The proposed project is a commingled private equity fund (the “Fund”) with a target size of EUR 300 million. The Fund will be utilised to make primary commitments to new private equity funds, to purchase private equity fund interests in existing private equity funds in the secondary market and selective direct co-investments alongside reputable and experienced lead investors. The Fund’s regional focus will include the countries of Central and Eastern Europe, Russia and the Commonwealth of Independent States, and Turkey.
The proposed investment in the Fund will promote the development of fund of funds activity in the target region. It will be an indirect tool for the Bank to support the fund raising for new private equity funds under challenging conditions and will increase the ability of these funds to access capital. The proposed investment in the Fund will potentially serve to promote the region to new institutional investors who, once they become familiar with the region, may be more prepared to invest in other private equity funds.
Alpha CEE III LP is to be established as a limited partnership and will be managed by Alpha Associates, an independent private equity manager based in Switzerland specialising in fund of funds investments including secondary market activities.
The EBRD will commit the lesser of EUR  million or [35%] of the aggregate capital commitments at final close.
Target size of the Fund is EUR 300 million.
Categorised FI. The Alpha CEE III LP will be required to comply with the Environmental and Social Guidelines for Fund of Funds which were adopted on the earlier Bank investment in the ALPHA Russia & CIS Secondaries LP, and have been updated to reflect the requirements of EBRD Performance Requirement 9 (Financial Intermediaries). The Fund will produce an annual report on environmental and social matters and on the implementation of the Environmental and Social Guidelines for submission to the Bank.
Petra Salesny, COO
Alpha Associates AG
Talstrasse 66, PO Box 2038
CH-8022 Zurich, Switzerland
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