20
Sun, Sep
38 New Articles

Tokushev & Partners Helps Fund of Funds in Bulgaria Arrange Two Alternative Investment Funds

Tokushev & Partners Helps Fund of Funds in Bulgaria Arrange Two Alternative Investment Funds

Bulgaria
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Tokushev & Partners has helped the Fund of Funds in Bulgaria make arrangements with two financial intermediaries to create several alternative investment funds for equity investments.

In the first, Tokushev & Partners advised the FMFIB with regard to Innovation Accelerator Bulgaria, "as a result of which," the firm reports, "was created another alternative investment fund for acceleration and initial financing with funds from Operational Programme 'Innovations and Competitiveness' 2014-2020 (OPIC). The established AIF as a limited partnership with shares capital is a precedent within the work of FMFIB and regardless of the challenges faced, the team led by Viktor Tokushev was once again successful. The established AIF will perform investments in start-ups with a total of BGN 30.5 million, of which BGN 27.4 million is public funds and the rest will be acquired through private investors. The plan is to have over 200 different enterprises financed with investments in the acceleration phase being up to BGN 100,000 and in the initial phase they may reach up to BGN 2 million."

In the second matter, the firm helped the FMFIB, working with financial intermediary Morningside Hill Capital Management, to create the third alternative investment fund for equity investments, financed through public funds from OPIC and capital from private investors. According to Tokushev & Partners, "thus, the team led by Viktor Tokushev has built on its successful work on the financial instruments of the Fund of Funds in Bulgaria (FMFIB). Within the chosen legal form of a limited partnership, the AIF will dispose of a resource of BGN 28.6 million .... The amount of the provided funds to different companies is expected to be in the range of BGN 750,000 to BGN 3.5 million. The fund manager is planing to complete between 15 and 20 projects [before] the end of the program period ... in December 2023.”

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

Our Latest Issue