotion and enhancement of high standards of corporate governance and integrity in the Fund and investee companies

The Client

Almaz Capital Partners Ltd.

EBRD Finance

The Bank will invest the lesser of USD 50 million or 25% of aggregate commitments.

Project Cost

The target size of the Fund is USD 175-200 million.

Environmental Impact

The project has been assigned a screening category of FI, as the EBRD financing is via a financial intermediary.

The Fund will be required to comply with EBRD Performance Requirements 2 (Labour and Working Conditions) and 9 (Financial Intermediaries) and implement the EBRD's Environmental and Social Procedures for Active Equity Investments. The Fund should ensure investee companies comply with national environmental, OHS, social and labour standards.

The Fund will be required submit annual environmental and social reports to the Bank.

Technical Cooperation

None.

 

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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