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
