Baring Vostok Capital Partners is a private equity fund .
Baring Vostok Capital Partners | |
---|---|
Type of | Private company |
Base | 1994 |
Location | Moscow , Russia |
Key figures | Michael calvy |
Industry | private equity |
Products | funded buyout |
Assets | $ 3.7 billion |
Parent company | BPEP International |
Site | bvcp.ru |
The fund invests in various industries, including oil and gas, consumer goods, media and technology, telecommunications and financial services. The main region of activity is Russia and the CIS countries [1] . The investment adviser, Baring Vostok Capital Partners ( Guernsey ), since 2005, has been recognized several times by the Russian Direct Investment Company of the Year, according to readers of the magazines Private Equity International and Private Equity Online. The BVCP sub-adviser has a branch in Moscow [2] .
From the moment of its foundation in 1994 to 2004, the company was a subsidiary of Baring Private Equity International (“BPEP International”), which was a subsidiary of Barings Bank . In addition to Baring Vostok, branches of BPEP International included Baring Private Equity Asia [3] , as well as Baring Private Equity Partners India, founded in 1984 [4] . The Latin American subsidiary BPEP International, known as GP Investments, is a leading private equity firm in Brazil . In total, as of the end of 2014, firms provided more than $ 12 billion in investment liabilities. $ 3.7 billion due to Moscow offices through five investment funds.
Content
Investments
Since its inception, Baring Vostok has invested more than $ 2.4 billion in 67 companies [2] .
Baring Vostok invested in the Russian search engine Yandex at an early stage of project development. In 2000, the company acquired a 35.7% stake in the search engine [5] [6] . Thanks to investments, Baring Vostok managed to earn approximately $ 4 billion, with the result that the initial investment of $ 5 million paid off 800 times [7] [8] . Other companies that received investments from Baring Vostok: Volga Gas [9] , Borjomi , Ozon.ru , Burren Energy, CTC Media , Center for Financial Technologies , Enforta , ER-Telecom , 1C , Novomet , Kaspi Bank , Avito.ru , Tinkoff.ru and Golden Telecom [5] .
In the spring and summer of 2016, the foundation sold its stake in the Karo cinema network to UFG Private Equity, and this investment was made in 2012 [10] .
In June 2017, the fund invested in the infrastructure company Vertical , the fund is the main shareholder [11] [12] .
History
Baring Vostok Capital Partners was founded in 1994 with the formation of the First NIS Regional Fund [13] . The fund was a joint venture of Barings Bank and Sovlink, a Russian-American merchant bank.
Initially, First NIS Regional Fund was managed by a team of investment professionals from Barings and Sovlink, including the current senior partner of Baring Vostok, Michael Calvey. With $ 160 million of investment commitments, the fund ultimately returned $ 620 million to investors over its lifetime. In 1997, Baring Vostok Capital Partners became a branch of BPEP International. After the collapse of Barings Bank, the Dutch bank ING Groep became the owner of BPEP International.
In 2001, the company completed a fundraising for the Baring Vostok Private Equity Fund. With $ 205 million of investment commitments, Baring Vostok became the first private equity fund to rise in the aftermath of the 1998 Russian financial crisis [14] .
In May 2004, BPEP International completed the MBO procedure at ING Groep. At the same time, the firm’s subsidiaries in Asia , India and Latin America completed similar buyback procedures. These companies continued their close cooperation, although each firm remained the full owner of its enterprises [15] . After the purchase of the management company in 2005, Baring Vostok Private Equity Fund III had a total capital of $ 413 million [16] .
In February 2007, the firm completed a fundraiser for its fourth private equity fund. Baring Vostok has allocated $ 1.1 billion of investment commitments for its core fund Baring Vostok Private Equity Fund IV. Together with the parallel fund, the Baring Vostok Fund IV Supplemental Fund, which accumulated more than $ 300 million of capital, the fourth fund Baring Vostok was at that time the largest private equity fund in Eastern Europe [17] .
In October 2012, Baring Vostok Private Equity Fund LP V had a total capital of $ 1.15 billion. Baring Vostok Fund V Supplemental Fund was $ 350 million.
Criminal case
On February 16, 2019, by a decision of the Basmanny Court of the city of Moscow, five top managers of Baring Vostok and the Vostochny Bank under its control together with the head of the investment company Michael Calvi were taken into custody on suspicion of embezzling 2.5 billion rubles from Vostochny Bank [18] .
Calvi and the Baring Vostok Foundation consider the criminal case to be the result of a corporate conflict in the Vostochny Bank [19] . Speaking in court on February 15, Calvi accused the bank shareholders of a false report: Vostochny’s board member Sherzod Yusupov and Artyom Avetisyan [approx. 1] . Baring Vostok has previously accused Avetisyan of unlawfully withdrawing funds from Uniastrum Bank on the eve of the latter’s merger with Vostochny Bank in 2017. The case is considered in arbitration in London [20] [1] . Artem Avetisyan, for his part, stated: “Neither I nor the international company“ Finvizh Holdings ”belonging to me are not the initiators of this case." And Michael Calvi’s assumption that the criminal case was the result of a corporate conflict in the bank, Artem Avetisyan denied: “The fact that the criminal case is related to a corporate conflict is a lie and slander, I will certainly go to court” [21] .
Head of Sberbank German Gref , business ombudsman Boris Titov , director general of the Russian Direct Investment Fund Kirill Dmitriev spoke in defense of Calvi. The criminal case was reported to Putin [19] .
Notes
- Notes
- ↑ According to the Russian Internet publication The Bell , Avetisyan Avetisyan, Artyom Davidovich has close ties with the Russian special services, in particular, is friends with the son of Nikolai Patrushev
- Footnotes
- 2 1 2 “The Michael Calvey's arrest of an American investor, shocks of the Russia's business community” , The Economist , 02.16.2019
- ↑ 1 2 Baring Vostok Wins Best Private Equity Firm In Russia Archived April 26, 2012. . Private Equity Russia, 2010
- ↑ Baring Private Equity Asia
- ↑ Baring Private Equity Partners India
- ↑ 1 2 Russian roots . ANATOMY, May 2007
- ↑ Baring Vostok-backed Yandex files for IPO Archived April 26, 2012. . AltAssets, May 3, 2011
- ↑ Yandex Is Set for $ 1.3 Billion Stock Offering . New York Times, May 23, 2011
- ↑ Yandex Beats Google Archived November 5, 2011. . PrivCap, May 24, 2011
- ↑ Volga Gas plans to raise about 100 mln usd in London IPO . Forbes, April 10, 2007
- ↑ Anna Afanasyev. Baring Vostok watched a movie The newspaper "Kommersant" № 132 dated July 25, 2016, p. 7
- ↑ Julia Tishina. Baring Vostok was built into the "Vertical" . Kommersant (June 6, 2017). The appeal date is March 11, 2018.
- ↑ Anna Balashova, Lyubov Altukhova. The partner of the ex-head of MegaFon will transform the lanterns into cell phone towers . RBC (October 13, 2017). The appeal date is March 11, 2018.
- ↑ Baring Vostok private equity equity heights . Euromoney magazine, May 2007
- ↑ Baring Vostok Private Equity Fund closes at $ 205m Archived April 26, 2012. . AltAssets, Jan 24, 2002
- ↑ Baring Private Equity Group
- ↑ Russian Baring Vostok closes third fund on $ 400m Archived April 26, 2012. . AltAssets, Feb 25, 2005
- ↑ Baring Vostock Dow Jones Financial News, July 18, 2011
- ↑ The court arrested Michael Calvey, the founder of Baring Vostok . Russian newspaper . 2019-02-16.
- ↑ 1 2 “Court in Moscow arrested Michael Calvey, founder of the Baring Vostok investment fund”
- ↑ TASS: Baring Vostok is demanding 17 billion rubles from a banker Avetisyan through a court in London . Kommersant , 02.27.2019.
- ↑ VEDOMOSTI - Avetisyan refused to come to the ethics committee at the Russian Union of Industrialists and Entrepreneurs