The EBRD is considering to invest in the private equity fund of funds Alpha CIS Opportunity. The fund,has a target size of USD 300 million and its regional focus will include Russia, the countries of the CIS and Turkey. The majority of the fund will be utilised to purchase private equity fund interests in existing private equity funds in the secondary market whilst the balance will be allocated between primary commitments to new private equity funds and selective direct co-investments alongside reputable and experienced lead investors.
The proposed project will promote the development of the secondary market and fund of funds activity in the targeted region. The transition impact will come from
(i) supporting the continued operations of equity funds when investors are unable to meet the capital calls due to liquidity difficulties,
(ii) supporting fund managers raising funds from a limited capital market, and
(iii) by providing capital to companies in this challenging financial environment.
Alpha CIS Opportunity L.P. is to be established as a limited partnership and will be managed by Alpha Associates Group, an independent private equity manager based in Switzerland, specialising in secondary market activities and fund of funds investments.
The EBRD will commit the lesser of USD 50 million or 25% of the aggregate capital commitments at final close.
Target size of the fund is USD 300 million.
The Alpha CIS Opportunity Fund will be required to comply with the Environmental and Social Guidelines for fund of funds which were adopted on the earlier Bank investment in Alpha CEE II, 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 EBRD 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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