The project would involve further financing, via a follow-on fund, to Quadriga Capital Russia, which has been managing St Petersburg RVF and Central Russia RVF, two EBRD-supported regional venture funds operating in Russia since 1996. The financing would enable the fund manager to continue making investments in private companies in Russia, retain the existing fund management team, and develop a number of exits in preparation for raising further capital from third party investors in 2003-2004.
The project will facilitate access by Russian medium sized companies to equity finance. Investments will be focused on private companies with strong management, positive track record and high growth potential. The project will also allow to maintain the Fund Manager’s team of professionals and to prepare for the raising of third party capital.
The project will contribute to the transition process in the Russian financial market by providing equity finance to private and privatised companies. Hands-on and technical assistance by the Fund Manager will strengthen corporate governance, strategy and operations of the investee companies. The project will further catalyse the concept of equity finance by supporting one of the more efficient fund management teams in Russia until such time as they can raise third party capital.
The fund, initially an unincorporated equity investment fund managed as an EBRD equity account, will make equity and equity-related investments in medium sized Russian private companies with an aim of achieving long-term capital growth. It will take significant minority stakes in the investee companies and will provide hands-on assistance to management of investee companies. The Fund will be managed by Quadriga Capital Russia, a capital management firm with a substantial investment expertise in Russia. Quadriga plans to raise further capital from third party investors.
US$ 30 million (€ 33 million) million) equity investment and up to a further $15 million (€16.5 million) conditional on a matching amount of third party capital being raised.
US$ 100 million (€ 110.0 million) equity investment.
The fund will to be required to comply with the EBRD’s environmental requirements for financial intermediaries which include, inter alia, complying with the environmental exclusion list, implementing environmental due diligence procedures, requiring that investments comply at a minimum with national health, safety and environmental regulations and standards and annual reporting on environmental, health and safety matters.
EUR 2.0 million will be provided by the German Government via Kreditanstalt für Wiederaufbau (the "KfW") in 2003 to meet part of the management fee of the new Fund and St Petersburg RVF and Central Russia RVF, two existing funds under Quadriga Capital Russia's management. In addition up to EUR 0.5 million will be provided for post-investment support to investee companies.
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