A team from Dimitrov, Petrov & Co made a strategic registration of Alternative Investment Fund Manager
21 February 2019
Following the first investment firm license issued in accordance with the MiFID II regulations, Dimitrov, Petrov & Co’s experts successfully completed another significant project contributing to the development of capital markets in Bulgaria.
Neveq Management OOD entrusted the registration of the company as an Alternative Investment Fund Manager (AIFM) to the experienced attorneys Bogdan Petrov and Dimitar Karabelov. The procedure has been part of the realization of client’s investment plans in the field of innovation and improvement of the entrepreneurial ecosystem in Bulgaria.
In this case, our client was awarded with a public procurement contract by the Fund Manager of Financial Instrument in Bulgaria as a contracting authority. The project provides for the establishement of an alternative investment fund (AIF) by Neveq and obtaining the necessary registration as AIFM before the Financial Supervision Commission.
The new AIF will be managing funds in the amount of over BGN 50 million intended for supporting innovative start-up companies. The public funds amounting to over BGN 37 million are allocated as part of an acceleration and start-up fund - a type of financial instrument for equity and quasi-equity investments and the remaining funds will be provided by private investors.
Our experts successfully completed the procedure before the Financial Supervision Commission and the registration of Neveq Management as an AIFM gave the green light for signing an operational agreement with the Fund of Funds.
In addition, the client assigned us the legal work related to the structuring of the AIF in Bulgaria.
The new AIF is targeted at start-up companies and aims to support innovative business ideas with both funding and mentoring as well as management support. Our long-time partners from Neveq are among the pioneers of private equity investment in Bulgaria, managing the Neveq I and Neveq II funds for the past 10 years with assets amounting to more than EUR 45 million.
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