INVL Special Opportunities Fund

INVL Special Opportunities Fund will indirectly invest in the shares of Moldova-Agroindbank

 

INVL Special Opportunities Fund, a new venture capital sub-fund of the closed-end umbrella fund intended for informed investors INVL Alternative Assets Umbrella Fund, started its activities on 24 July 2018. The sub-fund will indirectly invest in the shares of Moldova-Agroindbank (MAIB), the largest bank in Moldova.

The target size of the sub-fund is EUR 4.5 million. The minimum investment in the fund will amount to EUR 200 thousand, and maximum – EUR 500 thousand.

The INVL Special Opportunities Fund has acquired convertible bonds of MD Partners for 4.475 million euros. On obtaining the permission of the Moldovan central bank, those bonds will be converted into shares of MD Partners, after which 48.64% of the shares of MD Partners will be owned by the INVL Special Opportunities Fund, and 51.36% - by Invalda INVL.

On 2nd October, 2018 the international consortium which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL and Horizon Capital and which acts via the UK-based company HEIM Partners, won an auction for the sale of stake in Moldova-Agroindbank (MAIB), Moldova’s largest commercial bank. HEIM Partners offered 451.533 million Moldovan lei (23.031 million euros) for 41.09% of the shares of MAIB.

The EBRD and MD Partners, which is owned by Invalda INVL, each owns 37.5% of the shares of HEIM Partners, while the private equity manager Horizon Capital holds the remaining 25%.

Moldova-Agroindbank is the largest commercial bank in Moldova. Assets of the bank at the end of 2017 amounted to EUR 1.078 billion, equity was EUR 180 million.

INVL Asset Management belongs to Invalda INVL Group.

More information about the project: here.