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Zubr Capital Fund I reaches second close at USD90m

Zubr Capital, the first private equity firm based in Belarus, has completed the second closing of Zubr Capital Fund I (ZCFI fund) at USD90 million. The first closing of the fund completed in August 2016 with USD50 million of capital commitments.

The European Bank for Reconstruction and Development is the anchor investor of ZCFI. With the Second closing of ZCFI, EBRD has increased its capital commitment from USD12.5 million as per First Close. Netherlands Development Finance Company – FMO – became the second major investor, with USD15million in commitments for ZCFI. The purpose of its investment is to support the development of private equity industry in the region and implementation of environmental and social management systems in Belarusian companies.
Zubr Capital Fund I has been set up to invest in fast-growing, export-oriented companies that leverage Belarus’s cost competitive platform to generate global revenues primarily in IT, consumer-related sectors and light manufacturing. Zubr Capital aims to provide them with growth financing that often remains unavailable otherwise in the country. It also offers to equip domestic businesses with modern financial skills and techniques needed to successfully compete domestically and in international markets.
Oleg Khusaenov Zubr Capital CEO, says: “Classical system of financial institutions is diverse: banks, venture investors, private equity funds etc. But till 2016 private equity industry in Belarus wasn’t developed at all. When ZCFI was officially launched in 2016, we began to develop an investments ecosystem. The second closing at USD90m involving large international finance organisations – The European Bank for Reconstruction and the Netherlands Development Finance Company – shows that we are on the right path. It is important for Belorussian business to have an opportunity to use all universal financial institutions.”

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