The EBRD is considering investing up to USD 100 million in the Macquarie Renaissance Infrastructure Fund (MRIF and the “Fund"), a private equity fund dedicated to providing investors with long-term capital returns through a diversified portfolio of equity and equity-related investments in infrastructure projects in Russia, Ukraine and Kazakhstan as well as other CIS countries.
The transition impact of the proposed project would come from the following areas: institution building and expansion of private equity in the region, promoting a new asset class, restructuring of investee companies and demonstration effects in promoting the best business ethics and corporate governance standards.
The Fund’s sponsors are Macquarie Capital Funds (Europe) Limited (“Macquarie”) and Renaissance Investment Management (UK) Limited (“Renaissance”).
EBRD proposes committing up to USD 100 million in equity in MRIF.
The Fund’s target size is USD 1-1.5 billion.
The Fund will implement the EBRD’s Environmental Procedures for Private Equity Funds, customised for application in the infrastructure sectors that the Fund targets.
The customised Procedures will facilitate the identification, mitigation and monitoring of environmental issues associated with investments across the region. The Fund will ensure that no investments are made in companies included on the EBRD’s Environmental Exclusion List, and will report annually to the Bank on the implementation of Environmental Procedures and environmental performance of its investments. Investee companies will be required to adhere at a minimum to local and national (and, where desired by the Bank, EU) health, safety and environmental regulations and standards.
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