The project sponsor and fund manager for ACEEIII is Advent International, founded in 1984 and one of the oldest private equity firms. Advent is privately-owned, primarily by the firm’s founder and members of the management team, and has a global investment team of over 90 professionals from diverse backgrounds including operations, finance and consulting. Advent has one of the broadest geographic reaches of any private equity player with 14 offices and 10 affiliates in 25 countries. Globally, Advent has raised over $6 billion in aggregate and has invested in more than 500 companies in many different industries. In Central and Eastern Europe, Advent was the first private equity firm to establish a truly regional network, and has helped to establish, sponsor and train a number of local fund managers. Today, Advent has wholly-owned subsidiaries in Poland, Hungary, Romania, and affiliate relationships in Czech Republic and Slovakia, Croatia and Turkey. Other investors in ACEEIII are expected to include multilateral and bilateral development institutions as well as international commercial investors.

The target fund size for ACEEIII is €300 million. The potential IFC investment of up to €15 million represents up to 5% of the target fund size and up to 15% of the target first closing amount of €100 million.

17.59 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	17.59

* These investment figures are indicative

ACEEIII will be established as a Delaware, U.S., limited partnership, and its investments will focus primarily on the countries in Central and Eastern Europe where Advent has a local presence, namely: Poland, Hungary, Czech Republic, Slovakia, Romania, and Turkey. It may also invest selectively in Slovenia, Croatia, Bulgaria, Serbia, Latvia, Lithuania, and Estonia, and, with specific Advisory Board approval , in Russia.

Leveraging its global experience and investment expertise, Advent has proven to be an innovative investor in the context of its first two regional Central and Eastern Europe funds, and will continue to transfer this global financial expertise in ACEEIII investments. Advent has completed many of the region’s landmark deals including: the first Central European company to achieve a listing on Nasdaq, the first private equity transaction to include mezzanine finance from a dedicated mezzanine fund, the first private-equity financed public-to-private transaction in Central Europe, and the first leveraged management buy-in in Poland. In addition, Advent will seek deals where it can significantly add value and exert real influence over a portfolio company and transfer sector knowledge and business models from other markets. Assuming the target fund size of €300 million is reached and the average investment size is €20 million, about fifteen companies in the region will benefit from Advent’s proactive investment approach. IFC’s participation as an investor in ACEEIII would create more capacity, and allow more Central and Eastern Europe companies to benefit financially from ACEEIII investments and strategically from Advent’s proactive investment approach. IFC will likely have a nominee on ACEEIII’s Advisory Board to provide investment and regional expertise and enhance the Fund’s corporate governance.

This is an FI type 2 project. Advent will be required to ensure that its environmental management system can address the environmental and social management issues associated with ACEEIII’s investment program.
Location of environmental documents in locally affected community