On June 30, 2016, Zubr Capital, the first Belarusian private equity fund company, announced the launch of Zubr Capital Fund I (ZCFI) with a volume of USD 50 million. The fund’s anchor investor was the European Bank for Reconstruction and Development (EBRD), whose contribution at the time of the first closing amounted to 12.5 million USD with the possibility to increase its stake. Another major investor of the ZCFI was WGVC Limited, an investment organization managed by the founders of Wargaming.
The second closure within the ZCFI fund took place in January 2018 and almost doubled the fund size - more than 90 million USD. The fund anchor investor was still European Bank for Reconstruction and Development, which increased its investment in ZCFI. Another major investor was the Dutch Development Fund (FMO), which invested 15 million dollars in ZCFI. The purpose of this investment is the development of the PE industry in the region and the introduction of an environmental and social management system in Belarusian companies.
It is planned to invest in 10-12 fast-growing Belarusian companies within the fund. The launch of Zubr Capital Fund I is an important event not only for Zubr Capital, but also for the financial services market in Belarus.
Now, there are 9 companies in the fund portfolio:
- SoftClub (banking software developer)
- 21vek.by (the largest e-commerce store in Belarus)
- av.by (the largest autoclassified in Belarus)
- Uniflex (flexible packing)
- Softline (IT)
- Target Process (development of project management systems).
- MediaCube (developer of IT-solutions for video-creators)
- Mila (drogeri retail)
- Myfin Group (fintech)