An increase of US$ 1.5 million in the capital commitment to Hungarian Equity Partners, L.P. (the Fund), bringing the Bank's total commitment to US$ 10 million, and the establishment of a US$ 10 million co-investment framework for direct co-investment opportunities offered to the EBRD by the Fund.
The project aims to mobilise private sector funds to make equity and equity-related investments primarily in private medium-sized Hungarian companies. These will fund the creation, modernisation and/or working capital requirements of the portfolio company, with the objective of achieving long-term capital growth.
The project will contribute to the development of the private sector and economic growth in Hungary by mobilising private sector equity funding for investment in companies with the greatest potential to compete and grow in a free market economy. It will also bring international financial and management expertise to local entrepreneurs.
Hungarian Equity Partners, L.P., a US$ 60 million private equity fund, which invests in equity and equity-related securities of private medium-sized Hungarian companies to create, modernise and/or to provide working capital requirements for the portfolio companies. The Fund is sponsored by the Hungarian American Enterprise Fund and managed by MAVA Kft.
Proposed EBRD financing consists of:
an increase of US$ 1.5 million (ECU 1.2 million) to an existing equity investment, bringing the total EBRD finance provided to US$ 10 million (ECU 8.3 million).
an additional co-investment framework of US$ 10 million (ECU 8.3 million).
The total fund size is US$ 60 million (ECU 50 million).
The Fund will follow the EBRD’s Environmental Procedures for Private Equity Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments, which are required to comply, at a minimum, with national and local health, safety and environmental regulations and standards and public consultation/information requirements. The Fund will submit an annual environmental report on its activities to the EBRD.
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