CEE - First turnaround fund for CEE secures EUR 36m

The CEE Special Situations Fund is targeting EUR 200m and the EUR 36m represents a first close.

The vehicle was spawned by the Debt and Asset Recovery Program launched by IFC during the 2009 World Bank Group's annual meetings in October. It will support recovery in the region by backing underperforming companies, focusing on the acquisition, turnaround, and resolution of corporate distressed assets in CEE.

CRG has been in pre-marketing for a fund for the region for over two years. The firm has been active in the region since 1992 and was previously known as The Recovery Group.

Parham Pouladdej is managing director of CRG Capital and looking after the fundraising. Varel Freeman is EBRD first vice president and Lars Thunell is IFC executive vice president and CEO.

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• Topics
• Buyout
• CEE