Enterprise Investors has reached a first close on its most recent fund Polish Enterprise Fund V. The fund has a target of €300m and will focus on Poland with up to 30% of capital reserved for investments in the Baltic countries, Bulgaria, Czech Republic, Hungary, Romania and Slovakia.
The fund will make investments ranging from €3m up to €45m. The most attractive sectors for investment are financial services, consumer products, telecoms, retail, healthcare, manufacturing and environment. The fund will target expansion and buyout deals. With the new fund, EI’s funds under management will exceed $1bn. As of January 2004 EI’s private equity funds had invested $684m in over 92 companies in Poland, Romania and Slovakia. The funds have fully exited 58 investments and returned $659m to their investors.
Jacek Siwicki, managing partner of Enterprise Investors, said: “Polish Enterprise Fund V includes new investors to the region as well as investors experienced form our previous funds. Their decision to join us in PEF V confirms EI’s track record and Poland’s attractiveness for investors. Poland’s imminent access to the EU makes PEF V particularly promising. The first investments of Polish Enterprise Fund V will be made in the next few days.”