The Black Sea Fund, launched by four local entrepreneurs, will target small to medium sized businesses with annual revenues of EUR 5 to 50 million, willing to expand abroad, Ziarul Financiar daily informed.

The fund managers have raised EUR 42.7 million, mainly from the European Investment Fund -- the European Union’s agency in charge with financing SMEs, headquartered in Luxembourg.

"We aim to make the Black Sea Fund one of the first options for Romanian entrepreneurs looking for exit or for taking their business to the next level," said Arin Ion, founding partner of Black Sea Investment.

Matei Paun, formerly with BAC Investments investment bank, and his three partners Arin Ion, Cornel Fumea and Adrian Vasile, manage the fund.

editor@romania-insider.com

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