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Central and Eastern Europe: April 2003

Bulgarian government short-lists private equity firms…

Bulgarian government narrows search for private equity managers
The Bulgarian government has short-listed seven private equity firms to manage its E100m partially state-sponsored investment fund. The fund will be run for a term of ten years and will make investments of between E1m and E10m. The Bulgarian government will provide up to 50 per cent of the total capital. The opportunity to manage this emergent market investment fund elicited a significant response, with 50 private equity firms expressing an interest and 15 submitting a formal application to the Bulgarian government. The short-listed firms are: Eastern European TBIF working with venture capital firm eQuest Partners; Raiffeisen Private Equity Management, a Krakow-based private equity group; Bulgarian-American Investment Fund; EPIC Bulgaria; GED Capital Development, a Spanish fund manager backed by Bank Austria; and Time Capital Partners in conjunction with Bulgaria's Bank for Agricultural Credit. The fund is the leading item on an agenda of economic reforms introduced by former Lazard analyst Nikolay Vassilev, Bulgaria's deputy prime minister and minister for economy.
AltAssets 7.4.03