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V4C’s next fund to be anchored with EIF and EBRD commitments

    Date: 25 April 2017

Value4Capital, the Poland and Central Europe focused mid-market private equity firm, is preparing to launch its next fund, V4C Poland Plus, with a €150m target size.  The Poland Plus Fund is expected to target private equity investments in SMEs and small mid-cap companies, particularly in service industries, where organic growth and consolidation opportunities provide the potential for the target company to become a leader in its segment. 

V4C Poland Plus will be anchored by a EUR 35 million commitment from the European Investment Fund (EIF) and a commitment of up to EUR 25 million from the European Bank for Reconstruction and Development (EBRD), each subject to certain conditions precedent.  EBRD has been an investor with V4C since 2006 when it committed to the V4C Eastern Europe Fund (which at the time was named SGAM Eastern Europe).

The EIF’s commitment benefits from the financial backing of the European Union under the European Fund for Strategic Investments (“EFSI”), set up under the Investment Plan for Europe.  Under this plan, the SME Equity Product Window targets financing to private equity funds supporting this part of the economy.  The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.  The commitment is the first to be deployed by EIF under the EFSI.  EIF’s commitment also includes the indirect commitment of the PGFF (Polish Growth Fund-of-Funds) (PolskiFundusz-funduszy Wzrostu (PFFW) in Polish), an initiative created by cooperation between BGK -  Bank Gospodarstwa Krajowego and EIF.

Bill Watson, Managing Partner of V4C commented:  “The new fund will be the first independent fund to be managed by our firm following our spin-out from a banking group in 2011.  With my partners, Jacek Pogonowski and Piotr Misztal, we will continue to work with mid-market companies to help them realize their growth ambitions and become market leaders.  Despite its strong growth and expansion potential, this part of the market is often overlooked by international investors as private equity capital is increasingly concentrated in larger funds.  The support of EIF and EBRD helps ensure we can continue to invest in this crucial part of the economy.”

EIF Chief Executive, Pier Luigi Gilibert commented:  “The private equity industry in the CEE region is still underdeveloped compared to other European economies, especially in the lower- to mid-market segment. EIF’s investment in the Fund would contribute to the development of private equity in the region, particularly in Poland for SMEs, small mid-caps and mid-caps. EIF is very pleased to contribute to the development of this eco-system in the CEE region and to provide companies with an alternative source of financing.”

 Anne Fossemalle, the EBRD’s Director for Equity Funds commented: “We are very pleased to support the first independent fund of V4C, a long standing partner of the EBRD.  Our commitment to the new fund reaffirms our desire to continue to support the private equity industry in CEE.”

About the European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.

The Investment Plan for Europe focuses on breaking down barriers to investment, providing visibility and technical assistance to investment projects and making smart use of new and existing financial resources.  More information on EIF's work under EFSI is available here.

EFSI is already seeing results. The projects and agreements approved for financing under EFSI so far are expected to mobilise over EUR 164 billion in total investments across 28 Member States and to support more than 385 000 SMEs. Based on this success, on 14 September 2016 the European Commission proposed extending the Plan, increasing its capacity and duration and reinforcing its strong points. The latest figures on EFSI by sector and country can be found here.

About Value4Capital

V4C is a private equity firm focused on investments in mid-market Polish and Central European companies.  We target investments in established small and mid-cap companies to build market leaders through consolidation and growth. Our main focus is service businesses.  We became independent as V4C in late 2011, when we spun-out of Amundi Private Equity Funds (formerly SGAM). V4C is now owned by its three partners, who have worked together since 2007. Each of them brings over 25 years of experience in the region gained working with international firms. Our current fund, V4C Eastern Europe was raised in 2006 / 2007 with Euro 156m of committed capital. It was invested in mid-market companies in Poland and Romania, most of which are now exited.  These exits include the December 2016 sale through a Bucharest Stock Exchange initial public offering of our stake in Romania’s largest private healthcare provider, MedLife S.A., and the December 2015 exit of Polish web hosting company, home.pl to a European strategic investor. In March 2017, a conditional sale agreement was signed for our largest investment, Polish security services company Konsalnet Holdings S.A., with an Asian strategic investor. See more about our team and strategy here.

About EBRD

The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt. The Bank is owned by 65 countries, the EU and the EIB. The EBRD’s strategic plan for the countries where it invests for the period 2016-18 has three priorities: strengthening economic resilience, addressing global challenges and supporting regional integration.  Follow us on the web, Facebook, LinkedIn, Instagram, Twitter and YouTube.


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