The EBRD is considering investing in a regional private equity fund with a target size of EUR 150 million and a maximum size of EUR 250 million. The Fund will invest in equity and equity-related instruments in mid-cap companies in Central, South Eastern Europe and Turkey. The Fund will also make selective investments in Central Asia.
The Transition impact of the project would come from the following areas:
(i)Provision of capital through an investment channel that can have direct impact on companies seeking additional capital for expansion or capital restructuring.
(ii)Impact on investee companies, through close supervision of their development, strategic decision-making and implementation of sound corporate governance and integrity standards.
(iii)Support of an established Fund Manager in the development of its operations in Central and South Eastern Europe and the expansion of its investment reach to Central Asia, where knowledge and capital for private equity investment is scarce.
(iv)Increase of the liquidity of the market at a time when capital is largely unavailable.
Bancroft 3 LP, will be established as a limited partnership registered in Jersey, Channel Islands. It will be managed by Bancroft Private Equity limited liability partnership, registered in England and Wales and regulated by the Financial Services Authority.
Commitment to invest up to EUR 30 million. It is expected that the investors may include a range of institutional investors, banks and other private investors, including European and US institutional investors.
The target size of the Fund is EUR 150 million with a maximum of EUR 250 million.
The Fund shall comply with the EBRD's Environmental and Social Policy’s Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries. Investee companies will be required to comply, at a minimum, with national requirements for environment, health safety and social, local and EU environmental standards. An Annual Environmental Report will be prepared by the Fund and submitted to the Bank for approval.
Fred Martin, Managing Partner
Bancroft Private Equity LLP
195, Brompton Road,
London SW3 1NE, UK
Tel:+44 (0)20 7823 9222
Fax:+44 (0)20 7589 3442
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