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JSC Partnership Fund (PF) is a state owned investment fund, established in 2011. The fund is assigned Fitch rating "BB-", which is equal to sovereign ceiling of Georgia. PF was created on the basis of consolidating the ownership of the largest Georgian state owned enterprises operating in transportation, energy and infrastructure sectors. PF’s main objective is to promote investment in Georgia by providing co-financing (equity, mezzanine, etc.) in projects at their initial stage of development.  PF is split in two separate business units: 1. Asset management – PF has assets under management with combined annual turnover of over USD 750 million in 2012. PF’s portfolio is comprised of Georgia’s strategically important assets: Georgian Railway - 100% of shares Georgian Oil and Gas Corporation (GOGC)  - 100% of shares Georgian State Electrosystem - 100% of shares Electricity System Commercial Operator - 100% of shares JSC Telasi - 24.5% of shares Georgian Railway and GOGC are the main source of ...
PF funds private investors with the following conditions: PF has a mandate to invest only in Georgia in any industry excluding services sector PF invests only in commercially viable projects PF is authorized to provide equity financing and also subordinated/senior loan (both convertible and non-convertible) Maximum amount of funds (both debt and equity) that PF is able to invest in the project should not exceed private investor’s equity investment PF’s objective is to remain mid to long term minority shareholder of the project. Once the project becomes sustainable, PF can exercise its exit option Project Selection Criteria Policy & Procedures The partner should possess financial resources in form of equity to co-fund proposed investment project Proposed investment project should be backed by feasibility study (Market Study) PF participation should not exceed 50% of the total investment The project should allow for exit of PF in 3-7 years from investment ...
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