The Fund will be managed by Bancroft Private Equity LLP (the Manager), a private equity firm which launched its first fund in 1996 targeting Central and Eastern Europe. The management team is led by Mr. Fred Martin and is comprised of nine investment professionals.

The Fund has a target committed capital size of €250 million. IFC proposes to invest equity up to €30 million, not to exceed 20% of the Fund’s total commitments.

43.53 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	43.53

* These investment figures are indicative

The Fund is a Jersey limited partnership and will be managed by Bancroft Private Equity LLP, an English limited liability partnership. The Manager’s (or its affiliates’) investment professionals are based in Athens, Budapest, Istanbul, London and Prague.

- Growth in employment: The Fund is expected to invest in growth companies that will generate new jobs in the Region

- Implementation of best practice corporate governance in portfolio companies: The Fund will adopt international best practices for corporate governance and management, as well as transparency, thus fostering knowledge and skill transfer, and encouraging best practice across the industry.

Through its investment in the Fund and participation on the Advisory Board, IFC will have the following contributions:

- Assist the Fund to broaden its geographic scope: IFC is supporting the Manager to expand further into Southeastern Europe and to Central Asia.

- Provide regional knowledge and lessons learned: IFC can provide important regional knowledge and experience.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure.

During appraisal, IFC will analyze the Fund’s expected portfolio and sectors of investment and determine the Applicable Requirements if any, that would include a combination of:

- The IFC FI Exclusion List and/or,
- The applicable National Social and Environmental Laws and Regulations and/or,
- The IFC Performance Standards

IFC will also review, if required, the capacity of the Fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). IFC may suggest Supplemental Actions to address any gaps in the SEMS if required.

The Manager will be required to:

- Develop SEMS, prior to disbursement to the satisfaction of IFC,
- Identify responsible, qualified persons to manage and implement the SEMS,
- Commit to implement the SEMS to ensure that its investments/activities are in compliance with the Applicable Requirements,
- Take action to remedy any gaps in SEMS implementation on an ongoing basis, and submit a periodic report to IFC according to a format to be provided by IFC.