The preferred candidate is IRE AIFM HUB S.a R.L., a Luxembourg-based alternative investment fund manager (AIFM) in partnership with Impetum Management S.R.L., a Romanian asset management advisory firm.
“The Board of Nominees wishes to emphasize that this announcement represents only the next stage in the selection process. Any decision to put forward a preferred candidate to a vote in the OGMS remains subject to satisfactory completion of due diligence and successful negotiation of terms,” Fondul Proprietatea said.
IRE AIFM collaborates with both EU and non-EU alternative asset managers. The firm specializes in Private Equity, Real Estate, Venture Capital, and Fund of Funds (FoFs) alternative investment funds.
Impetum is part of the Impetum Group, which also includes ROCA Investments (private equity for small and medium enterprises), AGISTA (growth capital and IPO facilitation on the AeRO market), ROCA X (venture capital), and CITR (insolvency and restructuring).
“As communicated in the announcement dated March 28, 2025, should IRE AIFM be appointed as the new AIFM for Fondul [Proprietaea], it plans, together with Impetum as the appointed advisory company to IRE AIFM, to implement a new strategy for Fondul [Proprietatea], starting in 2027 (assuming a third quarter 2025 mandate), focusing on investments in listed companies in Romania and the broader CEE region, with indirect exposure to promising unlisted firms via listed vehicles to stay compliant with Romanian regulations,” the Board of Nominees said.
“The strategy includes expanding Fondul’s scope through a fund-of-funds approach in private equity and venture capital backed by public funding. An interim phase will prioritize portfolio growth, earnings enhancement, and risk management. A flexible distribution policy will balance dividends with reinvestment in high-growth opportunities. To tackle limited liquidity, the plan involves liquidity management, partial exits, IPOs, refinancing, capital raising, and bond issuance. If regulatory or shareholder approvals are not secured, the existing strategy will persist, focusing on share buybacks, full dividend payouts (net of expenses), and value growth supported by public grants.”
The Board of Nominees will proceed into a two-way due diligence and negotiation of the terms of the investment management agreement with the preferred candidate, prior to submitting the candidate proposal to the OGMS for voting.
A further update is expected to be made by the Board of Nominees to investors following the completion of the due diligence and negotiation of the main terms.
(English version by Loredana Fratila-Cristescu)