Green light for PPF Partners: PPF Group and Generali launch new private equity venture for Central and Eastern Europe emerging markets
- First fund launched with €615 million in commitments
- Subsequent funds will be opened during the year to external investors. Aims to achieve AUM of €5 billion in five years
PPF Group and Assicurazioni Generali announce the launch of PPF Partners (www.ppfpartners.com), a private equity firm specialising in investing in the emerging markets of Central and Eastern Europe and the CIS region.
PPF Partners Limited, 72.5% owned by PPF Group and 27.5% held by Assicurazioni Generali, will be able to benefit from the management and support services of both of its partners and will have access to the experience that PPF Group has already accumulated operating in the venture’s target markets.
PPF Partners’ aim is to deliver outstanding value to shareholders and investors by partnering over the long-term with the most promising businesses, helping management improve strategic positioning and operational performance thus also delivering value to all stakeholders in this developing region. PPF Partners aims to be the leading private equity firm in the region.
PPF Partners is already operating with the first fund, PPF Partners 1 LP, funded with total commitments amounting to €615 million from Assicurazioni Generali and PPF Group. Initial investments have already been made in the waste management, oil and gas, leisure and media industries in the Czech Republic, Romania and Ukraine.
Petr Kellner, founder and major shareholder of PPF Group, said: “We’re delighted to be able to extend our already successful collaboration with Generali in insurance into this new business area. The establishment of a private equity investment partnership brings both Groups closer as strategic partners in the broader CEE region.”
Giovanni Perissinotto, Assicurazioni Generali Co-Chief Executive, commented: “This new venture with our colleagues at PPF is consistent with our business plan objectives to reinforce this asset class. The current market dislocation is providing a broad range of business opportunities as asset values have fallen and a shortage of liquidity is creating difficulty for other acquirers. Even in difficult times there are interesting opportunities to create value for the Group. ”
Notes to editors:
Generali in Central & Eastern Europe and CIS
The Generali Group has been present in CEE countries throughout its history and in 2008 it reinforced its presence in the region through Generali PPF Holding, an insurance venture held 51% by the Generali Group and 49% by PPF Group.Today the Group operates in the following 13 markets with a portfolio of more than 9 million clients: the Czech Republic, Slovakia, Poland, Hungary, Romania, Bulgaria, Ukraine, Russia, Serbia, Slovenia, Croatia, Kazakhstan and Belarus.