Societe Generale Asset Management Alternative Investments (SGAM AI) has raised ?80 million on the first closing of its Eastern European fund. SGAM Eastern Europe will target mid-market companies in Central Europe and the Balkans, focusing on buyout transactions and expansion capital. Investors in the fund include Societe Generale and the European Bank for Reconstruction & Development.
The fund was launched in November, and aims to raise ?150 million. It follows on from SGAM’s two previous funds which targeted the region. The Baltics Republic Fund has invested in private equity in the Baltic countries since 1994, investing over $100 million in 30 companies, and the SocGen Romania Fund started investing in 1997 and has invested $42 million in 18 companies.
The closing comes just a few weeks after SGAM AI announced it had acquired Baring Corilius Private Equity. That purchase gave SGAM AI a 10-strong team, based in Poland and Romania with a presence in Paris.