FUNDS BACKED BY U.S. GOVERNMENT &
MULTILATERAL INSTITUTIONS
AIG-Brunswick Millenium Fund
region: NIS.
managers: American International Group, Inc. and Brunswick Capital Management, Ltd.
capitalization: OPIC guarantee: $289 million, committed.
investment
objective: The Fund=s objective is to achieve substantial long-term capital appreciation through the purchase, active participation in management, and disposition of a portfolio of direct equity investments in the NIS countries. The Fund will make direct investments in equity and equity- related securities of enter-prises directly or indirectly operating in the NIS.
industries: Natural resources, infrastructure, and consumer products.
contact: Robert Howe
Managing Director
AIG Capital Partners
70 Pine Streethttp://www.bisnis.doc.gov/bisnis/contactus.htm
New York, NY 10270
Tel.:(212) 458-2208
Fax:(212) 458-2156
Agribusiness Partners International
region: All CIS. Countries.
manager: Agribusiness Management Company, L.L.C.
capitalization: OPIC guarantee: $100 million. The
fundraising was completed in
January 1997.
funds invested: Eight investments have been completed and are in final stages of closing. The Fund has committed 81% percent of its total capital to these eight investments. Investments made thus far are in dairy, poultry, beverage bottling, water bottling, packing and labeling industries.
investment
objective: Equity and debt. Interested in start-ups and joint ventures. Approximately $5-$15 million.
industries: Agriculture, broadly defined. Includes food firms, infrastructure projects, privatization, food storage and distribution facilities.
contact: Robert Peyton
Agribusiness Management, L.L.C.
1004 Farnam Street, Ste. 400
Omaha, NE 68102
Tel.: (402) 444-1630
Fax: (402) 930-3040
Agribusiness Management Co.
36, Str. 1, Bolshya Molchanovka
Office 104
Moscow 121069
Russia
Attn: Mr. Andre Tikhomirov
Tel: +7 501 792 3450
Fax: +7 501 792 3451
Alliance Scaneast Fund
region: Baltics, Poland, Hungary, the Czech republic, Slovakia and Russia
manager: CapMan Capital Management and Alliance Capital
capitalization: $40 million
investment
objective: Activities range from corporate acquisitions to privatization and investment projects to green-field investments. The Fund does not follow a strict sector policy but has a preference toward manufacturing industries. As an essential element of the Fund=s investment policy is that a Western Industrial Partner invests an equal amount or more than the Fund in any given transaction
industries: Telecommunications; cables; construction materials; pulp and paper equipment; power generation; environmental technology; petrochemicals and plastics; oil and gas.
contact: Mr. Petri Saavalainen, Investment Director, and
Mr. Peter Hellemaa,
Investment Director
Capman Capital Management Oy
Aleksanterinkatu 15 B
00100 Helsinki, Finland
Tel.: +358 (9) 6155 8314
Homepage: www.capman.fi
Allied Capital
region: OPIC-designated countries.
manager: Allied Capital Advisers, Inc.
capitalization: OPIC loan: $10.5 million.
funds invested: $10.5 million.
investment
objective: Mezzanine financing for international expansion opportunities.
industries: Basic manufacturing, telecomm-unications, retail, and service industries.
additional
notes: Fully invested.
contacts:
Cabell Williams,
Managing Director
Allied Capital Corporation
1919 Pennsylvania Ave. N.W.,
3rd Floor
Washington, D.C. 20006
Tel.: (202) 331-1112
Fax: (202) 659-2053
Email: Williamc@alliedcapital.com
Rabo Black Earth Regional Venture Fund (RVF)
region: Belgorod, Kursk, Lipetzk, Tambov, and Voronezh.
manager: Rabo Black Earth BV for EBRD.
capitalization: EBRD: $30 million. $20 million of technical assistance funds are also to be provided by the European Union's TACIS program.
investment
objective: Investments of $210,000 (ECU 240,000) to $2.1 million (ECU 2.4 million) will be considered in targeted privatized companies with between 200 and 5,000 employees. Like other EBRD Regional Venture Funds, the Black Earth RVF will normally take a significant minority stake but in some cases will consider a majority position. Investment capital is to be used to finance new projects, including associated working capital.
industries: No hard liquor, tobacco or firearms.
additional
notes: The Fund will provide some technical assistance alongside investment. Investees must have a western partner.
contact: Michel Hendriks
EWIC Larive
PO Box 870
NL 3700 AW Zeist,
Netherlands
Tel.: +31 (30) 693-3221
Fax: +31 (30) 693-2908
Michel Hendriks
Rabo Black Earth Regional
Venture Fund
Stepana Razina Str. 38
394000 Voronezh
Tel.: +7 (0732) 713-180,
719-441, 713-291, 573-886
Fax: (7 0732) 712-303
Email: mhendricks@solcon.ul
Kari Haataja
EBRD
One Exchange Square
London EC2A 2EH, UK
Tel.: 011 44 (171) 338-7817
Fax: 011 44 (171) 338-7029
Email: haatajak@ebrd.com
CARESBAC-St. Petersburg/Small
Enterprise Equity Fund (SEEF)
region: Russia (St. Petersburg area).
manager: Small Enterprise Assistance Funds (SEAF)
capitalization: $12.3 million, of which $10 million is from the EBRD.
funds
invested: $3,000,000 in 16 completed investments.
investment
objective: Equity (minority position), and long-term debt. SEEF funds operate on commercially-
sustainable principles, investing primarily through equity in amounts from $200,000-700,000. Small to medium-sized businesses of between 5 and 150 employees with majority Russian ownership and an annual revenues of $500,000 (or ruble equivalent) are preferred.
industries: Food processing and distribution, light manufacturing for export, wholesale and retail distribution, housing, business service providers, and businesses helpful to the environment.
additional
notes: Technical support to investees will be provided through organizations such as the Citizens' Democracy Corps, the International Executive Service Corps, and the Volunteers in Overseas Cooperative Assistance.
contact: Jonathan Carr,
General Director
Small Entreprise Equity Fund
Lermontovsky prospekt 7,
2nd Floor
190008 St. Petersburg, Russia
Tel.: +7 (812) 114-2632
Fax: +7 (812) 325-6337
Thomas C. Gibson, President
Small Enterprise
Assistance Funds
400 17th St., N.W.
Washington, D.C. 20038
Tel.: (202) 737-8463
Fax: (202) 737-5536
CEENIS Property Fund, L.P.
region: NIS, Eastern, and Central Europe.
manager: Pioneer Real Estate Advisors
capitalization: OPIC guarantee: $160 million; sponsor equity: $80 million; total: $240 million.
funds
invested: Beginning first round of investment.
investment
objective: To assemble a portfolio of quality property assets, through purchase and development, throughout Central and Eastern Europe, Russia, and the new republics of the former Soviet Union. Fund transactions will include com-binations of loans and equity investments, depending on project and market conditions. The Fund will acquire property interests either directly or through joint venture.
industries: Commercial, light manufacturing, office, retail, distribution, warehousing, and related residential development projects.
contact: Mr. Amos Rogers, III
Pioneer Real Estate Advisors
60 State Street-18th Floor
Boston, MA 02109
USA
Tel: (617) 422-4913
The Central Asian-American Enterprise Fund
region: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.
manager: Central Asian-American Enterprise Fund, Inc.
capitalization: U.S. Government: $150 million authorized. Additional funds sought from the private sector for co-investment.
funds invested: As of May 30, 1999, there were almost $65 million of approved investments, including $15 million that has been provided as financing to privately owned small and medium-sized businesses n all five countries.
investment
objective: Equity and debt financing to small and medium-sized enterprises that are commercially viable and offer a reasonable prospect for an acceptable rate of return on investment. Investments must be accompanied by a local investment component. Joint ventures with financial participation are encouraged, with preference given to U.S. partners, although others from Europe and Asia are also accepted. Typical investments will range from $300,000 up to $5 million.
small loan
program: CAAEF makes small business loans that range from $100,000 to $500,000. In Kazakhstan and Kyrgyzstan the Fund also supports a micro loan program that is operated by Mercy Corps International. Loan amounts under the micro program range from $1,000 to $25,000.
industries: Infrastructure development such as food processing, distribution and transportation, as well as consumer goods and services.
additional
notes: Technical assistance will be provided with investment.
contacts: CAAEF President Donald R. Nicholson II and ACLC President Robert Dunmyer both reside in Tashkent, Uzbekistan.
United States: Brian K. Mercer,
Chief Financial Officer
Central Asian-American
Enterprise Fund
1634 Eye Street, N.W., Suite 200
Washington, D.C., 20006
Tel.: (202) 737-7000
Fax: (202) 737-7077
Email: us@caaef.com
Web page: www.caaef.com
Kazakhstan: John B. Owens
Chief Investment Officer
Senior Vice President and Head of Office,
Central Asian American Enterprise Fund
Veronica John, Vice-President
David Lloyd, Vice-President
Daniel Worrell, Vice-President
531 Seyfullin Street, 2nd Floor
480091 Almaty, Kazakhstan
Tel.: +7 (3272) 638-815
Fax: +7 (3272) 694-589
Email: caeefkaz@sovam.com
Kyrgyzstan: Tom Jacobs,
Vice President & Head of Office
CAAEF
South Gate Business Center
P.O. Box 1137
720021 Bishkek, Kyrgyzstan
Tel.: +996 (312) 512-318
Fax: +996 (312) 512-325
Email: invest@imfiko.bishkek.su
Tajikistan: Daniel R. Dougherty,
Vice President
CAAEF
35 Kirova Street
734000 Dushanbe, Tajikistan
Tel.: +7 (3772) 51-00-88
Email: caaef@tajnet.com
Lenin 1, 4th Floor
Khujand, Tajikistan 735700
Tel.: +7 (3792) 243-532
Fax: +7 (3792) 260-073
Turkmenistan: Paul Hamlin
Vice President &
Head of Office
CAAEF
2 Pushkin Street
744000 Ashgabat,
Turkmenistan
Tel.: +9 (9312) 357-445
Fax: +9 (9312) 390-152
Email: caaef@online.tm
Uzbekistan: Steven Shea
Senior Credit Officer
Senior Vice President and
Head of Office
Central Asian-American
Enterprise Fund
39-41 Zarkainar Street
700011 Tashkent, Uzbekistan
Tel.:+7 (711) 206-134, 206-360
Fax: +7 (711) 206-138, 206-359
E-mail: caaeftas@sovam.com
Central Russia Regional Venture Fund (RVF)
region: Russia: Ivanovo, Nizhny Novgorod, Southwest Kostroma, Yaroslavl, Vladimir.
manager: Deutsche Handelsbank, AG, for the EBRD.
capitalization: EBRD: $30 million.
investment
objective: Minimum investment of $300,000, maximum investment of $3 million. Capital provided by the fund must be used to finance a new project including associated working capital. The principal criterion will be whether the expected return on investment is commensurate with the risks. Eligible projects are expected to involve the rationalization, modernization or expansion of productive capacity. At least 75 percent of the voting shares of the enterprise concerned must be owned by private shareholders prior to the Fund=s investment.
industries: No hard liquor, tobacco, firearms, gambling, financial services, speculative activities including real estate speculation, or activities that are on the EBRD Environmental Exclusion List.
contact Kendrick White
Central Russia Regional Venture Fund
Ulitsa Osharskaya, 52
603006 Nizhny Novgorod
Tel: +7 (8312) 77-32-55
Fax: +7 (8312) 77-32-55
E-mail: k.white@quadrigacapital.ru
Leonid Moshejko
Central Russia Regional Venture Fund
Ulitsa Deputatskaya, 1
150000 Yaroslavl
Tel: +7 (0852) 32-87-89
Fax: +7 (0852) 32-91-83
Email: l.mozheiko@quadrigacapital.ru
Daiwa Far East and Eastern Siberia
Investment Fund
region: Russian Far East and Eastern Siberia.
manager: Daiwa Securities, Itochu Corporation, Nippon Investment and Finance, Ltd., Daiwa Institute of Research, Ltd., CRC Institute.
capitalization: Total capitalization of $53 million. EBRD: $30 million (investment funds); Japan Ministry of Foreign Affairs Technical Cooperation Fund: $20 million (technical cooperation funds); Nippon Investment and Finance Fund for Equity Investment: $3 million (investment funds).
investment
objective: The objectives of the Fund are twofold: (1) to secure a return on investment capital commensurate with risks; and (2) to cooperate with and assist private and privatized enterprises (through equity investments and consulting) in their effort to modernize and re-structure themselves. Target companies must be in sound financial condition and have good prospects in their core business. Privatized or private companies which are located in the geograph-ical regions covered by the Fund, and which have no more than 5,000 employees will be eligible for investment. At least 75 percent of the Fund will be invested in companies located in the Russian Far East. Not more than 25 percent will be invested in Eastern Siberia. Investments will range from $330,000 to $3.3 million.
industries: Enterprises in infrastructure development such as food processing, distribution and transportation, as well as consumer goods and services. No hard liquor, tobacco or firearms.
additional
notes: Technical assistance will be provided alongside investment. Investees must have a western partner.
contact: Pavol Katancik
Daiwa Far East & Eastern
Siberia Investment Fund
c/o Japan Centre
ul. Moskovskaya 7
680000 Khabarovsk, Russia
Tel.: +7 (4212) 227-243
Fax: +7 (4212) 336-287
Email: pavol@daiwa.khv.ru
Mitsuhiro Ichiyanagi
Daiwa Far East and Eastern
Siberia Fund
c/o Japan Center
37 Okeansky Prospekt, 3rd Floor
690091 Vladivostok
Tel.: +7 (4232) 425-601,
425-623, or (509) 851-2530
Fax: +7 (4232) 425-700, or
+7 (509) 851-2540
Email: daiwavia@online.ru
Masaomi Mogi
Daiwa Institute of Research Ltd.
15-6 Fuyuki Koto-Ku
Tokyo 135
Japan
Tel: +81 3 5620 5407
Fax: +81 3 5620 5610
Email: m.mogi@dir.co.jp
Defense Enterprise Fund
region: Russia, Ukraine, Kazakhstan, and Belarus.
manager: The Defense Enterprise Fund, Inc.
capitalization: U.S. Department of Defense: $70 million.
funds invested: $70 million committed
investment
objective: Equity and debt. The Fund will make investments only in joint ventures involving privatized enterprises or enterprises that commit in writing to privatization. An enterprise will be considered privatized when more than 50 percent of the ownership and control is in the private sector. At least one of the partners in any joint venture should be from a country outside the NIS, with preference given to joint ventures with U.S. involvement. Investments will be diversified among smaller enterprises or spinoff enterprises derived from larger defense enterprises, large enterprises that have converted or are in the process of converting, and start-ups formed by former defense or military personnel. Investments range from $1 to $5 million.
industries: Enterprises that include personnel and/or facilities currently or formerly involved in research, development, production, or operation and support of the defense sector. Particular emphasis is given to facilities which helped to produce weapons of mass destruction, as well as firms associated with the production of command, control, and communications equipment for military forces associated with these weapons.
contact: Rick Sample, CEO
John Nowell, President
816 Connecticut Ave NW
Suite 900
Washington, DC 20006
Tel.: (804) 673-6230
Fax: (804) 281-0708
E-mail: barbara_scott@def.org
Home Page: www.gpventures.com/
East European Food Fund
region: Central/Eastern Europe & N.I.S. Countries.
manager: Jupiter Asset Management
(Bermuda) Limited.
capitalization: U.S.$ 76 million, including EBRD equity participation.
investment
objective: This fund undertakes equity and equity-related investments in the food and beverage industry. Investments range from $3 million to $7 million.
contact: William Creuwdson, Director
Jupiter Asset Management, Ltd.
Knightsbridge House,
197 Knightsbridge
London SW7 1RB, UK
Tel.: +44 (171) 412-0703
Fax: +44 (171) 581-3857
Email: laurie@jupiter-group.co.uk
First NIS Regional Fund
region: NIS (60 percent Russia),
Baltics.
manager: Baring International Investment Management Limited, Sovlink-American Corporation, Investment Advisor.
capitalization: $145 million, of which $40 million has an OPIC guarantee; EBRD: $20 million; IFC: $15 million.
investment
objective: Equity and direct investments. The purpose of the fund is to achieve long-term capital growth through investment in a portfolio of companies doing business in one or more of the 15 countries of the former Soviet Union. The Fund makes both direct investments in unlisted companies and passive investments in Aover- the-counter@ and listed stocks. The Fund seeks out companies which are leaders in their respective industries, with progressive and capable manage-ment, current and future earnings and cashflow, and compelling valuations on both an asset and earnings basis. Investments generally range in size from $3 million to $10 million.
industries: Diverse.
contact: Peter Willis
Baring International Investment Management Limited
155 Bishopsgate
London EC2M 3XY, UK
Tel.: +44 (171) 214-1878
Fax: +44 (171) 214-1635
Terrence J. English
Sovlink Corporation
1221 Avenue of the Americas
New York, NY 10020
Tel.: (212) 730-4868
Fax: (212) 730-2871
Michael Calvey,
Managing Director
Sovlink Corporation
10, Uspenski per.
103006 Moscow, Russia
Tel.: +7 (095) 967-1300
Fax: +7 (095) 967-1308
Andrei Terekhov
Sovlink Corporation
ul. bol. Zhitomirskaya 6A, Apt. 3
252025 Kiev, Ukraine
Tel.: +380 (44) 229-5533
Fax: +380 (44) 229-5533
Framlington Russian Investment Fund
region: Russian Federation
manager: Framlington Investment Management Limited.
capitalization: $65 million. EBRD: $16.6 million; IFC: $8 million.
funds invested: Fully invested
investment
objective: The Fund invests in export-oriented industries as well as domestic sectors with rapid growth potential. Typical investment ranges from $500,000 to $2.5 million. The Fund will not subscribe to more than 20 percent of the capital of any investee company.
additional notes: No hard liquor, tobacco, or firearms.
contact: Gary C. Fitzgerald,
Managing Director
Framlington Emerging Markets
155 Bishopsgate
London EC2M 3XJ, UK
Tel.: +44 (171) 330-6621
Fax: +44 (171) 330-6432
garyfitzgerald@framlington.co.uk
Tom Vallance
General Director
Framlington Investment Management
Tel: +7 (095) 937-5933
Fax:+7 (095) 937-5934
Global Environment Emerging Markets
Fund (GEEMF) I and II
region: NIS as well as emerging markets in Asia, Latin America, Europe, the Middle East, and Africa.
managers: Global Environment Fund Management Corp.
capitalization: GEEMF I--$70 million; GEEMF II--$120 million. OPIC guarantee: $80 million.
funds invested: Approximately $70 million.
investment
objective: Equity or equity-related investments. The Fund seeks significant minority positions in operating companies or projects with demonstrated cash flows, significant long-term revenue growth potential, and high anticipated margins of profits from operations. Projected rates of return to the investor should substantially exceed the current risk-free return available in individual markets, with additional consideration for risks related to the volatility and convertibility of currency and the degree of liquidity for the investor. Investments of up to $10 million from GEEMF I, and up to $20 million from GEEMF II.
industries: Environment-oriented industries, especially those engaged in developing, financing, operating or supplying infrastructure projects related to the delivery of clean energy (natural gas and renewable sources), potable water, and wastewater treatment.
additional notes: Portfolio companies can arrange for OPIC investment insurance against certain political risks and debt financing for projects that involve significant U.S. ownership.
contact: H. Jeffery Leonard
Global Environment Fund
1201 New York Ave., NW, #220
Washington, DC 20005
Tel.: (202) 789-4500
Fax: (202) 789-4508
Lower Volga Regional Venture Fund (RVF)
region: Russia: Volgograd, Samara, and Saratov Oblasts.
manager: Volga River Management, Inc. (a partnership of Hancock Venture Capital and Point Venture Partners), for the EBRD.
capitalization: EBRD: $30 million. U.S.AID: $10 million to fund feasibility reports, financial audits, and environmental studies, and to provide for skills and Aknow how@ transfer. $3 million co-investment by the partnership.
funds invested: Investments have been made in a wall-paper manufacturer, a bakery, a wood-processing facility, and a brewery.
investment
objective: To make investments with a high potential to produce superior investment returns. Target investments will possess a highly competent management team willing to meet recognized international standards for financial re-porting and management performance, and will display a willingness to sell the Fund a significant minority interest, including special board rep-resentation. Preferred mini-mum initial investment of $300,000; preferred maximum initial investment of $3 million.
contact: Joel Montgomery
Volga River Management Inc.
Ulitsa Alabayana, 10/1
Kor. 6
125080 Moscow
Tel: +7 (095) 198 4340/4341
Fax: +7 (095) 198 5702
Kent Engelmeier
HP Russia, L.P.
3260 USX Tower
600 Grant Street
Pittsburg, PA 15219
USA
Tel: +1 412 263 5310
Fax: +1 412 263 5313
Email:
102132.3500@compuserve.com
New Century Capital Partners
region: Armenia, Belarus, Estonia, Georgia, Kazakhstan, Latvia, Lithuania, Moldova, Russia, Ukraine.
managers: NCH Inc.
capitalization: OPIC -$250 million.
funds invested: $210 million (December 1997).
investment
objective: Equity investments in diversified manufacturing, financial, and service industries. New Century Capital Partners seeks substantial majority or minority positions in infrastructure or natural resource-based businesses. This fund does not invest in start-up companies.
industries: Diversified.
additional notes: New Century Capital Partners has offices in Moscow, St. Petersburg, Almaty, and Kiev, but initial inquiries should be made to the New York office.
contact: Gil Schorr
NCH Capital Inc.
712 Fifth Avenue, 46th Floor
New York, NY 10019-4108
Tel.: (212) 641-3275
Fax: (212) 641-3201
Email: gil@nchcapital.com
Capital International Global Emerging Markets Private Equity Fund (CIGEMPEF)
region: global emerging markets.
manager: Capital International.
capitalization: $600 million.
investment
objective: The fund invests in projects valued between $10-100 million. CIGEMPEF will take 10-40% of projects
additional notes: No other funds/no real estate
contact: Ashley Dunster or
Stewart Gibson
Capital Research International
25 Bedford Street
London WC2E 9HN, UK
Tel.: +44 (171) 257-6700
Fax: +44 (171) 257-6767
Email: jjc@capgroup.com
James Ho (Asia)
Tel: +852 2842 1007
Leonard Kim (Asia)
Tel: +65 437 0694
William Bannister-Parker (Europe)
Tel: +44 171 864 5748
Ashley Dunster (Europe)
Tel: +44 171 864 5993
Quadriga St. Petersburg and Leningrad
Region Venture Fund (RVF)
region: Russia: the city of St. Peters-burg and Leningrad oblast.
manager: Quadriga Capital Russia GmbH & Co. KG
capitalization: EBRD: $30 million. Federal Republic of Germany: $20 million, for consulting services to enterprises in which the St. Petersburg RVF invests.
funds invested: $28 million as of November 27, 1996.
investment
objective: Equity investments in medium-size private sector enterprises with no more than 25 percent state ownership and up to 5,000 employees. Investment targets should have a strong position in the domestic market, and will not necessarily have a foreign partner or hard currency earnings. Preferred minimum investment is $300,000, preferred maximum investment is $3 million. Capital provided by the St. Petersburg RVF will finance the acquisition of productive assets, including associated working capital. Primary investment criterion: that the expected return on investment is commensurate with the risks.
additional notes: The Fund may also provide some technical assistance along with investment.
industries: No hard liquor, tobacco, military industry, gambling, speculative activities including real estate speculation, or immoral or illegal activities.
contact: Reinhard Kohleich
Managing Director
Quadriga Capital Russia GmbH & Co. KG
Representative Office, St. Petersburg
Nevski Prospekt 30
Office # 3.3
199034 St. Petersburg, Russia
Tel: +7 (812) 325-8474
Fax: +7 (812) 325-8477
Russia Partners Fund
region: Russia/NIS.
manager: Russia Partners Management, L.L.C. (a subsidiary of Siguler Guff & Company, L.L.C.).
capitalization: Originally closed at $130 million in 1994. Now open for a second subscription for up to $155 million. Partially guaranteed by OPIC. Russian government: $5 million, and has given a $20 million "back-door" guarantee.
investment
objective: Equity and quasi-equity securities of both new and expanding enterprises in Russia, including newly privatized. No more than 15 percent of the Fund=s assets will be invested in any one portfolio company, nor more than 25 percent in any one business sector or venture. Companies with Western strategic partners are considered desirable. The average in-vestment size is $2 million to $10 million.
industries: Telecommunications, manufacturing, natural resource processing, pharmaceuticals, and consumer goods. No investments that will cause environmental damage in Russia, or that will have a negative impact on the U.S. economy.
additional notes: Whenever possible, the Fund will attempt to use its investment to leverage loans from other sources, such as EBRD or the IFC.
contact: Orhan Sadik-Khan,
Managing Director
Russian Partners Management, L.L.C.
c/o Siguler, Guff & Company
Rockefeller Center
630 Fifth Avenue, 16th Floor
New York, NY 10011-0100
Tel.: (212) 332-5110
Fax: (212) 332-5120
Boris Karlov
Managing Director
Max Scherbakov
Managing Director
Russia Partners Management
ul. Myasnitskaya 35,
Room 424, 4th Floor
101959 Moscow, Russia
Tel.: +7 (095) 207-6020
Fax: +7 (095) 207-9140
Russian Technology Fund
region: St. Petersburg and the Leningrad oblast, initially. Later, all of Russia.
management: Top Technology.
capitalization: $5 million
investment
objective: The fund will make equity investments in small-sized technology-related ventures. The fund will typically consider investments between $250,000 and $1 million.
contact: Harry Fitzgibbons
Russia Technology Fund
Top Technology
20-21 Tooks Court
Cursitor Street
London EC4A 1LB, UK
Tel.: 011 44 (171) 242-9900
Fax: 011 44 (171) 405-2863
Sector Capital
region: Russia, especially the Russian Far East.
management: Sector Capital.
capitalization: EBRD equity participation.
investment
objective: This fund is interested in co-investment or project finance. Where appropriate, Sector Capital will deploy its corporate finance and securities capabilities to assist directly in restructuring and refinancing portfolio companies. Investments will range from $500,000 to $2 million.
industries: Logistics, transportation, infrastructure.
contact: Alexandre Goodwin,
Chief Executive Officer
Sector Capital
Novy Arbat 34, Dom 2
121099 Moscow, Russia
Tel.: +7 (095) 290-8656
Fax: +7 (095) 205-7077
Small Enterprise Equity Fund
region: Russia (Nizhny Novgorod area).
manager: Small Enterprise Assistance Funds (SEAF), formerly the CARE Small Business Assistance Corporation.
capitalization: EBRD: $5 million.
funds invested: Seventeen investments worth a total of $2,348,031.
investment
objective: Equity (minority position), and long-term debt, but only to borrowers in which the Fund is an equity partner. Small to medium-sized businesses of between 5 and 150 employees with majority Russian ownership and an annual turnover of between $100,000 and $1 million (or ruble equivalent) are preferred. SEAF funds operate on commercially -sustainable principles, investing primarily through equity in amounts from $50,000 to $300,000, with an average size of $150,000. For the most part, the Fund does not invest in trading companies or start-ups, unless the Russian owner(s) are committed to investing significant time and personal resources in manufacturing or services activities which benefit Nizhny Novgorod and the surrounding area.
industries: Businesses engaged in the production of goods and services beneficial to the local economy, and majority owned and operated by Russians with an established reputation for integrity, competence, and a commitment to succeeding in a free market.
additional notes: Technical support to investees will be provided through organizations such as the Citizens' Democracy Corps, the International Executive Service Corps and the Volunteers in Overseas Cooperative Assistance. No hard liquor, tobacco or firearms.
contact: Brian Shriver
150 Gorky Str.
Office # 700
PO Box 585
603000 Nizhny Novgorod
Russia
Tel.: +7 (8312) 354-285, 354-400
Fax: +7 (8312) 354-345
Thomas C. Gibson, President
Small Enterprise
Assistance Funds
1150 Connecticut Ave., N.W.
Suite 715
Washington, D.C. 20036
Tel.: (202) 737-8463
Fax: (202) 737-5536
Smolensk Regional Venture Fund (RVF)
region: Smolensk oblast, Russia.
manager: Siparex.
capitalization: EBRD: $12 million.
investment
objective: Equity of up to 49 percent of capital. An EBRD Regional Investment Fund, the Smolensk RVF will concentrate on facilitating modernization, expansion, and/or restructuring of privatized companies. Investments range from $300,000 to $1.2 million. Capital provided by the Smolensk RVF must be applied to finance a new project, including working capital. The beneficiaries need not have a western partner. The principal criterion for evaluating prospective investments is whether or not the return on a proposed investment project is commensurate with the risk.
industries: Excluded: hard liquor, tobacco, firearms, real estate, gambling or banking activities.
additional notes: The Fund will provide some technical assistance alongside investment. Investees must have a western partner.
contact: Philippe Lambert
Sigefi
139 rue Vendome
69477 Lyon Cedex 06
France
Tel.: +33 4 72 83 23 23
Fax: + 33 4 72 83 23 00
Mr. Henri Oliva,
Project Manager
SIGEFI
ul. Vorobiova 17
214015 Smolensk, Russia
Tel.: +7 (081) 223-4789
Fax: +7 (095) 943 5524
Southern Russia Regional Venture Fund (RVF)
region: Russia: Rostov oblast, Stavropol and Krasnodar krais.
manager: Credit Agricole Consultants and Siparex Ingenierie et Finance, for EBRD.
capitalization: EBRD: $30 million. Republic of France: $20 million for technical assistance.
investment
objective: Equity of up to 49 percent of capital. An EBRD Regional Investment Fund, the Southern Russia RVF will target investments that lead to modernization, expansion, and/ or restructuring of private or privatized companies. Investments range from $300,000 to $3 million. Capital provided by the Southern Russia RVF must finance a new project (no start-ups), including working capital. The principal criterion for evaluating prospective investments is whether or not the return on a pro-posed investment project is commensurate with the risk.
industries: No hard liquor, financial insti-tutions, tobacco, firearms, or companies with an existing majority of non-Russian capital.
additional notes: The Fund will provide some technical assistance alongside investment.
contacts: Union d=Etudes et
d=Investissements
Paul-Henry Schmelck
100, boulevard du
Montparnasse
Paris 75682, Cedex 14, France
Tel.: + 33 (1) 43-23-61-99
Fax: + 33 (1) 43-23-34-13
Email: stephanie.egoian @cnca.credit-agricole.fr
Credit Agricole Consultants Sigefi
Southern Russia
Regional Venture Fund
Philippe Geynet,
Project Manager
International Business Center
ul. Beregovaya 10
344008 Rostov-on-Don, Russia
Tel.: +7 (8632) 673-128, 673-422
Fax: +7 (8632) 670-407
Email: srvf@iname.com
The U.S. Russia Investment Fund (TUSRIF)
region: Russia.
manager: U.S. Russia Investment Fund
capitalization: USAID (total anticipated):
$440 million.
funds invested: 150 million in over 200 businesses,
as of March 30, 1999.
investment
objective: The U.S. Russia Investment Fund provides financing and management support in the form of equity investment, loans, and technical assistance grants to firms operating in the Russian Federation. The Fund will consider investment proposals from enterprises as long as they are commercially viable and exhibit the potential for growth and profit generation. The business should have a committed and progressive management team and a coherent business plan or thoughtful vision for development. Investments have ranged from $20,000 to approximately $11 million.
industries: Diversified.
additional notes: This fund was formed through a consolidation of the Fund for Large Enterprises in Russia and the Russian-American Enterprise Fund. TUSRIF also has a small-business lending program that works through Russian banks and lending institutions to make small loans to small enterprises.
contact: TUSRIF
545 Fifth Avenue, Suite 300
New York, NY 10017
Tel.: (212) 818-0444
Fax: (212) 818-0445
TUSRIF/Moscow
2 Pavletskaya Square
Block 3, 5th floor
103051 Moscow, Russia
Tel.: +7 (095) 960-3131
Satellite Tel.:+7 (501) 960-3131
Fax: +7 (095) 960-3132
Satellite Fax:+7 (501) 960-3132
TUSRIF/Yekaterinburg
ul. Gogola 15A, 1st Floor
620151 Yekaterinburg, Russia
Tel.: +7 (3432) 592-909
Fax: +7 (3432) 592-908
TUSRIF/Khabarovsk
33, Muraviev-Amursky St.
Office 303
680000 Khabarovsk, Russia
Tel.: +7 (4212) 325-647
Fax: +7 (4212) 327-941
Satellite Tel.: +7 (509) 01-49088
TUSRIF/Rostov-on-Don
ul. Beregovaya 10, 11 Floor
344007 Rostov-on-Don, Russia
Tel.: +7 (8632) 671-786
Tel./Fax: +7 (8632) 671-768
TUSRIF/St. Petersburg
ul. Italianskaya 5, Office 53
190000 St. Petersburg, Russia
Tel.: +7 (812) 315-7035
Fax: +7 (812) 315-8264
TUSRIF/Vladivostok
U.S. Consulate Building,
Commercial Section
Attn.: Thomas Nastas
32, Pushinskaya St.
690000 Vladivostok, Russia
Tel.: +7 (4232) 300-093
Fax: +7 (4232) 300-092
TUSRIF
American Business Center
Kommunistichesky Pros., 32
693000 Yuzhno-Sakhalinsk,
Russia Tel.: +7 (4242) 727-124/25
Fax: +7 (4242) 727-174
Ukraine Fund
region: Ukraine.
manager: Claflin Capital Management, Inc.
capitalization: $22.5 million.
funds
invested: $15.7 million in 27 projects.
investment
objective: Equity. Ukrainian nationals should have a sizeable share of the venture. Average investment is $250,000, though up to $1.5 million may be con-sidered for portfolio investments over a period of time.
industries: Companies producing for the Ukrainian market. The Fund has invested in real estate, building materials, and food processing and distribution, among other sectors.
contact: Alexander Grenynk
Ukraine Fund
14-A Yaroslavival Str
252034 Kyiv
UKRAINE
Tel: +38 (044) 235-3790
Fax: +38 (044) 235-3792
Jerry Bird, Vice President
Claflin Capital Management, Inc.
77 Franklin Street
Boston, MA 02110
Tel.: (617) 426-6505
Fax: (617) 482-0016
Urals Regional Venture Fund
region: Russia: Sverdlovsk, Perm, and Chelyabinsk oblasts.
manager: Fleming Investments Ltd.
capitalization: EBRD: $30 million.
investment
objective: Equity investments in pri-vate-sector enterprises with no more than 25 percent state ownership and up to 5,000 employees. Investments targets will not necessarily have a foreign partner or hard currency earnings; the fund is expected to focus on enterprises that have a strong position in the domestic market. referred minimum investment is $300,000; preferred maximum investment is $3 million.
industries: No hard liquor, tobacco, or firearms.
additional notes: Investees must have a western partner.
contact John Ward
GIMV/corpeq Urals Fund B.V.
Ulitsa Kuibysheva 44
6th Floor
620026 Ekaterinburg
Tel/Fax: +7 (3432) 596140/1/2
J.Ward@urvf.wtc-ural.ru
Mr. Jan Dewijngaert
GIMV
Gareloomstraat 37
2018 Antwerp
Belgium
Tel: 00 32 3 290 2100
Fax: 00 32 3 290 2105
Email: janDW@gimv.be
The Western NIS Enterprise Fund
region: Western NIS (Belarus, Moldova, and Ukraine).
manager: Western NIS Enterprise Fund.
capitalization: The U.S. Government has capitalized the Fund with $150 million in foreign assistance appropriations over the next 3-4 years.
funds
invested: $29.4 million committed as of September 30, 1996.
investment
objective: The Fund provides portfolio companies with capital and the necessary management tools to evolve from entrepreneurial ventures to professionally-managed companies. Proceeds from the Fund=s equity investments of $500,000 to $5 million are used primarily for restructuring and expansion.
industries: Food processing, distribution, construction materials, other light manufacturing.
additional notes: The Fund also arranges for experienced western executives to work with local management in order to prepare and position com-panies for growth. In addition, policies and procedures for proper corporate governance and operating management are implemented and management information systems are installed in each company. These management tools and the Fund=s active participation on the supervisory council or board of each company are important elements of the Fund=s post-investment monitoring.
contact: Scott A. Carlson,
President & CEO
Western NIS Enterprise Fund
15 W. 39th Street, 11th Floor
New York, NY 10018
Tel.: (212) 556-9320
Fax: (212) 556-9321
Natalie A. Jaresko
Western NIS Enterprise Fund
4 Muzeney provulok, 3rd Fl.
252001 Kiev, Ukraine
Tel.: +380 (44) 247-5580
Fax: +380 (44) 247-5589
+West Russia Regional Venture Fund (RVF)
region: Russia: Novgorod, Pskov, Tver, Vologda.
manager: Societа Finanziaria di Partecipazione SpA (SOFIPA), for the EBRD.
capitalization: EBRD: $30 million.
investment
objective: Capital provided by the fund must be used to finance a new project including associated working capital. The principal criterion will be whether the expected return on investment is commensurate with the risks. Eligible projects are expected to involve the rational-ization, modernization, or expansion of productive capacity. At least 75 percent of the voting shares of the enterprise concerned must be owned by private share-holders prior to the Fund=s investment. Minimum investment of $300,000; maximum $3 million.
industries: No hard liquor, tobacco, firearms, gambling, financial services, speculative activities including real estate speculation, or activities that are on the EBRD Environmental Exclusion List.
contact: Paul Jackson/Francesco Gioffreda
Sofitech
ul. Mstinkaya 12
173004 Novgorod, Russia
Tel.: +7 (816) 223-5354
Fax: +7 (816) 223-6684
Email: pdj@sofitech.novgorod.ru, Fg@sofitech.novgorod.ru
Giovanni Ciochetta
Societа Finanziaria di Partecipazione SpA (SOFIPA)
Via Hoepli n 5
20121 Milan, Italy
Tel.: +39 (2) 725-9271
Fax: +39 (2) 8901-1027
Framlington West Siberia Regional Venture Fund(RVF)
region: Russia: Altay, Kemerovo, Novosibirsk and Tomsk oblasts.
manager: Framlington Investment Management Limited.
capitalization: EBRD: $33 million.
investment
objective: To make supranormal capital gains over a 5 to 8 year period. Minimum investment of $300,000, maximum investment of $3.3 million. Risk-adjusted capital gains over a 4-6 year period.
industries: All with the following exceptions: hard liquor, tobacco, firearms, gambling, financial services, speculative activities including real estate speculation, or activities that are on the EBRD Environmental Exclusion List.
contacts: Josh Dick
Framlington West Siberia Regional Fund
53 Gorky Street
630099 Novosibirsk 99, Russia
Tel.: +7 (3832) 959-416, 959-417
Fax: +7 (3832) 959-419
Mobile: +7 (3832) 595-838
Email: wsvf@online.ru
Gary C. Fitzgerald
Managing Director
Framlington Emerging Markets
155 Bishopsgate
London EC2M 3XJ, UK
Tel.: +44 (171) 374-4100
Fax: +44 (171) 330-6432