Top Polish Insurance House PZU To Set Up $4 bln PE Fund With Partners

Top Polish insurance company PZU is in talks with certain PE funding groups to set up a PLZ 13 bln (USD 4.13 bln) fund. Though the main targets will be European insurance companies, the European Bank for Reconstruction and Development and the World Bank’s International Finance Corporation may also be invited to fund the pool. The main objective of the new PE fund will be to support overseas takeovers, and the fund is slated to be set up as early as this year; PZU will provide up to PLZ 7 bln of the capital required to set up the fund, or approximately 45 percent of the target amount. The company is currently headed by CEO Andrzej Klesyk, who will oversee the fund set up.