Project number:


Business sector:

Equity funds

Notice type:


Environmental category:


Approval date:

15 Oct 1996



PSD disclosed:

13 Sep 1996

Project Description

An equity investment fund which will make equity and equity-related investments in private and privatising small and medium-sized Polish companies with the objective of achieving long-term capital appreciation. The Fund will facilitate access by Polish private and privatising companies to equity finance. Investments will include companies in the Mass Privatisation Programme, initial public offerings, private placements in companies earmarked for privatisation, joint ventures between Polish and foreign companies, and start-up companies.

Transition Impact

The project will strengthen the privatisation process in Poland, including the Mass Privatisation Programme, promote standards in equity capital market operations and strengthen the SME (small and medium-sized enterprises) sector in Poland.

The Client

Polish Enterprise Fund, to be a Delaware (United States) limited partnership. The Fund will be managed by Enterprise Investors Corporation, a company to be organised under the laws of Delaware.

EBRD Finance

US$ 30 million equity investment (ECU 23.5 million equivalent).
US$ 120 million from private investors.

Project Cost

US$ 150 million (ECU 117.5 million equivalent).

Environmental Impact

C/0: The project does not require an environmental analysis or an environmental audit. The investment operations of the Fund will be covenanted to comply with the Bank's "Environmental Procedures for Funds in which EBRD Invests", which will be incorporated in the Fund's Investment Policy. The Bank will receive regular environmental reports from the Fund.

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
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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.

Share this page: