KYIV. July 21 (Interfax-Ukraine) – The International Finance Corporation (IFC), a member of the World Bank Group, will be providing up to $15 million to the Emerging Europe Growth Fund III (EEGF III, Delaware, the United States) launched by Horizon Capital Advisors, LLC for investment mostly in Ukraine.
Earlier, on June 5, the IFC board approved the project to invest up to $20 million in EEGF III.
As reported, U.S.-based Overseas Private Investment Corporation in June 2016 reported the disbursement of up to $37.5 million to EEGF III fund, launched by Horizon Capital, for up to 10 years.
The fund with a declared volume of $150 million will focus on medium-sized fast-growing, export-oriented companies in Ukraine and Moldova with the potential to become local or regional market leaders. It is assumed that the fund will make investment by buying a minority stake in such companies. At the same time, if necessary, it is also possible to provide seed capital for start-ups, acquire businesses or participate in privatization.
Along with IFC and OPIC, the co-investors in the fund are the European Bank for Reconstruction and Development (EBRD), Dutch Development Bank and Western NIS Enterprise Fund (WNISEF).
Horizon Capital was established in 2006. It manages private equity funds Western NIS Enterprise Fund (WNISEF, established in 1994 with a capital of $150 million), Emerging Europe Growth Fund, L.P. (EEGF, established in 2006 with a capital of $132 million) and EEGF II (EEGF, established in 2008 with $370 million capital).
The funds are invested in projects in Ukraine, Moldova, and Belarus.
