Global marketing starts with Eastern Europe development
02/04/2008. Epizoda, a young start-up in mobile broadcasting, has taken the bold move to locate its offshore development center in the Ukraine – at least until its A round closing. In this IVCJ article, company executives Meidad Ben- Yochanan and Avi Levi, explain this choice after comparing alternatives in India and Asia.

Assessing current market status and future critical development in the CEE private equity and venture capital industry
02/01/2008. In this article, Henry Potter of the European Bank for Reconstruction and Development looks at what kind of deals have been done in the CEE region and the challenges and opportunities going forward.

Central and Eastern Europe - just a geographical expression?
18/07/2007. In this article, Joanna James, managing director, Central Europe, at Advent International, argues that 'being local' is key to making successful private equity investments in Central and Eastern Europe.

Defining competitive business models for manufacturers in the New Europe
14/06/2006. Central Europe is unique among emerging markets. Its sixteen countries vary widely in terms of size, population and economic development., says KPMG. And although not every country in the region has managed entry into the European Union the expectation is most or all will do so within the next decade. Despite this, the region is frequently maligned or misunderstood by foreign direct investors, leaving the specter that opportunities have yet to be fully exploited by companies whether already operating within the region, or still considering their entry into this dynamic market place.

The private equity market of South Eastern Europe
10/05/2006. Gavin Ryan of KD Private Equity looks at the markets of Albania, Bulgaria, Moldavia, Romania and the ex-Yugoslavian countries - Bosnia, Croatia, Macedonia, Serbia and Montenegro and Slovenia - and finds opportunities for those with local capability.

Advantages of investing in Ukraine SEZs abolished
15/03/2006. The Ukrainian government has abolished the advantages of investing in the country’s special economic zones and territories of priority development. This Freshfields Bruckhaus Deringer briefing examines the effects of the abolition and outlines some of options available to investors.

Russia and Eastern European markets: opportunities in the new European Economies
26/10/2005. In this presentation, East Capital scout the private equity landscape in Russia in a search for the investment opportunities in Russian and Eastern European private equity and discover that much of Eastern Europe has recently experienced Chinese-style economic growth.

Further, faster. Lower risk and higher returns in Central and Eastern Europe
27/07/2005. Over the last two years, the private equity market has seen a number of successful exits from deals put together since 2000, says Robert Conn of Innova Capital. These exhibit very different qualities, by and large, to the 1990's deals that were profiled in EVCA's CEE Success Stories. The '90s deals typically were generally either start-ups, early-stage, or privatisations. Deal sizes have grown significantly since then and positive EBITDA is now the norm.

True-sale securitisation: Central and Eastern Europe
07/03/2005. Over the past two decades, securitisation has become an important financing tool for European businesses, enabling them to harness their income-yielding assets to produce funding on alternative terms, as well as to achieve a number of other advantages, says Freshfields Bruckhaus Deringer.

Exits in CEE: What's Been Achieved?
21/02/2005. In his presentation Krzysztof Krawczyk takes a detailed look at exit activity in Central and Eastern Europe in general, CEE success stories and exit routes.

Central European private equity confidence survey
16/09/2004. Signs of long-term development within the Central European region and recovery of the European M&A market positively influenced private equity firms' expectations for the second half of 2004, encouraging increased activity on the buy-side, according to Deloitte's Central European private equity confidence survey.

What's up in Central and Eastern Europe?
28/07/2004. The risks and rewards of private equity investing in Central and Eastern Europe are examined by Neil Milne of Copernicus Capital Partners, Tod Kersten of Enterprise Investors, and Bill Watson of Baring Private Equity Partners Central Europe in the latest AltAssets roundtable.

The business of enlargement: Opportunities in the new Europe
08/03/2004. Ten new members will join the European Union on May 1st 2004, eight of which will be formerly Communist countries from Central and Eastern Europe. The expansion of the EU will be accompanied by a wealth of private equity opportunities in these newly integrated states, according to Dr. Heather Grabbe and Katinka Barysch of the Centre for European Reform.

Spring 2003 Newsletter
27/08/2003. Hungary's private equity industry enjoyed a favourable first quarter in 2003, according to the Hungarian Venture Capital and Private Equity Association. While the market remains small it has continued to grow steadily despite the global economic downturn that has plagued the private equity industry worldwide.

Poland - undergoing reforms making it easier for foreign investment?
20/08/2003. Over the past few years Poland has undergone a period of intensive reform in light of its potential accession to the European Union, explains Anna Jarzabek of Magnusson Wahlin Qvist Stanbrook. Here she discusses a range of legislation aimed at improving the access of international investors into Poland but acknowledges that there is still some way to go before Poland's legal and economic system is brought in line with Western European norms.

Hungary's venture capital industry
12/08/2003. Hungary has played an important role in the development of the venture capital industry throughout Central and Eastern Europe. Here, law firm Nagy és Trócsányi outlines the legal structure of Hungary's venture capital industry and some of the underlying trends over the last few years.

Legal structures in Poland
02/07/2003. Poland's private equity industry is governed by a simple legal structure, as is most of Central and Eastern Europe. Thomasz Dabrowski and Todd Peterson of Salans discuss the problems that the country faces as a result of such structures.

Tax and legal issues arising on leveraged buy-outs
04/06/2003. Polish leveraged buy-out deals are hampered by an unfavourable taxation regime, which places stringent requirements on groups of companies if they are to achieve tax relief status. Charles Waddell of CMS Cameron McKenna compares and contrasts the Polish and UK taxation systems and suggests how a private equity firm investing in Poland can structure a transaction in order to negotiate a tax-efficient acquisition.

A critical juncture for Russian power
14/05/2003. The Russian power industry will require massive levels of capital investment if the country is to avoid an impending electricity crisis. Three years ago the Russian government unveiled a reform programme designed to drag its largely state owned energy enterprises into the 21st century in order to attract vital foreign investment into the sector. Marian Hagler, Peter O'Driscoll and Robert Wagner of Coudert Brothers discuss whether it is too little, too late.

Private equity in Russia
07/05/2003. The opportunities for investors prepared to take a risk by allocating cash to a Russia-focused fund are boundless, argues Holly A Nielsen of Debevoise & Plimpton. Private equity firms are already increasing their presence in the area, and for the first time individual Russian investors are making significant contributions to private equity funds.

Policy towards private equity and venture capital
30/04/2003. In both the US and the UK, the development of the venture capital industry has been accelerated by top-down initiatives from national governments. Within the European Union, the Commission has also made strenuous efforts to enable local private equity markets to grow. In Poland, however, the government's efforts on behalf of venture capital have been at best limited, argues Piotr Tamowicz of the Polish Private Equity Association. Tamowicz gives an overview of the most effective policies and argues that such strategies would have a great impact on Poland's already burgeoning private equity industry.

Private Equity in the Czech Republic and Slovakia
19/03/2003. Expectations for the private equity industry in the Czech Republic and Slovakia are more optimistic than those of the US, UK and other larger markets. The second quarterly confidence survey conducted by Deloitte & Touche assesses the sentiment of the region's venture capitalists.

Turkey's private equity market
19/03/2003. Turkey's private equity industry remains a long way behind those in other European countries. Levent Bosut of PDF Corporate Finance discusses the state of the market in Turkey, recent private equity activity and factors that hinder its growth.

The venture capital/private equity market in Poland
04/03/2003. The Polish private equity industry is the largest in central Europe. It is already 12 years old and the value of PE funds managed in Poland exceeds E3bn. Based on research and estimates, Piotr Tamowicz and Dariusz Stola of the Polish private equity association present an overview of its history and current state.

Russia's Struggle for Competitiveness
19/02/2003. Is it safe for would-be investors to look at Russia once again? How far has Russia come? How far does it have to go? And what models will it follow? Knowledge Wharton answers some of the questions.

Framework for venture capital in the accession countries to the European Union
04/02/2003. While venture capital is one of the best ways to encourage innovation and entrepreneurship, it is hardly known in the countries wishing to join the EU – countries that, it could be argued, have the greatest need of it. Here Peter Schöfer of Cap Gemini Ernst & Young and Roland Leitinger of Raiffeisen Zentralbank define criteria for a venture capital framework and attempt to assess how nearly these criteria are met in the accession countries.

Understanding risks and opportunities in emerging markets private equity
04/02/2003. Emerging markets can represent lucrative opportunities for investors prepared to take the risks involved. Mike Calvey of Barings Vostok Capital Partners discusses the advantages and disadvantages of taking the plunge into investing in private equity in emerging markets, with a focus on Russia and the former Soviet Union.

The role of advisors and cooperation attempts in private equity and venture capital
18/12/2002. The private equity industry in Turkey is very much in its infancy and is need of structural reform. Levent Bosut of PDF Corporate Finance outlines the difficulties that Turkey's venture capitalists face and the means by which the industry can be improved, largely through its venture capital association.

Private equity investing under Russia's amended law on joint stock companies
20/11/2002. After suffering a disastrous financial crisis three years ago, Russia has bounced back and last year it was one of the best performing markets. The uptick in the market has led to avenues opening up for venture capitalists. Robert E Langer, Marc E Gold and Mark A Stoleson of Akin, Gump, Strauss, Hauer & Feld discuss how a new amendment to the law on joint stock companies will affect the venture capital industry in Russia.

Innovation policy issues in six candidate countries
01/10/2002. The importance of innovation in the economic growth of countries has long been recognised. An important issue for the EU as new states join it is that ‘candidate countries' are able to sustain rates of economic growth. In this report commissioned by the European Commission, the ADE, SSEES and MERIT found that there are various challenges posed by the transition process to Cyprus, the Czech Republic, Estonia, Hungary, Poland and Slovenia to ensure that innovation plays a part in their economic development in the future.

Russian issuers return to the international capital markets
26/08/2002. For one of the first times since the August 1998 financial crisis, Russian issuers are finding that the windows to international capital markets are opening again, say Robert Langer and Marc Gold at Akin, Gump, Strauss, Hauer & Feld. In addition, a number of Russian companies have been raising debt financing in the Russian Federation. While it is too early to forecast any trends, there are positive signs that Russia is beginning to pick itself up off the floor.

Fundraising from institutional investors in light of legal regulations
25/06/2002. The European venture capital industry has been subjected to several important regulatory changes in recent years that have aimed to promote the industry among institutional investors. The Hungarian Venture Capital Association discusses the legal changes that are expected to facilitate investments in private equity by pension funds in the region.

The past and future of venture capital and private equity
04/06/2002. The face of the Hungarian private equity industry, and that of Central and Eastern Europe in general, has changed considerably over the last few years. What does the future hold for the asset class in the region given the current troubled climate? Gabor Baranyai of the Hungarian Venture Capital and Private Equity Association puts forward his view.

Private equity in Central and Eastern Europe
08/05/2002. Usually seen by most institutional investors as a risky investment, Central and Eastern Europe's venture capital industry has grown substantially in the last ten years. Kurt Geiger of the European Bank for Reconstruction and Development charts the rise of the industry, the growth of its fund-raising efforts and the prospects for its future.

Certain characteristics of private equity and venture capital in the Republic of Hungary.
20/03/2002. New laws introduced in the 1990s have allowed greater opportunities for foreign investment into Hungary's private equity market and the country has enjoyed an increase in its overall range of transactions. Annamaria Csenterics of Hogan & Hartson LLP provides an insight into the characteristics of the country's private equity and venture capital industry.

Preferred stock and venture capital under the commercial companies code
12/03/2002. Poland's commercial companies code of September 2000 made important legal amendments that help make the country more attractive to investors. Eighteen months on, Zdzislaw Wieckowski of Hogan & Hartson LLP discusses the characteristics of preferred stock as a financial instrument for venture capitalists in Poland and argues that the commercial companies code needs a further amendment to fully benefit the VC industry.

Russian private equity: right time, right place?
20/12/2001. Just a couple of years ago, few investors would have touched Russia. Now, largely untainted by the new economy boom that has affected Western economies and with economic reforms starting to take effect, Russia is looking increasingly attractive. And, as one of the few financing options available to fledgling companies in this huge market, private equity looks set to reap the benefits, says Nikoil's Steve Geiger.

First steps for Russian private equity
11/12/2001. Russia is keen to entice offshore venture capital and private equity onshore. Daniel Gogek of Lovells, Moscow, explains the steps it is taking and how far it has to go.

A new look at Central and Eastern Europe
23/10/2001. The Central and Eastern European region is very often overlooked as an avenue for venture capital investment. With most venture capital deals struck in the US, Western Europe and South-East Asia, things look dangerously quiet on the Eastern European front. But scratch the surface, and you'll find vibrant economies swarming with activity and grand ideas, according to Villu Arak at Equitygate, who talked to some of the venture capital pioneers in Bulgaria and Estonia.

The investment environment in the Russian federation: laws, policies and institutions
19/09/2001. Levels of foreign and domestic investment remain low in Russia. However, there is potential for foreign investment if steps can be taken to improve the overall regulatory climate. This OECD guide outlines the areas where improvements and reforms are required.

Reflections on Russia
24/08/2001. Privatisation has failed to transform the economy in Russia. No new business thrives there – instead new and old businesses struggle to survive. Here, the McKinsey Quarterly examines the reasons behind the dramatic fall of the Russian economy.

Private equity overview - Poland
24/07/2001. Poland is a relatively new market for venture capital, and the sector is growing quickly. Here the EVCA gives an overview with key statistics.

Private equity in Poland
29/05/2001. Poland has been through a lot of change in the last ten years - much of it painful. But as Enterprise Investors explains it has emerged as one of central Europe's most promising countries for private equity investment.

Venture Capital and the Czech Republic
29/05/2001. The venture capital market in the Czech Republic has expanded in recent years but there are still obstacles thwarting its development. This overview discusses venture capital financing issues for entrepreneurs, but it also raises some salient points about attitudes, dealflow and the stock market, that institutions investing in the Czech Republic should take note of.

Investments and exits: A Survey of the private equity market in Hungary 2000
29/05/2001. In 2000, an explosion of private equity deals and investments hit Hungary. Sectors such as the internet, IT and telecoms were at centre stage and exiting funds exceeded their IRR expectations.

Direct investments in Poland - June 2000
29/05/2001. A series of successful political and economic reforms mean that Poland attracts more foreign direct investment than any other country in central and eastern Europe. Here are some of the highlights from last year, provided by PAIZ.

The opinion of foreign investors about the social and economic conditions for business activity in Poland
29/05/2001. Why is Poland attractive to foreign investors? What factors specifically encourage investment? This report published by the Polish Agency for Foreign Investment (PAIZ) covers the main elements responsible for increasing FDI to the Polish market.

Poland's economic performance
29/05/2001. Poland's resurgence during the 1990s has been a well-kept secret. It has attracted considerable foreign direct investment, which propelled its rapid economic growth and gave it the ability to weather the 1998 global financial crisis. These successes were the focus of a McKinsey Global Institute study in 2000.

New economy in Hungary
29/05/2001. There has been a recent explosion of venture capital investments in the IT sector in Hungary and Europe. This report from Deloitte & Touche discusses the main challenges facing high-tech companies in central Europe and emphasises the types of deal opportunity available for those organisations with capital to invest.