Hungarian-Portuguese VC fund set to launch
The East West European Venture Capital Fund, targeting Hungary and Portugal for investments, will launch this Wednesday, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, according to a report by state news agency MTI.
Companies investing in the fund include OTP Bank, oil and gas company MOL and Eximbank, said Szijjártó (pictured above).
The EUR 20 million fund will invest in Hungarian and Portuguese SMEs in the next eight years which help the digitization of the business and government sector with their products.
The fund will be managed by Alpac Capital, which is registered by the Portuguese securities commission and has offices in Budapest and Lisbon.
Szijjártó said the fund will actively participate in the management of the companies in which it invests. The fund must invest 40% of its generated capital in Hungary.
In a communiqué released on the occasion of launching the fund, Eximbank noted that the fund contributes to strengthening relations between the two countries through the companies that take part in it. Hungarian SMEs can profit from Portugalʼs access to African and South American markets, while Portuguese companies can benefit from Hungaryʼs contacts in Central and Eastern Europe, in the Baltic states and in Central Asia.
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