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INVL, EU Commission launch Moldova fund

PE Insights •
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INVL has partnered with the European Commission to establish a private equity fund in Moldova, as the country approaches EU accession. The agreement formalized through a Letter of Intent signed in Chisinau outlines a framework for Brussels' financial and non-financial support for the fund development. Brussels selected INVL based on its proven track record in the Moldovan market, particularly its significant presence in the local banking sector.

The fund will target two investment areas: infrastructure projects supporting Moldova's EU integration, with logistics and energy security as priorities, and established local businesses with growth potential. INVL's existing stake in Moldova's largest commercial bank, maib, demonstrates its impact in the country. Since becoming a shareholder in 2018 alongside the EBRD and Horizon Capital, maib's assets tripled and its loan book quadrupled through corporate governance improvements and digital transformation.

This strategic alliance provides INVL with credibility and potential risk-mitigation structures to expand the fund's limited partner base, while Brussels gains a private capital channel to support Moldova's economic convergence with the EU during a period of regional geopolitical sensitivity. The initiative represents a concrete proof point of long-term investment viability in frontier European markets.