Enterprise closes Polish Enterprise Fund VII on €314m

PEF VII held a first close in May last year. Enterprise Investors closed its previous vehicle, Polish Enterprise Fund VI, on €658m in September 2006.

The GP posted a couple of strong exits in April, reaping 10x and 9x multiples respectively on the sales of Magellan and Kruk.

Proskaur acted as legal adviser.

Investors
The LP base mostly comprises investors in previous Enterprise funds, the GP said in a statement - although no specific names were disclosed. LPs in Fund VI included AlpInvest, CalPERS, EIF, HarbourVest, Partners Group, Adams Street Partners, Allianz Private Equity Partners, Bregal and Pantheon.

Investments
PEF VII will focus on mid-market, succession-driven buyouts from private entrepreneurs. The fund will mainly invest in Poland and will deploy €20-50m per deal. The vehicle expects to make an average of three to five investments each year.

The fund will invest in sectors driven by the convergence of CEE domestic consumption with the rest of the EU, such as consumer products and retail, financial services and healthcare. PEF VII will also consider opportunities in the IT, industrial products and business process outsourcing sectors. The fund is open to co-investment opportunities. 

PEF VII has already made two investments in a network of radiotherapy clinics (Center for Cancer Diagnostics & Therapy and Nu-Med) and in sports nutrition company Scitec.

People
Jacek Siwicki is president of Enterprise Investors. Enterprise Investors has a team of 40 investment professionals, including ten partners, who operate from the firm's offices in New York, Warsaw, Bucharest, Budapest, Bratislava and Prague.

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• Topics
• Buyout
• CEE
• Enterprise Investors
• Mid-market buyout