June 24, 2014 / 2:56 PM / 3 years ago

EBRD says plans to invest in Polish private fund's IPO

WARSAW, June 24 (Reuters) - The European Bank for Reconstruction and Development (EBRD) plans to invest up to 50 million zlotys ($16.3 million) to buy around 5 percent in Polish private fund TFI Altus, the bank said on Tuesday.

Altus oversees assets worth over 5 billion zlotys across 36 funds. It would be the first mutual fund and asset management company in which EBRD has invested since its launch in 1991.

The EBRD wants to buy the fund’s shares in its upcoming initial public offering (IPO). Altus plans to debut on the Warsaw bourse next month. It will be offering shares worth up to 193 million zlotys.

“With the capital raised in the IPO, we plan to scale up our business with a potential acquisition of a mid-sized investment fund manager,” Altus Chief Executive Officer Piotr Osiecki said.

The EBRD, set up to help the countries of the former Soviet bloc make the transition to market economies, has up to now invested almost 7 billion euros ($9.5 billion) in Poland in more than 325 projects. ($1 = 3.0601 Polish Zlotys) ($1 = 0.7357 Euros) (Reporting by Adrian Krajewski; Editing by Christian Lowe)

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