Bancroft Private Equity has opened a Bulgarian office as it raises its third fund, targeting €250 million ($353 million).
Fund III, looking to raise more than double its predecessor, will target investments primarily in Czech Republic, Hungary, Poland, Slovakia, the Baltics, Balkans, Turkey and Greece, the firm said. It will invest in later stage mid-market companies benefiting from regional growth as well as “high quality manufacturing exports”.
The Central European firm has hired Valeri Petrov to lead its push into Southeastern Europe.
Petrov was formerly a director at Southeastern European-focused private equity firm Global Finance, where he led its Bulgaria activities. He was previously led the turnaround of a Bulgarian paints company as its chief executive, and also worked in various roles for Royal Dutch/Shell’s Eastern and Central European operations.
Bancroft was founded in 1989. Its 10 investment professionals are spread across offices in Budapest, Prague, Istanbul, Sofia, Athens and London. The firm’s second fund held a first close in November 2002 on approximately €105 million. Its typical investment size ranges from €10 million to €20 million.