The CEE Special Situations Fund aims to raise EUR200m, with EBRD, IFC, and CRG Capital initially committing a total of EUR36m. It will focus on the acquisition, turnaround and resolution of corporate distressed assets in Central and Eastern Europe.
Parham Pouladdej, MD of CRG Capital, said: “This successful closing reflects our track record, the strength of our team and investment strategy, as well as our unique positioning. While challenging, the current environment provides substantial opportunities to capitalize on throughout the region.”
Varel Freeman, EBRD First VP, said: “The EBRD’s participation in the fund will support the development of private equity investments in companies that have been adversely affected by the economic crisis. The fund will support an established management group that will bring new skills to support the recovery of viable, but struggling, companies.”
Lars Thunell, EVP and CEO of IFC, said: “By addressing the problem of bad debts, we are helping restore the long-term viability of the regional financial system so that individuals and small and medium businesses can gain better access to affordable finance.The Debt and Asset Recovery Program is a key element of IFC’s strategy to support the Europe and Central Asia region.”
CRG Capital is an asset manager and investment advisor focused on underperforming, distressed and special situations asset classes in the emerging Europe (CEE and CIS).
