Data & Intelligence

CEE and CIS Data Insight (Q1 2017)

After declining for five consecutive years, capital invested in CEE and CIS during Q1 2017 alone reached US$2.3 billion—exceeding the annual totals from the previous four years. Notably, however, the acquisition of Polish online auction website Allegro by a consortium including Mid Europa Partners, Cinven and Permira accounted for the bulk of this investment total. Including both equity and bank financing, the deal amounted to US$3.3 billion, with the equity funds contributing just over US$2 billion themselves—representing the largest deal in the region ever recorded by EMPEA. Outside of this transaction, however, GPs in the region were slightly less active than in previous years, with managers completing just 22 deals in Q1 2017. Notably, Turkey received only three deals, even after fund managers raised US$824 million for the country in 2016. Despite raising much of this capital after the attempted July 2016 coup, perhaps Turkey-focused managers were awaiting the results of the April referendum before deploying their capital. Indeed, 78% of respondents to EMPEA’s 2017 Global Limited Partners Survey reported political risk as a deterrent to investing in Turkey, tied with Russia and CIS for the highest percentage among all emerging market regions.

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