Published: October 14, 2010
Equity manager targets Turkey, Bulgaria and Romania.
Axxess Capital has launched a new private equity fund targeting southeastern Europe to take advantage of opportunities created by the downturn.
The firm’s Emerging Europe Accession Fund (EEAF) has raised €94mn of its €150mn target from the European Bank for Reconstruction and Development, the European Investment Fund and Swiss private institutional investor Acquina Partners.
Other backers include the Black Sea Trade and Development Bank and German investor DEG.
EEAF will invest in private businesses in Romania and Bulgaria as well as EU candidate Turkey. It will make investments of between €5mn to €20mn mainly in the manufacturing, logistics and distribution, financial services and healthcare sectors.
The fund is being managed by Axxess’ managing director Horia Manda from offices in Bucharest, Sofia and Istanbul.
EEAF is the third private equity fund to be managed by Axxess following the Romanian American Enterprise Fund and Balkan Accession Fund.