Zubr Capital hits final close on $90m

The buyout fund initially had a target of $100m and held a first close on $50m in August 2016. It was announced by Zubr in September 2015 and officially launched in 2016.

The second closing on $90m involves large international finance organisations as LPs, and demonstrates that businesses in Belarus have an opportunity to access these sources of capital, Zubr CEO Oleg Khusaenov said.

Established in 2010, Zubr is the first private equity fund manager in the Republic of Belarus, according to the GP. The Zubr Capital Fund I portfolio comprises six investments – SoftClub, 21vek, av.by, Uniflex, Belarussian companies in the Softline Group (ActivePlatform, ActiveCloud, SoftlineBel, AxoftBel), and most recently Target Process.

Investors
The European Bank for Reconstruction and Development is the anchor investor of Zubr Capital Fund I. With the second closing, it increased its capital commitment from the initial $12.5m invested at first close. Netherlands Development Finance Company, the Dutch development bank, became the second major investor, with $15m in commitments.

Investments
The purpose of the fund is to support the development of private equity in the region and the implementation of environmental and social management systems in Belarusian companies.

The fund seeks to invest in five to seven companies, with a focus on developing companies in the IT, consumer goods and retail sectors in Belarus. It seeks to take minority stake in mid-sized companies for a holding period of 10 years.

People
Zubr Capital – Oleg Khusaenov (CEO).

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