Central & East European Private Equity Fund

Central Europe Trust (CET) has co-managed eight private equity funds focused on Central & Eastern Europe (CEE) in partnership with the **European Commission (Phare Programme), European Bank for Reconstruction and Development (EBRD), PPF (wealthiest man in Central Europe Petr Kellner), AIG (now PineBridge), Framlington (AXA), Charterhouse, CCF (HSBC/Cerberus), Bank Zachodni (Santander/Erste), Jupiter Asset Mgmt, and Commerzbank** that had 80+ investments across many sectors including real estate of $825m+ and generated a 30% IRR and 3.5x ROIC (see below). Our joint venture (JV) partners contributed capital, led the fundraising, set the investment strategy, provided governance/oversight, and held financial/administrative control while CET led the sourcing, diligence, execution, management, and exiting of each deal. CET seeks one or more JV partner to establish a new fund or investment program targeting CEE. Our new JV partner could be an institution, asset/fund manager, bank, sovereign wealth fund, private equity/venture capital firm, or HNWI/family office. CET could assist in approaching potential fund investors, such as bilateral/multilateral institutions as well as public- and private-sector LP investors in CEE, Europe, the Gulf, and North America. One strategy could be to invest in CEE firms having technology/innovations, know-how or business models appropriate for introduction into the geography of our new JV partner(s). CET has access to large numbers of start-ups, small/midsize enterprises, and mature firms in CEE appropriate for organic and/or acquisitive international expansion but that would require support in the geography targeted for expansion. The middle-market in CEE is particularly attractive as there is a large supply of firms that were started or privatized after the political changes of 1989 and face succession issues as founders / owners / managers retire while there is relatively little demand as few funds focus on this investment range of $10m (below which there many local early-stage investors) and $50m (above which pan-European/global private equity funds are active). E: [david.keresztes@cet.co.uk](mailto:david.keresztes@cet.co.uk)  M: +36 70 162 7575 (WhatsApp/Viber/WeChat) **Summary of CET's eight joint venture funds/investment programs that held 80+ investments of $825m+ that generated a 30% IRR and 3.5x ROIC:** **$50/10m Rural Group**: Co-investment JV with largest investor in CEE PPF (€40b AUM, billionaire Petr Kellner) that acquired $10m of agricultural land in small plots, consolidated into larger tracts, exited to HNWIs/brokerage **$320m AIG-CET Capital**: 12 deals/exits: UBB (banking)/National Bank of Greece, Empik (fashion/retail)/IPO, Luxten (lighting)/mgmt, TriGranit (real estate)/Nathaniel Rothschild & Sandor Csanyi, Dialog (mobile)/Orange, Astral (broadband)/UPC (Liberty Global), Netia (telecom)/IPO, Zabka (convenience retail)/Penta, Globtel (mobile)/Orange, Ultimo (debt collection)/Advent Intl, Waberer’s (road logistics)/Mid Europa, Jet (consumer finance)/BNP-Paribas €**44m Romanian Post-Privatisation Fund**: Sponsored by EC/EBRD, managed by GED, CET mandated on exits. 12 deals/exits: Continental (hotels)/mgmt, ISAF (network automation)/IPO, Regisco (financial)/Bucharest Stock Exchange, Adesgo (fashion)/BB de Smeth, IRIDE (real estate)/Immofinanz, Prestar (teleco)/Telesystem, PC Net (IT), Remayer (recycling)/Ecore, Sicomed (pharma)/Zentiva, Arctic (white goods)/Koç Group, Advantage (software)/mgmt, Regev & Instal/VitalGaz (gas/water)/Engie (Gaz de France Suez) **$30m West Siberia Regional Venture Fund**: Sponsored by EBRD, managed by Framlington (AXA later acquired). CET had structured mandate from EBRD to assist on sourcing, screening, diligencing, executing deals **ECU 43m Slovak Post-Privatisation Fund**: Sponsored by EC (Phare)/EBRD; managed by 50/50 JV Framlington-CET; Framlington provided oversight; CET did deals in CEE, including ECU 1.5m in Slovak dairy; exit to Bongrain **$80m East European Food Fund**: Sponsored by Jupiter Asset Mgmt/Commerzbank/EBRD. CET advised Jupiter on fundraising, investment/exits of Ciuc/Grivita/Haber/Brau Union/Heinekin, Csopak /Agrofert (Czech Prime Minister Andrej Babis), Royal Tokaji (wine) / Euroventures & Damon de Laszlo **$110m Polish National Investment Fund 14**: International Westfund Holdings (JV of Bank Zachodni 34%, CET 33%, Charterhouse 22%, CCF 11%) 34 portfolio companies/21 exits; among top-performing NIFs by profitability, NAV and valuation. **$4.4m CET/Charterhouse**: 4 growth buyouts, 1 tech venture capital deal: Mildes (dairy)/Danone, Infoline (telecom)/Deutsche Telekom, Avanti (salt)/liquidation, Patoka (building materials)/CRH, Toska (dairy)/Savencia