Evolving Eur II (IFC-49908)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Central and Eastern Europe (CEE)
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 26, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Evolving Europe Principal Investments II SCSp
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 27.17 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 157.37 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 150
Converted using 2024-11-26 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 10, 2025

Disclosed by Bank Aug 9, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed transaction is an equity investment of up to EUR 15 million to Evolving Europe Principal Investments II SCSp (EE II or the Fund), a closed-end private equity fund targeting lower mid-market investments in Bulgaria, Romania, Western Balkans (Serbia, Croatia, Bosnia Herzegovina, Montenegro, North Macedonia, Kosovo and Albania) and other countries in Central and Eastern Europe (CEE). The Fund will be domiciled in Luxembourg with a target size of EUR 150 million.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Fund will primarily be focused on the lower midmarket across consumer businesses, technology, media and telecom (TMT), manufacture, business services and healthcare sectors in Bulgaria, Romania, Western Balkans (Serbia, Croatia, Bosnia Herzegovina, Montenegro, North Macedonia, Kosovo and Albania) and other countries in CEE. This Project is expected to have limited adverse environmental and/or social risks or impacts that are few in number, generally site specific, largely reversible, and can be readily addressed through mitigation measures thus this project has been categorized as FI-2 in accordance with IFC Sustainability Policy. Potential E&S risks and impacts associated with the Project are likely to be medium/low. These risks are typically associated with occupational health and safety, life & fire safety issues, waste management, and working conditions. The main E&S risks and impacts of the project derive from the E&S risks associated with the Fund's investment activities, its capacity and system in place to manage such risks.
The Fund will not invest in any activities on IFC Exclusion List, coal-related activities, or higher risk business activities that may include: a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, d) significant retrenchment, and/or e) significant occupational health and safety risks.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC's Investment as Approved by the Board: Equity 27.17 million (USD)

The Fund will be domiciled in Luxembourg with a target size of EUR 150 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund will be managed by Integral Capital GP II SARL (Fund Manager) domiciled in Grand Duchy of Luxembourg

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Integral Capital GP II SARL Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Integral Venture Partners KFT.
Gerda Gati
Investor Relations and ESG Manager

ggati@integralvp.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works