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Funds of Funds Targeting Central and Eastern Europe (CEE) - March 2012

by Patrick Adefuye

  • 29 Mar 2012
  • PE

At present there are 16 private equity fund of funds vehicles that are currently seeking capital and include an allocation for Central and Eastern Europe-focused funds. The largest of these is Akina’s Euro Choice V fund, which is seeking €720mn in total and has a broad European focus inclusive of Eastern Europe.

Of these funds that include an allocation for the CEE region, there are four with a 100% focus on the region, with the majority of the remainder having a broad emerging market remit. Alpha CEE III is one such fund. Managed by Switzerland-headquartered Alpha Associates, it is its fourth fund focusing on the wider CEE/CIS region and its third fund focusing on the CEE EU countries. Its main geographic focus will be on EU member countries in Eastern Europe, with a maximum 30% allocation to other countries in the region, including the former Yugoslavia, Turkey and Russia. It is seeking €300mn in total, and will make primary commitments to the leading private equity fund managers focused on the region, purchase mature fund interests in secondary transactions and make selective direct co-investments. Its stage focus will be small and mid-market buyouts and late stage expansion financing.

Another open private equity fund of funds vehicle completely dedicated to the CEE region is eQ Asset Management’s Amanda V East fund. It has a focus on growth and buyout funds investing in Russia and the CIS countries, and more selectively in Central, Eastern and South Eastern Europe. The fund will seek exposure to the consumer sector in particular. It held a first close on €33mn in June 2011 and is seeking €150mn in total.

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