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Zubr Capital is the first private equity fund management company in the Republic of Belarus. Zubr Capital invests in various sectors of the Belarusian economy, including IT, telecommunications, banking, and financial sectors, retail. Zubr Capital specializes in investments in the capital of local Belarusian companies, with their development and further exit in 5-7 years.

Investments
The investment company Zubr Capital attracted investments of such institutional investors and companies as The European Bank for Reconstruction and Development (EBRD), The Netherlands Development Finance Company (FMO).

Fund SMH
SMH is a private equity fund established in 2010 by Zubr Capital partners. SMH portfolio consists of companies: MTBank (banking sector), Atlant Telecom (telecommunications), Atlant Consult (ERP developer), ROBOLAB (education). SMH fund exited a number of companies: In March 2015 Zubr Capital (majority shareholder through SMH Fund) and Horizon Capital (co-investor) have recently sold MTBank (Belarus) to local investors. Investment Company Zubr Capital and EBRD made an exit from their portfolio company Atlant Telecom, selling it to Telekom Austria Group. .

Fund Zubr Capital Fund I
In August 2016, Zubr Capital launched the second Fund Zubr Capital Fund I. Fund size is US$ 91 million; the key investors of the Fund were the European Bank for reconstruction and development and The Netherlands Development Finance Company (FMO). Zubr Capital Fund I portfolio consists of: Zubr Capital expects to start raising a new fund (ZCF II) in 2021. It will target fund size of 150 mln USD.
 * Soft Club (banking software).
 * 21vek.by (e-commerce).
 * av.by (auto-classified).
 * Uniflex (packaging).
 * Softline (IT).
 * Targeprocess (IT).
 * MediaCube (IT).
 * Mila (cosmetics retail chain).
 * Myfin Group (fintech).

Impact of Zubr Capital on the development of private business in Belarus
The World Bank describes the Belarusian economy as a «gradual transition path, characterized by limited structural reforms and a modest expansion of the private sector. Policies have focused on supporting state-owned enterprises». In this context, it is important for the development of private businesses to have financial institutions and funds that support and focus on helping private businesses. Zubr Capital Fund I is the first institutional private equity fund that is Belarus-focused and managed by a locally based team, which will support domestic small and medium-sized enterprises. According to the European Bank for Reconstruction and development, the goal of the management company Zubr Capital is «supporting the market expansion of private equity in Belarus». «In addition to capital, Zubr Capital is ready to provide clients with assistance in setting up business processes, financial management, etc., because Belarusian entrepreneurs have a demand for such services», - Natalia Yakovleva, Ph.D. in Economics, noted in her scientific publication. The national Bank of the Republic of Belarus also considers Zubr Capital one of the largest Belarusian investors.