Da Vinci Private Sector Growth Fund begins exit from investment in EPAM Systems
Da Vinci Private Sector Growth Fund (PSGF), the first private equity fund managed by Da Vinci Capital, has partially exited from its investment in EPAM Systems (NYSE: EPAM) as part of EPAMs initial public offering on the New York Stock Exchange.
On February 7, 2012, EPAM publicly offered 6,000,000 shares of common stock at a price of USD 12.00 per share. On the same day, EPAMs share price increased to USD 14.00, or by 20%, which represented a market capitalization of USD 580 million.
PSGF initially invested in EPAM in 2008, when it led a consortium of other private equity investors. PSGF subsequently increased its stake in 2009 and 2011. EPAMs IPO marks PSGFs second
successful exit from a portfolio company in the past five months. It follows the July 2011 merger between RTS and MICEX, Russias two leading securities exchanges.
Da Vinci Capital managing partner Oleg Jelezko, who represented PSGF on EPAMs board since 2008, said, Investments in successful Russian companies like RTS and EPAM, which are driven by information technology and enjoy strong competitive advantages, have cemented Da Vincis reputation as an up-and-coming Russian private equity fund manager. The Eurasian Financial Infrastructure Fund Da Vincis second fund, which we launched this year should build on PSGFs success.