Kyiv, August 31, 2010 – Europe Virgin Fund (EVF), a regional private equity fund investing in Ukraine, Belarus and Moldova, announced its first closing raising $45 million.
The Fund will invest in fast growing companies in a wide range of private sector mid-sized businesses with primary operations in Ukraine, Belarus and Moldova and will acquire majority or significant minority stakes. The industry focus will be on FMCG, retail, industrial, telecom, media, technology, pharmaceuticals, construction materials and financial services companies.
Dragon Capital has committed to provide strong strategic support in addition to investing a minimum of $20 million to the Fund as one of the Limited Partners. The Europe Virgin Fund’s investors include the European Bank of Reconstruction and Development (EBRD), Swiss Investment Fund for Emerging Markets (SIFEM) and several private investors.
Commenting on the first closing of the Fund, Tomas Fiala, Managing Director of Dragon Capital, said: “In these challenging times for the global economy, the first closing of the Fund and the quality of the investors provide a strong seal of approval of the investment team as well as a good sign of confidence in the region.”
“We are glad to support a strong local team of investment professionals backed by Dragon Capital in frontier Eastern European markets that are well positioned to re-launch growth and provide for excellent investment opportunities”, said Anne Fossemalle, EBRD’s Director for Equity Funds.
The investment management team of the Fund will be led by Alex Munteanu, ex-World Bank and Horizon Capital professional having an extensive 14-year private equity track record, and Kamil Goca, one of the founders of Dragon Capital.
“We are very proud to secure the support of EBRD and SIFEM. We look forward to capitalize on perhaps once in a lifetime investment opportunities that emerged in Ukraine, Belarus and Moldova in the aftermath of the global financial crisis”, said Alex Munteanu.
“The projections of International Monetary Fund suggest that emerging markets will expand nearly three times faster than advanced economies over the next few years. Europe Virgin Fund is set to exploit the growth prospects and deliver exceptional returns to its investors”, added Kamil Goca.
Salans is the legal advisor of the Fund.