News & Media
Partnership Fund Teams up with Gazelle Finance
Posted on: 30 Sep 2016
The Partnership Fund will partner with Gazelle Finance, a US fund manager , to invest in Gazelle Fund, which is an investment fund registered in Canada and managed by Gazelle Finance. The investment commitment was signed by the Executive Director of the Partnership Fund Davit Saganelidze, the CEO of Gazelle Finance Jeffrey Liebert, representatives of the Dutch Good Growth Fund (DGGF) and the Dutch Development Finance Company (FMO). In addition, Dimitri Kumsishvili, the Vice Prime Minister of Georgia and Minister of Economy and Sustainable Development presided over the signing ceremony as the keynote speaker. Under the deal, the Partnership Fund will make a capital investment of $6 million in the Gazelle Fund, as one of its limited partner investors. Gazelle Fund’s committed capital at the initial stage is $27.5 million, of which a minimum of 60% of the investment capital will be invested in Georgia. The fund is targeting to grow to $70 million in capital commitments within one year. Gazelle Finance is in charge of Gazelle Fund, while the fund’s limited partner investors are DGGF, FMO and the Partnership Fund. The Fund is also being financed by the Overseas Private Investment Corporation (OPIC), a US Government agency, which has earmarked a loan of up to $21 million for Gazelle Finance. The agreement between the Partnership Fund and the Gazelle Fund represents the first case where the Partnership Fund is investing in an international consortium, which will mainly focus on investing in Georgia’s small and medium-sized businesses. Registered in Ontario, Canada, the Gazelle Fund was founded by Gazelle Finance, the Fund Manager and Managing Partner, which is registered in Delaware, USA. Gazelle Fund aims at investing in the former Soviet Union countries, particularly, in Georgia, Armenia, Moldova and Kyrgyzstan.