Prometheus Capital Partners, a Moscow-based private equity firm, has begun fundraising for a debut vehicle targeting $350 million in commitments, according to documents on the European Bank for Reconstruction and Development’s website.
The EBRD is currently considering committing up to $50 million to the fund, which will invest in mid-market companies in sectors including services and consumer. It will focus mainly on Russian companies but potentially also those in former Soviet Republic countries.
Prometheus will focus on making growth and “de-leveraging investments”, according to the EBRD documents.
The firm’s website notes its typical deal size is $50 million.
Prometheus is led by chairman Levan Vasadze, former first vice president of Sistema, Russia’s largest public diversified financial corporation. Vasadze oversaw Sistema’s 2005 IPO on the London Stock Exchange, the largest for a Russian company at the time. He is credited with creating returns on capital of 50 percent or more in Russia and the Commonwealth of Independent States (CIS), according to the firm’s website.
Vasadze is joined by former Emory University classmate George Chkareuli as a partner. Chkareuli was chief financial officer of Mars CIS, producer of brands such as Mars, Twix and Snickers chocolate bars in the CIS. He was also vice president of investment bank Renaissance Capital’s merchant banking division Sputnik Funds. He is joined by another partner, Tom Cosco, former managing director of bank Creditanstalt Moscow.
The firm was not available for comment at press time.