Bank invests US$50mn in new fund-of-funds.
The European Bank for Reconstruction and Development (EBRD) is investing US$50mn in a new private equity fund-of-funds focused on opportunities in Russia, CIS countries and Turkey.
The fund, Alpha Russia & CIS Secondary, will be managed by Swiss fund manager Alpha Associates Group and aims to raise up to US$300mn. It will target the secondary market in private equity funds, as well as primary commitments to new private equity funds and direct co-investments in companies.
”Developing sustainable private equity markets is a key priority for the bank,” said the EBRD’s first vice president, Varel Freeman, in a statement. “A liquid secondary market will help private equity as an asset class to function as efficiently in the region as it does in the US and European markets.”
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