Baring Vostok Capital Partners Raises $205 Million for New Baring Vostok Private Equity Fund.Business Editors LONDON--(BUSINESS WIRE)--Jan. 24, 2002 The First Direct Investment Fund Raised in Russia Since 1998. Baring Private Equity Partners today announced that the new Baring Vostok Private Equity Fund had raised committed capital of US$205 million at the final closing of the fund in December 2001. This new private equity fund is targeted at investments in Russia, Ukraine, and other NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. (Newly Independent States New·ly Independent States Abbr. NIS The countries that until 1991 were constituent republics of the USSR, including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. ) countries. Commitments have been received from several large pension funds and investment companies from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). . Commenting on the fund's success, Michael Calvey, Co-Managing Partner of Baring Vostok, said, "Baring Vostok's `hands on' approach to investment has generated consistently strong returns throughout the last seven volatile years in Russia. Under President Putin's leadership, Russia has entered a new phase in its transition characterised by political stability, economic growth, and greater rule of law. Locally-based investment groups that weathered the 1998 financial crisis and have remained committed to Russia are ideally positioned to take advantage of this positive long-term trend." Baring Vostok's investment team is led by four senior partners: Michael Calvey, Alexei Kalinin, Jean Michel Jean Michel (died 1501) was a French dramatic poet of the fifteenth century known for revising and enlarging "the Mystery of the Passion" composed by Arnoul Gréban. There are three Michels mentioned in connection with this work. Broun, and Andrei Terekhov. Each of the senior partners has over 8 years of experience managing private investments in the region, including management of the First NIS Regional Fund ("NIS Fund"). A direct investment fund launched in 1994 with $160 million in capital, the NIS Fund has paid $231 million in dividends since inception and still owns substantial or controlling stakes in 10 enterprises. The average internal rate of return (IRR IRR In currencies, this is the abbreviation for the Iranian Rial. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) on Baring Vostok's 12 realized direct investments has been over 70% per annum Per annum Yearly. . The Baring Vostok Private Equity Fund focuses on several core industry sectors where the Baring Vostok investment team has direct experience, including oil and energy, telecommunications, branded consumer products, media, services, and technology. Investments will primarily focus on Russia and Ukraine, countries that currently offer a greater number of attractive opportunities than other countries in the NIS region. Alexei Kalinin, Co-Managing Partner of Baring Vostok, said "Baring Vostok is one of the few companies in Russia that successfully combines Russian management skills with international investment experience, and that gives us a significant advantage over purely local or foreign competitors." Notes to Editors Founded in 1984, Baring Private Equity Partners (BPEP BPEP Baring Private Equity Partners BPEP Basic and Primary Education Programme (Nepal) ) is a leading international private equity asset manager that invests in every major market outside of the USA via six regional funds with dedicated local investment teams. With a balanced team of 65 investment professionals operating out of 21 offices in 17 different countries world-wide, our coverage spans Asia, Western Europe, Central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. , India, Latin America and Russia/CIS. At 30 September 2001, BPEP's active portfolio of investments comprises 161 companies at a cost of investment of $1.2 billion. The ING Group, of which BPEP is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , has total assets of $625 billion(1). The ING Group ranked as the seventh largest financial institution in Europe and the fifteenth largest world-wide, with a market capitalisation of $53 billion(2). (1) 30 September 2001 (2) 19 November 2001 |
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