EBRD, IFC and CRG Capital aim to raise €200mn for Special Situations Fund.
A new restructuring fund has launched, targeting distressed companies in central and eastern Europe.
The World Bank’s International Finance Corporation, the European Bank for Reconstruction and Development and asset manager CRG Capital have joined together to launch the CEE Special Situations Fund, which will invest in underperforming companies.
The fund is being launched as part of the IFC’s Debt and Asset Recovery Program, launched at the World Bank meetings last October. The three organisations have so far committed €36mn, but hope to raise €200mn eventually.
In a statement, EBRD First Vice President Varel Freeman said the fund will “support the development of private equity investments in companies that have been adversely affected by the economic crisis.”
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