Enterprise Investors in partial exit of Polish asset manager

The Polish firm sold 20% of Skarbiec through an IPO on the Warsaw Stock Exchange, retaining a 75% stake

Polish private equity firm Enterprise Investors has sold 20 percent of asset management firm Skarbiec Holding through an IPO on the Warsaw Stock Exchange, the firm said in a statement.

The transaction generated gross proceeds of €10.2 million. Following the IPO Enterprise Investors retained a 75 percent stake in Skarbiec.

Enterprise Investors did not respond to a request for further comment at press time.

Enterprise Investors invested in Skarbiec in 2007 using Polish Enterprise Fund V, a 2004-vintage €300 million vehicle. Skarbiec manages 45 funds and sub-funds, with assets under management close to €3.6 billion, and serves more than 46,000 customers, offering a range of products including equity, mixed, bonds, money market and dedicated funds.

Since acquisition Skarbiec has expanded its distribution network, generating a five-fold increase in AUM and strengthening its position in the market, Enterprise Investors said.

“We have considered a number of exit options and decided to proceed with the IPO on the WSE,” Enterprise Investors managing partner Dariusz Pronczuk said in a statement. “We retained a significant stake in the company as we believe that both the Polish capital market and asset management market have promising growth potential.”

In May 2013 Enterprise Investors held a final close on Polish Enterprise Fund VII, its latest fund, on €314 million, below its original target of €650 million. In August 2014 the firm exited AVG Technologies, another investment made from Polish Enterprise Fund V, generating a total return of 12x, a source familiar with the matter told PEI at the time.

Founded in 1990, Enterprise Investors is the oldest buyout firm in Central and Eastern Europe. It has invested €1.6 billion in 132 companies since inception, and exited 106 investments with total gross proceeds of almost €2.2 billion. The Skarbiec listing is the 30th IPO from Enterprise Investors’ portfolio, according to the firm.