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The Czech Fund


The Czech Fund was formed in 1991 with $100 million in commitments. The Czech Fund was managed and advised by Creditanstalt Investment Company, a.s., which was owned and operated by the founding partners of Royalton Partners and one other investment professional in a joint venture with Creditanstalt Group. The Czech Fund was a closed-end, hybrid public/private equity fund investing in privatized companies in the Czech Republic and was listed on the London and Prague Stock Exchanges. In April 1996, the founding partners sold their interest in the Creditanstalt Investment Company, a.s. and ceased to exercise any control over the Czech Fund.

The private equity portion of the Czech Fund’s portfolio contained nine companies with a total invested equity of $51.3 million. As of April 1996, the Czech Fund had realized its investments in three of these portfolio companies, generating $34.8 million on Czech Fund capital invested of $14.9 million, yielding a 2.3x multiple and an IRR of 40.7% on Czech Fund capital invested. Including unrealized investments, as of April 1996, the Czech Fund’s private equity portfolio was valued at $88.8 million, implying a 1.7x multiplend an IRR of 30.9% on Czech Fund capital invested.