Prometheus Capital Partners Fund I LP

Location:

Regional

Project number:

41387

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Status:

Cancelled

PSD disclosed:

29 Jun 2010

Translated version of this PSD: Russian
 

Project Description

The EBRD is considering an equity investment of up to USD 50 million in Prometheus Capital Partners Fund I L.P. (the “Fund”), a private equity investment fund, to be registered as a limited partnership under the laws of the Cayman Islands.

The Fund is a first-generation investment fund focused on growth and de-leveraging investments primarily in Russia. Investments in other CIS countries will be considered on an exceptional basis. The typical investment target of the Fund will be mid-market companies in the services and consumer sectors.

Transition Impact

The transition impact and demonstration effects associated with this potential investment are expected to include:

(a) building local institutional quality private equity management with the investment skill set, operational experience and local knowledge required for a sustainable, long-term provider of disciplined PE financing in Russia.

(b) supporting the private equity asset class in Russia, particularly first generation funds, where the Bank will play a countercyclical role in a time when fundraising amongst institutional investors is highly challenging.

(c) improving and enhancing transparency and high standards of corporate governance in portfolio companies through the promotion of international best practices.

The Client

The Fund will be managed by Prometheus Capital Partners Limited, a limited liability company incorporated under the laws of the Cayman Islands, which is owned by the management team.

EBRD Finance

The EBRD is proposing to make an equity investment of up to USD 50 million, not exceeding 30% of the Fund’s total capital commitments.

Project Cost

The target Fund size is USD 350 million at final closing.

Environmental Impact

The project has been assigned a screening category of FI, as the EBRD financing is via a financial intermediary.

The Fund shall comply with the EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries).

The Fund shall ensure portfolio companies comply with national environmental and OHS and labour standards.

The Fund will be required to adhere to the EBRD's Environmental and Social Exclusion and Referral lists, and submit annual environmental and social reports to the EBRD.

Technical Cooperation

None.

Company Contact

Levan Vasadze, Chairman
Prometheus Capital Partners
lvasadze@prometheus-cp.com

Tom Kosco, Managing Partner
Prometheus Capital Partners
E-mail: tkosco@prometheus-cp.com

3 Smolenskaya Square,
Smolensky Passage 7th floor,
121099, Moscow
Russia

Tel: +7 495 937 8063

 

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.

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