The EBRD is considering an equity investment of up to USD 35 million in Earlybird Digital East Fund 2012 SCA SICAR (“EDEF” or the “Fund”), a private equity investment fund registered as an investment company in risk capital under the laws of Luxembourg.
EDEF will seek to make equity and equity-related investments in early-stage and expansion-stage technology companies primarily in Turkey but also in Bulgaria, Hungary, Slovakia, Slovenia, Poland, Romania, Albania, Bosnia-Herzegovina, Croatia, Kosovo, Macedonia, Montenegro, Serbia, Estonia, Latvia, Lithuania, Ukraine, Moldova and Jordan.
The EBRD’s potential investment in the Fund will facilitate market expansion in the venture capital industry and the provision of value-additive support and long-term growth financing to technology companies in the target markets. The investment is also expected to contribute to the promotion of best practices in corporate governance and integrity within investee companies.
The Fund will be managed by Earlybird Luxembourg EDEF Management S.A., a public limited liability company incorporated under the laws of Luxembourg.
The EBRD is proposing an equity investment of up to USD 35 million.
The target size of the Fund is USD 130 million at final closing.
The Fund will be required to comply with the EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries).
The Fund will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit annual environmental and social reports to the EBRD.
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