The largest commitment to Resource Eastern European Equity Partners I to date came from Paris-based fund of funds manager AXA Private Equity, with a EUR 50 million pledge. AXA manages assets of USD 23 billion and invests broadly in private equity, with offices across Europe, and one in New York. The fund of funds manager opened a Vienna office in 2008, with a view to expanding its involvement in private equity investment opportunities in Central and Eastern Europe. Its affiliation with Resource Partners marks plans for AXA Private Equity to increase its exposure to investments in the region going forward.
Poland-based Resource Partners spun out from Carlyle Group in 2008, and its debut fund has an overall target of EUR 200 million, which it plans to invest in lower mid-market buyout and growth companies, predominantly in Poland. The fund has held one close so far, on EUR 51 million in 2009, and has secured over EUR 100 million in commitments to date from its cornerstone investors.
Other commitments to Resource Eastern European Equity Partners I have come from European Bank for Reconstruction and Development (EBRD) and Rabobank Group, which have both committed EUR 25 million to the fund. EBRD particularly focuses on investing in opportunities that support market development in Central Europe and Central Asia.
Resource Partners has invested EUR 1 million in the fund, which is aiming to invest 60% of capital directly in Poland, with the remaining 40% of capital allocated to investments in other Central and Eastern European countries excluding Czech Republic. Up to 50% of committed capital is to be invested in the consumer sector.
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