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Chris Mruck, director of Avent International’s CEE fund, says buyouts financed with pure equity have hampered returns. |
THE CENTRAL AND eastern European private-equity market set out in the early 1990s with high expectations. They were not met. Rob Conn, managing director at Innova Capital, which manages about $300 million in three CEE funds, says: “Since 1994, in Poland, Hungary and the Czech Republic, probably 65 funds were established. As of this April, only 20 have available capital. Most fund managers raised one fund, and are no longer in business.
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