May 1997
East European Equities: Private equity needs patience
Investment in private equity markets in eastern Europe is hard work, but enthusiasts reckon it's worth the effort. "In private equity we're sweating a lot trying to turn a profit, and then we look next door and see those guys making a lot of money buying and selling in the public markets," says Philippe Belot, a senior banker at the EBRD. But "we'll be better off in the longer term. We're betting on an upturn in these economies."
In the meantime, private equity investors have the chance to buy companies on the cheap. "If Russia, the Ukraine, and others take off, it will be a real bonanza," Belot says. They will have to wait a while for a pay-off. Most private equity funds have a 10-year life, and for many it takes a minimum of four years before they can gauge their true performance given the unseasoned nature of most...
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