Horizon to hold a close for $200m fund

The fund is expected to hold a close by the end of the year, according to a source. EEGF III was launched in June 2016 with a target of $150m.

Horizon Capital launched its first iteration of the Emerging Europe Growth Fund in 2006, closing on $132m with a $25m investment from Western NIS Enterprise Fund (WNISEF). The company's second fund, EEGF II, closed on $390m in 2008, surpassing its $300m target.

The European Bank for Reconstruction & Development has made a $30m commitment to the latest fund, while US government agency OPIC has committed $37.5m, according to Unquote Data.

The vehicle will focus on investing in Ukrainian export-orientated and IT firms, as well as in local fast-moving consumer goods and agricultural sectors. It has already closed two deals, according to Unquote Data.

Horizon Capital-managed funds typically invest $5-20m in mid-cap private companies, with a three- to five-year exit timeframe. It buys either controlling stakes or stakes large enough to be able to influence portfolio companies' strategies, according to its website.

EEGF has made 11 investments in the CEE region, exiting six companies to date, including food processors Natur Bravo from Moldova and Ukrainian cheese maker Shostka City Milk Plant, according to Horizon Capital's website. EEGF II has made 13 investments and five full exits to date, according to the website.

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• Topics
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• Buyout
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