TPG CO-INVESTMENT

complete

An investment in TPG Emerging Markets I, L.P. (the "Fund"), a Delaware limited partnership managed by an affiliate of the Texas Pacific Group ("TPG"). The Fund will co-invest, alongside other funds managed by TPG or its affiliates as well as alongside other co-investors, in the EBRD's countries of operations, with a primary focus on the Commonwealth of Independent States (CIS). The project will provide equity funding to companies in the EBRD's countries of operations, with a particular emphasis on the CIS, and will seek to generate returns commensurate with the risks undertaken, typically through long-term capital growth. The Fund will make available to its portfolio companies a combination of management, financial and technical expertise that will enable them to expand their operations and produce internationally competitive products on a commercially viable basis. The Fund will directly contribute to enhancing entrepreneurship and efficiency in investee enterprises by providing an active ownership role, strong governance and transfer of know-how to privatised and private companies. The Fund will be managed by an affiliate of TPG, a top-tier private equity investment firm with over US$ 3 billion under management. The Fund will co-invest, alongside other funds managed by TPG or its affiliates as well as alongside other co-investors, in investments in the EBRD's countries of operations. The Fund's principal focus will be the acquisition of equity and equity-related securities of companies operating in the CIS. The EBRD subscribed for a capital commitment of US$ 62.5 million (EUR 60 million) in the Fund's capital. The Fund’s total capital contributions in respect of each co-investment will be one third of the sum of total capital contributions to such co-investment by all funds managed by TPG or its affiliates. Initially the capital commitments from the Fund and other funds managed by TPG or its affiliates to the co-investment activity are expected to amount to US$ 187.5 million (EUR 180 million). The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments, which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements. None