Summary of Proposed Investment
Project Number
4905
Company Name
Pioneer First Russia, Inc.
Date SPI Disclosed
Feb 29, 1996
Country
Russian Federation
Industry
other
Status
Completed
Sector
Fund Management Company
Department
Equity Portfolio Management
Environmental Category
FI
Previous Events
Approved : Jun 19, 1996
Signed : Oct 16, 1996
Invested : Nov 14, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Russia-Pioneer First Russia |
| Region | Europe |
| Sector |
Projected Board DateApril 1, 1996
Company NamePioneer First Russia
Technical Partner and/or Major Shareholders
The Pioneer Group, Inc., a US-based fund management and natural resources company whose common stock is traded on the NASDAQ National Market.
Project Cost Including proposed IFC investment
Project Cost: US$14.25 million; IFC Investment: US$4 million
Location of project and Description of site
Pioneer First Russia is a Delaware-incorporated holding company. Its subsidiaries are incorporated in Russia and headquartered in Moscow.
Description of Company and Purpose of Project
Pioneer First Russia was established by Pioneer Group to acquire an investment management company, brokerage company and majority interest in a commercial bank from four Russian entrepreneurs. The asset management company manages one of the largest voucher investment funds in Russia. IFC’s funds will be used to provide capital for the reorganization and expansion of these businesses, in particular, the expansion of the investment management company into domestic mutual fund management and offshore venture capital and traded equity fund management.
Environmental Category and Issues
This is a category FI project according to IFC’s environmental review procedure. For relevant operations, notably venture capital fund management activities, Pioneer First Russia will be required to establish an environmental risk management system.
| Date SPI sent to PIC | February 29, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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