A direct equity fund investing mainly in central and eastern Europe.
The fund's objective is to achieve substantial long-term capital appreciation through the purchase, active management and disposition of a portfolio of direct equity investments in central Europe.
The fund will contribute directly to enhancing entrepreneurship and the efficiency in portofolio companies by providing an active ownership role, strong governance and transfer of know-how to privatised and private companies.
Emerging Europe Capital Investors, LDC is an investment fund which will acquire equity and equity-related securities of companies operating in central and eastern Europe. The fund may also to a lesser extent invest in the Commonwealth of Independent States. The fund will be managed by European Direct Capital Management, a joint venture between State Street Corporation, a bank holding company listed on the New York Stock Exchange, and Emerging Europe Asset Management, a Prague-based emerging markets investment management firm.
The EBRD intends to commit up to US$ 30 million (ECU 27 million) to the fund's capital. The Bank's initial commitment is US$ 22.4 million. The Bank will also have the right to co-invest alongside the fund.
The fund closed with US$ 94.4 million of the initial capital and can have a maximum size of US$ 300 million.
The fund will follow the EBRD's Environmental Procedures for Investment Funds.
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Text of the PIP