Fund	Raised in	Size	Investment profile
South Eastern Europe Fund (SEEF)	2006	€ 350 m	Investments in regional mid-market buy-outs mainly in Greece, Bulgaria and Romania
Global Emerging Property Fund (GEPF)	2005	€ 150 m	Investments in commercial real estate projects mainly in Romania, Bulgaria and Serbia
Global Romania & Bulgaria Growth Fund	2003	€ 20 m	Investments in small and medium sized companies in Bulgaria and Romania
Global Capital Investors (II)	2000	€ 200 m	Investments in growing companies in Greece and abroad
Black Sea Fund	1998	$ 100 m	Investments in companies in the Black Sea region
Global Capital Investors	1997	$ 50 m	Investments in fast growing companies in Greece and abroad
Euromerchant Balkan Fund	1994	$ 27 m	Co-investments with Greek companies expanding in Bulgaria and Romania
Baring Hellenic Ventures	1991	$ 14 m	Investments in fast growing companies in Greece

PRIVATE EQUITY FUNDS

At the end of 2007, Global Finance had cumulatively raised more than $850 million, from major international private investors as well as from prominent members of the Greek business community. More than 65% of all capital raised by Global Finance comes from leading local and international investors.

CLOSED FUNDS

Historically, Global Finance ran separate funds for Greece and the other Balkan states. These were:

Baring Hellenic Ventures, the firm’s first fund, invested in growing companies with a solid performance record and a strong brand name. It was liquidated in 2004, achieving an extraordinary return (more than 13 times the initial amount contributed).

Global Capital Investors, raised in December 1997, followed the successful Baring Hellenic Ventures strategy (private, fast-growing, established companies; minority positions) but also added new elements: increased emphasis on technology deals, Greek ventures abroad and management buy-outs.

Global Capital Investors II, raised in April 2000, gave added emphasis to the technology and media sectors and on further development of Greek management buy-outs.

By contrast, EuroMerchant Balkan Fund and Black Sea Fund were created to exploit the maturing Eastern European economies. Both funds were supported by major Greek and international institutional investors, such as the European Bank of Reconstruction and Development, the International Finance Corporation and the European Union. The funds were driven jointly with strategic investing partners who also contributed industry know-how and management resources.

ONGOING FUNDS

In line with the increasing regionalisation of business within SEE, in recent years Global Finance has created funds with a broader geographic focus. Currently, there are two active funds concentrating on South Eastern Europe:

South Eastern Europe Fund was created in February 2006. With a total size of €350m, the fund concentrates on buy-out investments in dynamic companies with growth potential and expansion opportunities within the region.

Global Growth Fund is investing in small and medium-sized enterprises that are led by strong management teams with significant growth potential.  Like its predecessors, the Balkan-focused funds, this takes advantage of the rapidly growing economies of Bulgaria and Romania and Serbia.

REAL ESTATE FUNDS

The objective of the firm’s real estate business unit is to build a focussed, well-balanced, real estate portfolio, which can achieve superior leveraged returns. The dedicated team focuses primarily on real estate development but also seeks out acquisitions that demonstrate the potential for capital appreciation. Following the experience of the more mature markets of CEE countries, there is a unique opportunity in the wider region to develop high quality real estate products with excellent services and professional management.

The firm’s experience in private equity as well as its regional presence, reputation, market knowledge and wide network of contacts in all target markets, provides a valuable platform for the funds and puts them on the map from the very onset.

The Global Emerging Property Fund was initially raised in June 2005 with a capital of €150 million specifically for investment in real estate in Romania, Bulgaria and Serbia. Its aim was to build a focused, well-balanced property portfolio pursuing development and acquisition opportunities with capital appreciation potential within the lifetime of the fund.