The EBRD is considering a commitment of up to USD 40m to Volga River Growth Fund II, which targets USD 250m of total capital commitments. The Fund will provide structured debt financing with equity upside (“mezzanine financing”) to companies in Russia/CIS. The Bank’s participation will help mobilise additional private sector investment in the Fund.
The transition impact of the proposed project will come in particular from the following 2 areas:
1. Institution building and market expansion by supporting the development of the nascent mezzanine financing asset class in Russia.
2. Transfer of skills to companies in Russia/CIS through the Fund Manager’s experience of making a number of similar investments in Russia/CIS.
New Russia Growth.
Commitment to invest up to USD 40 million.
Other investors are expected to be private and institutional investors.
The target size of the fund is USD 250 million.
The Fund will be required to implement environmental procedures based on EBRD’s Environmental Procedures for Private Equity Funds which includes adherence to the FI Environmental Exclusion and Referral List, compliance by Investee companies with the applicable national environmental, health and safety and labour legislation, appointment of a member of senior management with overall responsibility for the implementation of environmental procedures, and submission of annual environmental reports to EBRD.
Alexander Abolmasov (Managing Partner)
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