September 8, 2009
NEW YORK, Sep 08, 2009 (BUSINESS WIRE) — At a General Meeting on September 7 in Bucharest, Romania, the shareholders of Fondul Proprietatea, S.A., confirmed the appointment of Franklin Templeton Investment Management Ltd as fund manager.
With a nominal asset base of EUR4 billion, Fondul owns stakes in more than 80 firms. Its holdings include significant positions in some of Romania’s leading companies in energy and natural resources including Petrom, Hidroelectrica, Transelectrica, and Romgaz, as well as Bucharest Otopeni Airport and Bucharest Baneasa Airport.
The Romanian government created Fondul in 2005 in order to compensate persons expropriated by the former Communist government. Through a rigorous process, the government awards shares in Fondul to persons whose property was confiscated by Communist authorities.
Cartesian Capital Group, one of the company’s largest private shareholders, praised Fondul’s management and the selection of Franklin Templeton.
“Fondul is a unique investment vehicle,” said Peter Yu, Managing Partner of Cartesian. “It serves the public good in Romania in so many ways, and is a showcase for the country’s top companies and management talent.”
“The selection of Franklin Templeton is an important milestone for Fondul,” Mr. Yu continued. “Under the dedicated leadership of Chief Executive Officer Daniela Lulache and her team, and with the support of the Supervisory Board, Fondul has selected a world-class manager. We hope to work closely with Franklin Templeton to present Fondul to the institutional investment community and to help unlock the tremendous value in Fondul’s extraordinary portfolio.”
About Cartesian Capital Group
Cartesian Capital Group LLC (www.cartesiangroup.com) manages $1.2 billion in private equity investments on a global and opportunistic basis. Founded in 2006 by Peter Yu, Cartesian has 21 professionals and offices in New York, Vienna, Warsaw, Bucharest, Sao Paolo, and Shanghai.
SOURCE: Cartesian Capital Group LLC
Photo: Bucharest University Square (cropped) by Madalin Pentelie, CC0 1.0, via wikimedia