Stakes are denominated in euro and the minimum investment is 1 unit at a face value of 1 euro. The fund will be calculating its net assets value twice a week – on Monday and on Thursday. Redemption price will be announced when assets exceed 500 000 leva.
Advance IPO Fund is the newest collective scheme managed by Karoll Capital Management. It focuses on investment in initial public offerings in Central and Eastern Europe.
At first, the fund will be investing in shares of companies based in Bulgaria, Romania, Croatia, Serbia, Bosnia and Herzegovina, Russia, Ukraine, Poland, The Czech republic, Slovakia, Slovenia, Hungary, Lithuania, Latvia, Estonia, Turkey, Greece, Kazakhstan. At a later stage the fund plans to invest in issues from other countries in Central and Eastern Europe as well - Macedonia, Montenegro, some of the former Soviet republics.
The fund is suitable for a large circle of investors. In many countries, institutional investors have an advantage to access in some IPOs, and that is why these types of funds are convenient for individual investors wishing to take advantage of these opportunities abroad.
Also, the fund may be of use for Bulgarian pension funds, which, under current regulations, are not allowed to participate in IPOs.