The EBRD is considering investing up to 20% of total commitments, not to exceed EUR 20 million, in a regional private equity fund with a target size of EUR 150 million.
The Fund’s objective is to provide superior returns from under-performing and distressed equity and debt investments in Central and Eastern Europe. In addition to direct control equity investments and non-performing debt instruments, the Fund will invest in limited partner interests in stranded or end-of-life private equity funds and other special situations, including non-core divestitures, strategic bankruptcies, shareholder disputes, and unsuccessful mergers and expansions.
The Fund's sponsor is CRG Partners LLC, a leading turnaround and restructuring firm in the USA.
The Fund will support the restructuring and development of private companies in the region by adopting a hands-on approach and transferring operational and strategic expertise and know-how.
The transition impact of the proposed project will be most pronounced in the following four areas:
(i) introduction and development of a distressed fund model within the region;
(ii) positive impact on underperforming companies with an uncertain future through implementing turn-around and restructuring practices;
(iii) demonstration effects of new ways of financing and of successful turnaround of companies and
(iv) improved corporate governance within companies.
CRG Capital CEE Special Situations Fund is to be established as a Jersey limited partnership. It will be sponsored by CRG Partners LLC (USA) and managed by CRG Jersey GP Ltd (Jersey), a limited liability company organised under the laws of Jersey. The Fund’s investment advisor will be CRG Capital GmbH, based in Vienna.
The EBRD proposes an equity investment of up to EUR 20 million but not exceeding 20% of the total aggregate capital commitments.
Target size of the Fund is EUR 150 million.
The Fund will implement environmental procedures based on the EBRD’s Environmental Procedures for Private Equity Funds which includes adherence to the Bank’s Environmental Exclusion and Referral List. Investee companies will be required to comply, at a minimum, with all applicable national requirements for environment, health and safety, labour standards and public information/consultation requirements. The Fund will be required to submit an Annual Environmental Report to the EBRD.
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