Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

19 May 1998



PSD disclosed:

29 Apr 1998

Project Description

Investment of up to US$ 20 million in a private equity fund, which will invest in small and medium-sized enterprises (SMEs) principally in Poland but also in other EBRD countries of operations. The Fund will be structured as a Delaware limited partnership.
The EBRD's key objectives in supporting the Fund are:
  • to deliver much-needed wholesale equity to SMEs which are too small for the Bank to finance in its normal direct operations;
  • to support the development of a small but successful indigenous fund manager; and
  • to benefit financially from the expected growth in value of the Fund's portfolio.

Transition Impact

The facility will allow Innova to increase the scope and range of its investment activities and hence provide additional equity finance to SMEs in the region.
By supporting the development of Innova, the EBRD will be assisting the development of the indigenous asset management industry in central Europe and therefore enhancing local financial intermediation and creating a more permanent capacity to import scarce equity capital.
Innova's continued operations will also benefit the market generally by providing an increased level of competition in the local private equity market.

The Client

The Fund will be managed by Innova LLC, a successor to Poland Partners' management company, which aims to raise between US$ 65 million and US$ 150 million for the Fund.

EBRD Finance

It is proposed that the Bank will invest as a limited partner with an amount equal to the lesser of US$ 20 million and 20 per cent of the Fund's committed capital.

Project Cost

US$ 150 million (ECU 133 million).

Environmental Impact

Innova will follow the EBRD's environmental procedures for investment funds. In implementing these procedures, Innova will assess potential environmental issues associated with its investments, which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.

Technical Cooperation


Company Contact


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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