$150 MILLION INVESTMENT PROGRAMME LAUNCHED FOR CENTRAL EUROPE
Jeanne Segal
(202) 473-0393
Monish Dutt
(202) 473-8764
LONDON, Sep. 6 -- A new regional equity capital investment programme for
Poland, the Czech Republic, Slovakia and Hungary has been launched with
the successful initial closing of the Advent Private Equity Fund - Central
Europe. The Fund will invest in a wide range of businesses with high growth
potential in the region, providing much needed private capital and substantial
management support for newly privatized and other companies. The programme
is expected to have a significant developmental impact on the target countries.
The programme is sponsored by the Abu Dhabi Investment Authority (ADIA),
the European Bank for Reconstruction and Development (EBRD), and the International
Finance Corporation (IFC), each of which will invest up to $17.5 million.
Advent International Corporation (Advent), the Boston-based equity investment
group, is the manager of the Fund. The programme consists of a regional
fund augmented by three country funds, one in each of Poland, Hungary and
the Czech Republic (which will also inve
st in Slovakia). The country funds will raise $20-30 million each, of which
the first $10 million comes from the regional fund and the sponsor investors.
The regional fund expects to raise a total of 75 million by its final closing
later this year. Explaining the structure of the funds, Advent's managing
director for Eastern Europe, Nick Callinan, said, "Our aim is to demonstrate
the excellent returns we believe are available to investors who are prepared
to add value to businesses in Central Europe." Added Edward Nassim,
Director for Europe at IFC, "This programme mobilizes significant
resources internationally for investment in the private sector in Central
Europe, and is expected to strongly support the growth of medium-sized
enterprises in the region." The closing of the regional fund, announced
by the sponsors today, represents commitments of $63 million to the programme.
The regional fund begins its investment operations immediately. Of the
country funds, Poland anticipates closing in early September wh
ile the others will be later this year.
Further information: ï Abu Dhabi Investment Authority (Abu Dhabi) David
L. Currie 971 (0) 2 392 303 ï Advent International Corporation (London)
Nicholas B. Callinan, Managing Director - Central Europe c/o Advent International
plc 44 (0) 71 333 0800 ï European Bank for Reconstruction and Development
(London) Rebecca Hill 44 (0) 71 338 6255 ï International Finance Corporation
Monish Dutt 1 (202) 473 8764
|
