CRG Capital, a Vienna, Austria-based restructuring fund manager, IFC, a member of the World Bank Group, and the European Bank for Reconstruction and Development (EBRD) have partnered to launch the first fund dedicated to investing in distressed assets in Central and Eastern Europe (CEE).
Established by CRG Capital, the CEE Special Situations Fund will invest in underperforming companies to support recovery in the region.
The fund aims to raise €200m, with EBRD, IFC, and CRG Capital initially committing a total of €36m. It will focus on the acquisition, turnaround, and resolution of corporate distressed assets in Central and Eastern Europe.
The fund forms part of the Debt and Asset Recovery Program launched by IFC during the 2009 World Bank Group’s Annual Meetings in October.