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Central/Eastern Europe: October 2001

Credit Agricole to set up VC fund in Poland, Russian pension reforms in the pipeline…

Credit Agricole to set up $100m VC fund in Poland
French firm Credit Agricole is launching a $100m venture capital fund in Poland. The fund aims to set up an online bank that will offer a variety of services to wealthy customers. This move follows Credit Agricole's demerging of Polish finance group Lukas into two parts - one of which is devoted to venture capital.
Venturedome 24.10.01

E13.75m VC fund to target growing companies in the Baltic region
Baltcap has announced that it is to manage a new E13.75m fund which aims to acquire holdings in promising Baltic businesses. It is backed by the European Bank for Reconstruction and Development, the European Investment Fund and the Baltic Investment Fund III. It will make investments between the value of E300,000 and E1m.
Venturedome 15.10.01

Russian pension reforms in the pipeline
The Russian government has launched plans to reform its pension system and if the plans go ahead, local equity and debt markets can expect an injection of cash over the next few years. The extent of the reforms is not yet clear and will depend on the decision of president Putin. Nevertheless, the availability of money from pension funds would have a significant effect on the market - possibly increasing the valuation and stability of local markets as it has done in other emerging market countries.
Institutional Investor Online 6.10.01

Business environment preventing rise of VC investments in Czech Republic
Venture capital investments in the Czech Republic have not seen the increase that would be expected after the number of VC funds doubled over the last year. A management buy-out has yet to occur in the country. Failings in the tax and legal systems and a lack of an entrepreneurial culture are to blame, according to discussion at the InterCzech business conference.
Venturedome 12.10.01