**FUNDSBACKED BY U.S. GOVERNMENT &**

**MULTILATERALINSTITUTIONS**

 

# UPDATED JULY 1999

 

**AIG-BrunswickMillenium Fund**

*region:*                  NIS.

*managers:*            American International Group, Inc. and Brunswick Capital Management,  Ltd.

*capitalization:*      OPIC guarantee: $289 million, committed.

*investment*

*objective:*             The Fund=s objective is to achieve substantial long-termcapital appreciation through the purchase, active participation in management,and disposition of a portfolio of direct equity investments in the NIScountries. The Fund will make direct investments in equity and equity- relatedsecurities of enter-prises directly or indirectly operating in the NIS.

*industries:*            Natural resources, infrastructure, and consumer products.

*contact:*                Robert Howe

Managing Director

AIG Capital Partners

70 PineStreethttp://www.bisnis.doc.gov/bisnis/contactus.htm

New York, NY 10270

Tel.:(212) 458-2208

Fax:(212) 458-2156

 

**Agribusiness Partners International**

*region:*                  All CIS. Countries.

*manager:              *Agribusiness Management Company,L.L.C.

*capitalization:*      OPIC guarantee: $100 million. The

fundraising was completed in

 January  1997.  

*funds invested:     *Eight investments have been completed and are in finalstages of closing. The Fund has committed 81% percent of its total capital tothese eight investments. Investments made thus far are in dairy, poultry,beverage bottling, water bottling, packing and labeling industries. 

*investment*

*objective:*             Equity and debt. Interested in start-ups and joint ventures. Approximately $5-$15 million.

*industries:            *Agriculture, broadly defined.Includes food firms, infrastructure projects, privatization, food storage anddistribution facilities.

*contact:               *Robert Peyton

                            Agribusiness Management, L.L.C.

                             1004Farnam Street, Ste. 400

                            Omaha, NE 68102

                             Tel.:(402) 444-1630

                             Fax:(402) 930-3040

 

Agribusiness Management Co.

36, Str. 1, Bolshya Molchanovka

Office 104

Moscow 121069

Russia

Attn: Mr. Andre Tikhomirov

Tel: +7 501 792 3450

Fax: +7 501 792 3451

 

 

**Alliance Scaneast Fund**

*region:*                  Baltics, Poland, Hungary, the Czech republic, Slovakia and Russia

*manager:*              CapMan Capital Management and Alliance Capital

*capitalization:*      $40 million

*investment*

*objective:             *Activities range from corporateacquisitions to privatization and investment projects to green-fieldinvestments.  The Fund does not follow a strict sector policy but has apreference toward manufacturing industries.  As an essential element ofthe Fund=s investment policy is that a Western IndustrialPartner invests an equal amount or more than the Fund in any given transaction

*industries:*            Telecommunications; cables; construction materials; pulp and paper equipment;power generation; environmental technology; petrochemicals and plastics; oiland gas.

*contact:*                Mr. Petri Saavalainen,           InvestmentDirector, and

Mr. Peter Hellemaa,

Investment Director

Capman Capital Management Oy

Aleksanterinkatu 15 B

00100 Helsinki, Finland

Tel.: +358 (9) 6155 8314

Homepage: www.capman.fi

 

**Allied Capital**

*region:               *OPIC-designated countries.

*manager:         *  Allied Capital Advisers,Inc.

*capitalization:   *OPIC loan: $10.5 million.

*funds invested:*  $10.5 million.

*investment*

*objective:*             Mezzanine financing for international expansion opportunities.

*industries:            *Basic manufacturing,telecomm-unications, retail, and service industries.

*additional*

*notes:    *              Fully invested.

*contacts:*              

Cabell Williams, 

Managing Director 

Allied Capital Corporation

1919Pennsylvania Ave.  N.W.,

 3rd Floor

Washington, D.C. 20006

Tel.:  (202) 331-1112

Fax: (202) 659-2053

Email:     [email protected]

 

 

**Rabo Black Earth Regional Venture Fund (RVF)**

*region:*                  Belgorod, Kursk, Lipetzk, Tambov, and Voronezh.

*manager:*              Rabo Black Earth BV for EBRD.

*capitalization:*      EBRD: $30 million. $20 million of technical assistance funds are also to beprovided by the European Union's TACIS program.

*investment*

*objective:*             Investments of $210,000 (ECU 240,000) to $2.1 million (ECU 2.4 million) will beconsidered in targeted privatized companies with between 200 and 5,000employees. Like other EBRD Regional Venture Funds, the Black Earth RVF willnormally take a significant minority stake but in some cases will consider amajority position. Investment capital is to be used to finance new projects,including associated working capital.

*industries:*            No hard liquor, tobacco or firearms.

*additional*

*notes:*                   The Fund will provide some technical assistance alongside investment. Investeesmust have a western partner.

*contact:*                Michel Hendriks

EWIC Larive

PO Box 870

NL 3700 AW Zeist,

Netherlands

Tel.: +31 (30) 693-3221

Fax: +31 (30) 693-2908

Michel Hendriks

Rabo Black Earth Regional

Venture Fund

Stepana Razina Str. 38

394000 Voronezh

Tel.: +7 (0732) 713-180, 

719-441, 713-291, 573-886

Fax: (7 0732)  712-303

Email: [email protected]

 

Kari Haataja

EBRD 

One Exchange Square 

London EC2A 2EH, UK 

Tel.: 011 44 (171) 338-7817 

                            Fax: 011 44 (171) 338-7029

                            Email: [email protected]

 

**CARESBAC-St. Petersburg/Small**

**Enterprise Equity Fund (SEEF)**

*region:*                  Russia (St. Petersburg area).

manager:                Small Enterprise Assistance Funds (SEAF)

*capitalization:*      $12.3 million, of which $10 million is from the EBRD.

*funds*

*invested:*               $3,000,000 in 16 completed investments.

*investment*

*objective:*             Equity (minority position), and long-term debt. SEEF funds operate oncommercially-

sustainableprinciples, investing primarily through equity in amounts from$200,000-700,000. Small to medium-sized businesses of between 5 and 150employees with majority Russian ownership and an annual revenues of $500,000(or ruble equivalent) are preferred.

*industries:*            Food processing and distribution, light manufacturing for export, wholesale andretail distribution, housing, business service providers, and businesseshelpful to the environment.

*additional*

*notes:*                   Technical support to investees will be provided through organizations such asthe Citizens' Democracy Corps, the International Executive Service Corps, andthe Volunteers in Overseas Cooperative Assistance. 

*contact:*                Jonathan Carr,

GeneralDirector

SmallEntreprise Equity Fund

Lermontovsky prospekt 7,

2nd Floor

190008 St. Petersburg, Russia

Tel.:        +7 (812) 114-2632

Fax:        +7 (812) 325-6337

Thomas C. Gibson, President

Small Enterprise

Assistance Funds

400 17th St., N.W.

Washington, D.C. 20038

Tel.:        (202) 737-8463

Fax:        (202) 737-5536

 

**CEENIS Property Fund, L.P.**

*region:*                  NIS, Eastern, and Central Europe.

*manager:*              Pioneer Real Estate Advisors

*capitalization:*      OPIC guarantee: $160 million; sponsor equity: $80 million; total: $240 million.

*funds*

*invested:*               Beginning first round of investment.

*investment*

*objective:*             To assemble a portfolio of quality property assets, through purchase and development,throughout Central and Eastern Europe, Russia, and the new republics of theformer Soviet Union. Fund transactions will include com-binations of loans andequity investments, depending on project and market conditions. The Fund willacquire property interests either directly or through joint venture.

*industries:*            Commercial, light manufacturing, office, retail, distribution, warehousing, andrelated residential development projects.

*contact:                *Mr. Amos Rogers, III

Pioneer Real Estate Advisors

60 State Street-18th Floor

Boston, MA 02109

USA

Tel: (617) 422-4913

 

**The Central Asian-American Enterprise Fund**

*region:*                  Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

*manager:*              Central Asian-American Enterprise Fund, Inc.

*capitalization:*      U.S. Government: $150 million authorized. Additional funds sought from theprivate sector for co-investment. 

*funds invested:*     As of May 30, 1999, there were almost $65 million of approved investments,including $15 million that has been provided as financing to privately ownedsmall and medium-sized businesses n all five countries.

*investment*

*objective:*             Equity and debt financing to small and medium-sized enterprises that arecommercially viable and offer a reasonable prospect for an acceptable rate ofreturn on investment. Investments must be accompanied by a local investmentcomponent. Joint ventures with financial participation are encouraged, withpreference given to U.S. partners, although others from Europe and Asia arealso accepted. Typical investments will range from $300,000 up to $5 million. 

*small loan*

*program:*              CAAEF makes small business loans that range from $100,000 to $500,000. InKazakhstan and Kyrgyzstan the Fund also supports a micro loan program that isoperated by Mercy Corps International.  Loan amounts under the microprogram range from $1,000 to $25,000.

*industries:*            Infrastructure development such as food processing, distribution andtransportation, as well as consumer goods and services.

*additional*

*notes:*                   Technical assistance will be provided with investment.

*contacts:              *CAAEF President Donald R. NicholsonII and ACLC President Robert Dunmyer both reside in Tashkent, Uzbekistan.

*United States:*      Brian K. Mercer,

Chief Financial Officer

 

Central Asian-American

Enterprise Fund

1634 Eye Street, N.W., Suite 200

Washington, D.C., 20006

Tel.:        (202) 737-7000

Fax:         (202)737-7077

Email: [email protected]

Web page: www.caaef.com

*Kazakhstan:*         John B. Owens

Chief Investment Officer

Senior Vice President and Head of Office,

Central Asian American Enterprise Fund

Veronica John, Vice-President

David Lloyd, Vice-President

Daniel Worrell, Vice-President

531 Seyfullin Street, 2nd Floor

480091 Almaty, Kazakhstan

Tel.: +7 (3272) 638-815

Fax: +7 (3272) 694-589

Email: [email protected]

*Kyrgyzstan:*          Tom Jacobs,

Vice President &    Head of Office

CAAEF

South Gate Business Center

P.O. Box 1137

720021 Bishkek, Kyrgyzstan

Tel.: +996 (312) 512-318

Fax: +996 (312) 512-325

Email:     [email protected]

*Tajikistan:*            Daniel R. Dougherty,

Vice President

CAAEF

35 Kirova Street

734000 Dushanbe, Tajikistan

Tel.: +7 (3772) 51-00-88

Email: [email protected]

Lenin 1, 4th Floor

Khujand, Tajikistan 735700

Tel.: +7 (3792) 243-532

Fax: +7 (3792) 260-073

*Turkmenistan:*      Paul Hamlin

Vice President &

Head of Office

CAAEF

2 Pushkin Street

744000 Ashgabat,

Turkmenistan

Tel.: +9 (9312) 357-445

Fax: +9 (9312) 390-152

Email: [email protected]

*Uzbekistan:*          Steven Shea

Senior Credit Officer

Senior Vice President and

Head of Office

Central Asian-American

Enterprise Fund

39-41 Zarkainar Street

700011 Tashkent, Uzbekistan

Tel.:+7 (711) 206-134, 206-360

Fax: +7 (711) 206-138, 206-359

E-mail: [email protected]

 

**Central Russia Regional Venture Fund (RVF)**

*region:*                  Russia: Ivanovo, Nizhny Novgorod, Southwest Kostroma, Yaroslavl, Vladimir.

*manager:              *Deutsche Handelsbank, AG, for theEBRD.

*capitalization:*      EBRD: $30 million.

*investment*

*objective:*             Minimum investment of $300,000, maximum investment of $3 million. Capitalprovided by the fund must be used to finance a new project including associatedworking capital. The principal criterion will be whether the expected return oninvestment is commensurate with the risks. Eligible projects are expected toinvolve the rationalization, modernization or expansion of productive capacity.At least 75 percent of the voting shares of the enterprise concerned must beowned by private shareholders prior to the Fund=s investment.

*industries:*            No hard liquor, tobacco, firearms, gambling, financial services, speculativeactivities including real estate speculation, or activities that are on theEBRD Environmental Exclusion List.

*contact*                 Kendrick White

CentralRussia Regional Venture Fund

Ulitsa Osharskaya, 52

603006 Nizhny Novgorod

Tel: +7 (8312) 77-32-55

Fax: +7 (8312) 77-32-55

E-mail:[email protected]

 

Leonid Moshejko

 

CentralRussia Regional Venture Fund

Ulitsa Deputatskaya, 1

150000 Yaroslavl

Tel: +7 (0852) 32-87-89

Fax: +7 (0852) 32-91-83

Email: [email protected]

 

**Daiwa Far East and Eastern Siberia**

**Investment Fund**

*region:*                  Russian Far East and Eastern Siberia.

*manager:*              Daiwa Securities, Itochu Corporation, Nippon Investment and Finance, Ltd.,Daiwa Institute of Research, Ltd., CRC Institute.

*capitalization:*      Total capitalization of $53 million. EBRD: $30 million (investment funds);Japan Ministry of Foreign Affairs Technical Cooperation Fund: $20 million(technical cooperation funds); Nippon Investment and Finance Fund for EquityInvestment: $3 million (investment funds).

*investment*

*objective:*             The objectives of the Fund are twofold: (1) to secure a return on investmentcapital commensurate with risks; and (2) to cooperate with and assist privateand privatized enterprises (through equity investments and consulting) in theireffort to modernize and re-structure themselves. Target companies must be insound financial condition and have good prospects in their core business.Privatized or private companies which are located in the geograph-ical regionscovered by the Fund, and which have no more than 5,000 employees will beeligible for investment. At least 75 percent of the Fund will be invested incompanies located in the Russian Far East. Not more than 25 percent will beinvested in Eastern Siberia. Investments will range from $330,000 to $3.3million.

industries:              Enterprises in infrastructure development such as food processing, distributionand transportation, as well as consumer goods and services. No hard liquor,tobacco or firearms.

*additional*

*notes:*                   Technical assistance will be provided alongside investment. Investees must havea western partner.

*contact:*                Pavol Katancik

Daiwa Far East & Eastern

Siberia Investment Fund

c/o Japan Centre 

ul. Moskovskaya 7 

680000 Khabarovsk, Russia

Tel.:        +7 (4212) 227-243 

Fax:         +7(4212) 336-287 

Email:     [email protected]

Mitsuhiro Ichiyanagi

Daiwa Far East and Eastern

Siberia Fund

c/o Japan Center

37 Okeansky Prospekt, 3rd Floor

690091 Vladivostok

Tel.: +7 (4232) 425-601,

425-623, or (509) 851-2530 

Fax: +7 (4232) 425-700, or

+7 (509) 851-2540 

Email: [email protected]

Masaomi Mogi

Daiwa Institute of Research Ltd.

15-6 Fuyuki Koto-Ku

Tokyo 135

Japan

Tel: +81 3 5620 5407

Fax: +81 3 5620 5610

Email: [email protected]

 

**Defense Enterprise Fund**

*region:*                  Russia, Ukraine, Kazakhstan, and Belarus.

*manager:              *The Defense Enterprise Fund, Inc.

*capitalization:*      U.S. Department of Defense: $70 million.

*funds invested:     *$70 million committed

*investment*

*objective:*             Equity and debt. The Fund will make investments only in joint venturesinvolving privatized enterprises or enterprises that commit in writing toprivatization. An enterprise will be considered privatized when more than 50percent of the ownership and control is in the private sector. At least one ofthe partners in any joint venture should be from a country outside the NIS,with preference given to joint ventures with U.S. involvement. Investments willbe diversified among smaller enterprises or spinoff enterprises derived fromlarger defense enterprises, large enterprises that have converted or are in theprocess of converting, and start-ups formed by former defense or militarypersonnel. Investments range from $1 to $5 million.

*industries:*            Enterprises that include personnel and/or facilities currently or formerlyinvolved in research, development, production, or operation and support of thedefense sector. Particular emphasis is given to facilities which helped toproduce weapons of mass destruction, as well as firms associated with theproduction of command, control, and communications equipment for military forcesassociated with these weapons.

*contact:                *Rick Sample, CEO

John Nowell, President

816 Connecticut Ave NW

Suite 900

Washington, DC 20006

Tel.:         (804)673-6230

Fax:         (804)281-0708

E-mail:     [email protected]

Home Page: www.gpventures.com/

 

**East European Food Fund**

*region:*                  Central/Eastern Europe & N.I.S. Countries.

*manager:*              Jupiter Asset Management

(Bermuda) Limited.

*capitalization:*      U.S.$ 76 million, including EBRD equity participation.

*investment*

*objective:*             This fund undertakes equity and equity-related investments in the food andbeverage industry. Investments range from $3 million to $7 million.

*contact:*                William Creuwdson, Director

Jupiter Asset Management, Ltd.

Knightsbridge House,

197 Knightsbridge

London SW7 1RB, UK

Tel.:        +44 (171) 412-0703

Fax:        +44 (171) 581-3857

Email: [email protected]

 

**First NIS Regional Fund**

*region:*                  NIS (60 percent Russia),

Baltics.

*manager:*              Baring International Investment Management Limited, Sovlink-AmericanCorporation, Investment Advisor.

*capitalization:*      $145 million, of which $40 million has an OPIC guarantee; EBRD: $20 million;IFC: $15 million.

*investment*

*objective:*             Equity and direct investments. The purpose of the fund is to achieve long-termcapital growth through investment in a portfolio of companies doing business inone or more of the 15 countries of the former Soviet Union. The Fund makes bothdirect investments in unlisted companies and passive investments in Aover- the-counter@and listed stocks. The Fund seeks out companies which are leaders in theirrespective industries, with progressive and capable manage-ment, current andfuture earnings and cashflow, and compelling valuations on both an asset andearnings basis. Investments generally range in size from $3 million to $10million.

*industries:*            Diverse.

*contact:*                Peter Willis

BaringInternational Investment Management Limited

155 Bishopsgate

London EC2M 3XY, UK

Tel.: +44 (171) 214-1878

Fax: +44 (171) 214-1635

Terrence J. English

Sovlink Corporation

1221 Avenue of the Americas

New York, NY 10020

Tel.:         (212)730-4868

Fax:         (212)730-2871

Michael Calvey,

Managing Director

Sovlink Corporation

10, Uspenski per.

103006 Moscow, Russia

Tel.:        +7 (095) 967-1300

Fax:        +7 (095) 967-1308

Andrei Terekhov

Sovlink Corporation

ul. bol. Zhitomirskaya 6A, Apt. 3

252025 Kiev, Ukraine

Tel.:        +380 (44) 229-5533

Fax:        +380 (44) 229-5533

 

**Framlington Russian Investment Fund**

*region:*                  Russian Federation

*manager:*              Framlington Investment Management Limited.

*capitalization:*      $65 million. EBRD: $16.6 million; IFC: $8 million.

*funds invested:*     Fully invested

*investment*

*objective:*             The Fund invests in export-oriented industries as well as domestic sectors withrapid growth potential. Typical investment ranges from $500,000 to $2.5million. The Fund will not subscribe to more than 20 percent of the capital ofany investee company.

*additional notes:*   No hard liquor, tobacco, or firearms.

*contact:*                Gary C. Fitzgerald,

Managing Director

FramlingtonEmerging Markets

155 Bishopsgate

London EC2M 3XJ, UK

Tel.:        +44 (171) 330-6621

Fax:        +44 (171) 330-6432

[email protected]

Tom Vallance

General Director

FramlingtonInvestment Management

Tel: +7 (095) 937-5933

Fax:+7 (095) 937-5934

 

**Global Environment Emerging Markets**

**Fund (GEEMF) I and II**

*region:*                  NIS as well as emerging markets in Asia, Latin America, Europe, the MiddleEast, and Africa.

managers:              Global Environment Fund Management Corp.

*capitalization:*      GEEMF  I--$70 million; GEEMF  II--$120 million. OPIC guarantee: $80million.

*funds invested:*     Approximately $70 million.

*investment*

*objective:*             Equity or equity-related investments. The Fund seeks significant minoritypositions in operating companies or projects with demonstrated cash flows,significant long-term revenue growth potential, and high anticipated margins ofprofits from operations. Projected rates of return to the investor shouldsubstantially exceed the current risk-free return available in individualmarkets, with additional consideration for risks related to the volatility andconvertibility of currency and the degree of liquidity for the investor.Investments of up to $10 million from GEEMF  I, and up to $20 million fromGEEMF  II.

*industries:*            Environment-oriented industries, especially those engaged in developing,financing, operating or supplying infrastructure projects related to thedelivery of clean energy (natural gas and renewable sources), potable water,and wastewater treatment.

*additional notes:*   Portfolio companies can arrange for OPIC investmentinsurance against certain political risks and debt financing for projects thatinvolve significant U.S. ownership.

contact:                 H. Jeffery Leonard

Global Environment Fund

1201 New York Ave., NW, #220

Washington, DC 20005

Tel.:        (202) 789-4500

Fax:        (202) 789-4508

 

**Lower Volga Regional Venture Fund (RVF)**

*region:*                  Russia: Volgograd, Samara, and Saratov Oblasts.

*manager:*              Volga River Management, Inc. (a partnership of Hancock Venture Capital andPoint Venture Partners), for the EBRD.

*capitalization:*      EBRD: $30 million. U.S.AID: $10 million to fund feasibility reports, financialaudits, and environmental studies, and to provide for skills and Aknow how@transfer. $3 million co-investment by the partnership.

*funds invested:*     Investments have been made in a wall-paper manufacturer, a bakery, awood-processing facility, and a brewery.

*investment*

*objective:*             To make investments with a high potential to produce superior investmentreturns. Target investments will possess a highly competent management teamwilling to meet recognized international standards for financial re-porting andmanagement performance, and will display a willingness to sell the Fund asignificant minority interest, including special board rep-resentation.Preferred mini-mum initial investment of $300,000; preferred maximum initialinvestment of $3 million.

*contact:*                Joel Montgomery

Volga River Management Inc.

Ulitsa Alabayana, 10/1

Kor. 6

125080 Moscow

Tel: +7 (095) 198 4340/4341

Fax: +7 (095) 198 5702

 

Kent Engelmeier

HP Russia, L.P.

3260 USX Tower

600 Grant Street

Pittsburg, PA 15219

USA

Tel: +1 412 263 5310

Fax: +1 412 263 5313

Email:

[email protected]

 

**New Century Capital Partners**

*region:*                  Armenia, Belarus, Estonia, Georgia, Kazakhstan, Latvia, Lithuania, Moldova,Russia, Ukraine.

*managers*:             NCH Inc.

*capitalization:      *OPIC -$250 million.

*funds invested:*     $210 million (December 1997).

*investment*

*objective:*             Equity investments in diversified manufacturing, financial, and serviceindustries. New Century Capital Partners seeks substantial majority or minoritypositions in infrastructure or natural resource-based businesses. This funddoes not invest in start-up companies.

*industries:*            Diversified.

*additional notes:*   New Century Capital Partners has offices in Moscow, St.Petersburg, Almaty, and Kiev, but initial inquiries should be made to the NewYork office.

*contact:*                Gil Schorr

NCH Capital Inc.

712 Fifth Avenue, 46th Floor

New York, NY 10019-4108

Tel.:        (212) 641-3275

Fax:        (212) 641-3201

Email: [email protected]

 

**Capital International Global Emerging Markets PrivateEquity Fund (CIGEMPEF)**

*region:*                  global emerging markets.

*manager:*              Capital International.

*capitalization:*      $600 million.

*investment*

*objective:*             The fund invests in projects valued between $10-100 million.  CIGEMPEFwill take 10-40% ofprojects           

*additional notes:*   No other funds/no real estate

*contact:*                Ashley Dunster or

Stewart Gibson

Capital Research International

25 Bedford Street

London WC2E 9HN, UK

Tel.:        +44 (171) 257-6700

Fax:        +44 (171) 257-6767

Email: [email protected]

James Ho (Asia) 

Tel: +852 2842 1007

Leonard Kim (Asia) 

Tel: +65 437 0694

William Bannister-Parker (Europe)

Tel: +44 171 864 5748

Ashley Dunster (Europe) 

Tel: +44 171 864 5993

 

 

**Quadriga St. Petersburg and Leningrad**

**Region Venture Fund (RVF)**

*region:*                  Russia: the city of St. Peters-burg and Leningrad oblast.

*manager:*              Quadriga Capital Russia GmbH & Co. KG

*capitalization:*      EBRD: $30 million. Federal Republic of Germany: $20 million, for consultingservices to enterprises in which the St. Petersburg RVF invests.

*funds invested:     *$28 million as of November 27, 1996.  

*investment*

*objective:*             Equity investments in medium-size private sector enterprises with no more than25 percent state ownership and up to 5,000 employees. Investment targets shouldhave a strong position in the domestic market, and will not necessarily have aforeign partner or hard currency earnings. Preferred minimum investment is$300,000, preferred maximum investment is $3 million. Capital provided by theSt. Petersburg RVF will finance the acquisition of productive assets, includingassociated working capital. Primary investment criterion: that the expectedreturn on investment is commensurate with the risks.

*additional notes:*   The Fund may also provide some technical assistance alongwith investment.

*industries:*            No hard liquor, tobacco, military industry, gambling, speculative activitiesincluding real estate speculation, or immoral or illegal activities.

*contact:*                Reinhard Kohleich

Managing Director

QuadrigaCapital Russia GmbH & Co. KG

RepresentativeOffice, St. Petersburg

Nevski Prospekt 30

Office # 3.3

199034 St. Petersburg, Russia

Tel: +7 (812) 325-8474

Fax: +7 (812) 325-8477

 

**Russia Partners Fund**

*region:*                  Russia/NIS.

*manager:*             Russia Partners Management, L.L.C. (a subsidiary of Siguler Guff & Company,L.L.C.).

*capitalization:*      Originally closed at $130 million in 1994. Now open for a second subscriptionfor up to $155 million. Partially guaranteed by OPIC. Russian government: $5million, and has given a $20 million "back-door" guarantee.

*investment*

*objective:*             Equity and quasi-equity securities of both new and expanding enterprises inRussia, including newly privatized. No more than 15 percent of the Fund=s assets will be invested in any one portfoliocompany, nor more than 25 percent in any one business sector or venture.Companies with Western strategic partners are considered desirable. The averagein-vestment size is $2 million to $10 million.

*industries:*            Telecommunications, manufacturing, natural resource processing,pharmaceuticals, and consumer goods. No investments that will causeenvironmental damage in Russia, or that will have a negative impact on the U.S.economy.

*additional notes:*   Whenever possible, the Fund will attempt to use itsinvestment to leverage loans from other sources, such as EBRD or the IFC. 

*contact:*                Orhan Sadik-Khan,

Managing Director

Russian Partners Management,             L.L.C.

c/o Siguler, Guff & Company

Rockefeller Center

630 Fifth Avenue, 16th Floor

New York, NY 10011-0100

Tel.:  (212) 332-5110

Fax:  (212) 332-5120

Boris Karlov

Managing Director

Max Scherbakov

Managing Director

Russia Partners Management

ul. Myasnitskaya 35,

Room 424, 4th Floor

101959 Moscow, Russia

Tel.: +7 (095) 207-6020

Fax: +7 (095) 207-9140 

 

**Russian Technology Fund**

*region:*                  St. Petersburg and the Leningrad oblast, initially. Later, all of Russia.

*management:*       Top Technology.

*capitalization:*      $5 million

*investment*

*objective:*             The fund will make equity investments in small-sized technology-relatedventures. The fund will typically consider investments between $250,000 and $1million.

*contact:                *Harry Fitzgibbons

Russia Technology Fund

Top Technology

20-21 Tooks Court

Cursitor Street

London EC4A 1LB, UK

Tel.: 011 44 (171) 242-9900

Fax: 011 44 (171) 405-2863

 

 

**Sector Capital**

*region:*                  Russia, especially the Russian Far East.

*management:*       Sector Capital.

*capitalization:*      EBRD equity participation.

*investment*

*objective:*             This fund is interested in co-investment or project finance. Where appropriate,Sector Capital will deploy its corporate finance and securities capabilities toassist directly in restructuring and refinancing portfolio companies.Investments will range from $500,000 to $2 million.

*industries:*            Logistics, transportation, infrastructure.

*contact:*                Alexandre Goodwin,

Chief Executive Officer

Sector Capital

Novy Arbat 34, Dom 2

121099 Moscow, Russia

Tel.: +7 (095) 290-8656

Fax: +7 (095) 205-7077

 

**Small Enterprise Equity Fund**

*region:*                  Russia (Nizhny Novgorod area).

*manager:*              Small Enterprise Assistance Funds (SEAF), formerly the CARE Small BusinessAssistance Corporation.

*capitalization:*      EBRD: $5 million.

*funds invested:*     Seventeen investments worth a total of $2,348,031.

*investment*

*objective:*             Equity (minority position), and long-term debt, but only to borrowers in whichthe Fund is an equity partner. Small to medium-sized businesses of between 5and 150 employees with majority Russian ownership and an annual turnover ofbetween $100,000 and $1 million (or ruble equivalent) are preferred. SEAF fundsoperate on commercially -sustainable principles, investing primarily throughequity in amounts from $50,000 to $300,000, with an average size of $150,000.For the most part, the Fund does not invest in trading companies or start-ups,unless the Russian owner(s) are committed to investing significant time andpersonal resources in manufacturing or services activities which benefit NizhnyNovgorod and the surrounding area.

*industries:*            Businesses engaged in the production of goods and services beneficial to thelocal economy, and majority owned and operated by Russians with an establishedreputation for integrity, competence, and a commitment to succeeding in a freemarket.

*additional notes:*   Technical support to investees will be provided throughorganizations such as the Citizens' Democracy Corps, the InternationalExecutive Service Corps and the Volunteers in Overseas Cooperative Assistance.No hard liquor, tobacco or firearms.

*contact:*                Brian Shriver

150 Gorky Str.

Office # 700

PO Box 585

603000 Nizhny Novgorod

Russia

Tel.: +7 (8312) 354-285, 354-400

Fax: +7 (8312) 354-345

Thomas C. Gibson, President

Small Enterprise

Assistance Funds

1150 Connecticut Ave., N.W.

Suite 715

Washington, D.C. 20036

Tel.:        (202) 737-8463

Fax:        (202) 737-5536

 

**Smolensk Regional Venture Fund (RVF)**

*region:*                  Smolensk oblast, Russia.

*manager:*              Siparex.

*capitalization:*      EBRD: $12 million.

*investment*

*objective:*             Equity of up to 49 percent of capital. An EBRD Regional Investment Fund, theSmolensk RVF will concentrate on facilitating modernization, expansion, and/orrestructuring of privatized companies. Investments range from $300,000 to $1.2million. Capital provided by the Smolensk RVF must be applied to finance a newproject, including working capital. The beneficiaries need not have a westernpartner. The principal criterion for evaluating prospective investments iswhether or not the return on a proposed investment project is commensurate withthe risk.

*industries:*            Excluded:  hard liquor, tobacco, firearms, real estate, gambling orbanking activities.

*additional notes:*   The Fund will provide some technical assistance alongsideinvestment. Investees must have a western partner.

*contact:*                Philippe Lambert

Sigefi

139 rue Vendome

69477 Lyon Cedex 06

France

Tel.: +33 4 72 83 23 23

Fax: + 33 4 72 83 23 00

Mr. Henri Oliva,

Project Manager

SIGEFI

ul. Vorobiova 17

214015 Smolensk, Russia

Tel.: +7 (081) 223-4789

Fax: +7 (095) 943 5524

 

**Southern Russia Regional Venture Fund (RVF)**

*region:*                  Russia: Rostov oblast, Stavropol and Krasnodar krais.

*manager:*              Credit Agricole Consultants and Siparex Ingenierie et Finance, for EBRD.

*capitalization:*      EBRD: $30 million. Republic of France: $20 million for technical assistance.

*investment*

*objective:*             Equity of up to 49 percent of capital. An EBRD Regional Investment Fund, theSouthern Russia RVF will target investments that lead to modernization,expansion, and/ or restructuring of private or privatized companies.Investments range from $300,000 to $3 million. Capital provided by the SouthernRussia RVF must finance a new project (no start-ups), including workingcapital. The principal criterion for evaluating prospective investments iswhether or not the return on a pro-posed investment project is commensuratewith the risk.

*industries:*            No hard liquor, financial insti-tutions, tobacco, firearms, or companies withan existing majority of non-Russian capital.

*additional notes:*   The Fund will provide some technical assistance alongsideinvestment.

*contacts:              *Union d=Etudes et

d=Investissements

Paul-Henry Schmelck

100, boulevard du

Montparnasse

Paris 75682, Cedex 14, France

Tel.: + 33 (1) 43-23-61-99

Fax: + 33 (1) 43-23-34-13

Email: stephanie.egoian                       @cnca.credit-agricole.fr

Credit Agricole Consultants   Sigefi

Southern Russia

Regional Venture Fund

Philippe Geynet,

Project Manager

International Business Center

ul. Beregovaya 10

344008 Rostov-on-Don, Russia

Tel.: +7 (8632) 673-128, 673-422

Fax: +7 (8632) 670-407

Email: [email protected]

 

**The U.S. Russia Investment Fund (TUSRIF)**

*region:                  *Russia.

*manager:*              U.S. Russia Investment Fund

*capitalization:*      USAID (total anticipated): 

$440 million.

*funds invested:*     150 million in over 200 businesses,

as of March 30, 1999.

*investment*

*objective:*             The U.S. Russia Investment Fund provides financing and management support inthe form of equity investment, loans, and technical assistance grants to firmsoperating in the Russian Federation. The Fund will consider investmentproposals from enterprises as long as they are commercially viable and exhibitthe potential for growth and profit generation. The business should have acommitted and progressive management team and a coherent business plan orthoughtful vision for development. Investments have ranged from $20,000 toapproximately $11 million.

*industries:            *Diversified.

*additional notes:*   This fund was formed through a consolidation of the Fundfor Large Enterprises in Russia and the Russian-American Enterprise Fund.TUSRIF also has a small-business lending program that works through Russianbanks and lending institutions to make small loans to small enterprises.

*contact:*                TUSRIF

545 Fifth Avenue, Suite 300

New York, NY 10017

Tel.:        (212) 818-0444

Fax:        (212) 818-0445

 

TUSRIF/Moscow

2 Pavletskaya Square

Block 3, 5th floor

103051 Moscow, Russia

Tel.: +7 (095) 960-3131

Satellite Tel.:+7 (501) 960-3131

Fax: +7 (095) 960-3132

Satellite Fax:+7 (501) 960-3132

 

TUSRIF/Yekaterinburg

ul. Gogola 15A, 1st Floor

620151 Yekaterinburg, Russia

Tel.: +7 (3432) 592-909

Fax: +7 (3432) 592-908

 

TUSRIF/Khabarovsk

33, Muraviev-Amursky St.

Office 303

680000 Khabarovsk, Russia

Tel.: +7 (4212) 325-647

Fax: +7 (4212) 327-941

Satellite Tel.: +7 (509) 01-49088

TUSRIF/Rostov-on-Don

ul. Beregovaya 10, 11 Floor

344007 Rostov-on-Don, Russia

Tel.: +7 (8632) 671-786

Tel./Fax: +7 (8632) 671-768

 

TUSRIF/St. Petersburg

ul. Italianskaya 5, Office 53

190000 St. Petersburg, Russia

Tel.: +7 (812) 315-7035

Fax: +7 (812) 315-8264

 

TUSRIF/Vladivostok

U.S. Consulate Building,

Commercial Section

Attn.: Thomas Nastas

32, Pushinskaya St.

690000 Vladivostok, Russia

Tel.: +7 (4232) 300-093

Fax: +7 (4232) 300-092

 

TUSRIF

American Business Center

Kommunistichesky Pros., 32

693000 Yuzhno-Sakhalinsk,

Russia                                                Tel.: +7 (4242) 727-124/25

Fax: +7 (4242) 727-174

 

**Ukraine Fund**

*region:*                  Ukraine.

*manager:*              Claflin Capital Management, Inc. 

*capitalization:*      $22.5 million.

*funds*

*invested:*               $15.7 million in 27 projects.

*investment*

*objective:*             Equity. Ukrainian nationals should have a sizeable share of the venture*.*Averageinvestment is $250,000, though up to $1.5 million may be con-sidered forportfolio investments over a period of time.

*industries:*            Companies producing for the Ukrainian market. The Fund has invested in realestate, building materials, and food processing and distribution, among othersectors.

*contact:*                Alexander Grenynk

Ukraine Fund

14-A Yaroslavival Str

252034 Kyiv

UKRAINE

Tel: +38 (044) 235-3790

Fax: +38 (044) 235-3792

Jerry Bird, Vice President

Claflin Capital Management, Inc.

77 Franklin Street

Boston, MA 02110

Tel.:        (617) 426-6505

Fax:        (617) 482-0016

 

**Urals Regional Venture Fund**

*region:*                  Russia: Sverdlovsk, Perm, and Chelyabinsk oblasts.

*manager:*              Fleming Investments Ltd.

*capitalization:*      EBRD: $30 million.

*investment*

*objective:*             Equity investments in pri-vate-sector enterprises with no more than 25 percentstate ownership and up to 5,000 employees. Investments targets will notnecessarily have a foreign partner or hard currency earnings; the fund isexpected to focus on enterprises that have a strong position in the domesticmarket. referred minimum investment is $300,000; preferred maximum investmentis $3 million.

*industries:*            No hard liquor, tobacco, or firearms.

*additional notes:  *Investees must have a western partner.

*contact*                 John Ward

GIMV/corpeq Urals Fund B.V.

Ulitsa Kuibysheva 44

6th Floor

620026 Ekaterinburg

Tel/Fax: +7 (3432) 596140/1/2

[email protected]

Mr. Jan Dewijngaert

GIMV

Gareloomstraat 37

2018 Antwerp

Belgium

Tel: 00 32 3 290 2100

Fax: 00 32 3 290 2105

Email: [email protected]

 

**The Western NIS Enterprise Fund**

*region:*                  Western NIS (Belarus, Moldova, and Ukraine).

*manager:              *Western NIS Enterprise Fund.

*capitalization:*      The U.S. Government has capitalized the Fund with $150 million in foreignassistance appropriations over the next 3-4 years.

*funds*

*invested:*               $29.4 million committed as of  September 30, 1996.

 

*investment*

*objective:             *The Fund provides portfolio companieswith capital and the necessary management tools to evolve from entrepreneurialventures to professionally-managed companies. Proceeds from the Fund=s equity investments of $500,000 to $5 million areused primarily for restructuring and expansion.

*industries:*            Food processing, distribution, construction materials, other lightmanufacturing*.*

*additional notes:*   The Fund also arranges for experienced western executivesto work with local management in order to prepare and position com-panies forgrowth. In addition, policies and procedures for proper corporate governanceand operating management are implemented and management information systems areinstalled in each company. These management tools and the Fund=s active participation on the supervisory council orboard of each company are important elements of the Fund=s post-investment monitoring.

*contact:*                Scott A. Carlson,

President & CEO

Western NIS Enterprise Fund

15 W. 39th Street, 11th Floor

New York, NY 10018

Tel.:        (212) 556-9320

Fax:        (212) 556-9321

Natalie A. Jaresko

Western NIS Enterprise Fund

4 Muzeney provulok, 3rd Fl.

252001 Kiev, Ukraine

Tel.: +380 (44) 247-5580  

Fax: +380 (44) 247-5589

 

**+West Russia Regional Venture Fund (RVF)**

*region:*                  Russia: Novgorod, Pskov, Tver, Vologda.

*manager:*              Societа Finanziaria di Partecipazione SpA (SOFIPA), for the EBRD.

*capitalization:*      EBRD: $30 million.

*investment*

*objective:*             Capital provided by the fund must be used to finance a new project includingassociated working capital. The principal criterion will be whether theexpected return on investment is commensurate with the risks. Eligible projectsare expected to involve the rational-ization, modernization, or expansion ofproductive capacity. At least 75 percent of the voting shares of the enterpriseconcerned must be owned by private share-holders prior to the Fund=s investment. Minimum investment of $300,000; maximum$3 million. 

*industries:*            No hard liquor, tobacco, firearms, gambling, financial services, speculativeactivities including real estate speculation, or activities that are on theEBRD Environmental Exclusion List.

*contact:*                Paul Jackson/Francesco Gioffreda

Sofitech 

ul. Mstinkaya 12

173004 Novgorod, Russia

Tel.: +7 (816) 223-5354 

Fax: +7 (816) 223-6684 

Email: [email protected],        [email protected]

Giovanni Ciochetta 

SocietаFinanziaria di Partecipazione SpA (SOFIPA) 

Via Hoepli n 5

20121 Milan, Italy

Tel.: +39 (2) 725-9271

Fax: +39 (2) 8901-1027

** **

**Framlington West Siberia Regional Venture Fund(RVF)**

*region:*                  Russia: Altay, Kemerovo, Novosibirsk and Tomsk oblasts.

*manager:*              Framlington Investment Management Limited.

*capitalization:*      EBRD: $33 million.

*investment*

*objective:*             To make supranormal capital gains over a 5 to 8 year period. Minimum investmentof $300,000, maximum investment of $3.3 million.  Risk-adjusted capitalgains over a 4-6 year period.  

*industries:*            All with the following exceptions: hard liquor, tobacco, firearms, gambling,financial services, speculative activities including real estate speculation,or activities that are on the EBRD Environmental Exclusion List.

*contacts:*              Josh Dick 

FramlingtonWest Siberia Regional Fund

53 Gorky Street 

630099 Novosibirsk 99, Russia

Tel.: +7 (3832) 959-416, 959-417

Fax: +7 (3832) 959-419

Mobile:  +7 (3832) 595-838 

Email: [email protected]

Gary C. Fitzgerald

ManagingDirector

FramlingtonEmerging Markets

155 Bishopsgate

London EC2M 3XJ, UK

Tel.: +44 (171) 374-4100

Fax: +44 (171) 330-6432