Track record

BAC has successfully managed three funds/ investment vehicles:

TBI-BAC REIT – First East-European REIT

BAC Securities was GP among the two founders/sponsors since 2003. Now REIT is closed already for many years.
Public real estate fund with underlying investments in office, retail, and upscale residential properties.
Alexander Bebov was the senior portfolio manager from 2003/2004 to 2007/2008. During his tenure, the stock price increased from 1.00 to 1.60 over a 4-year period.
Assets under management were: around 50 million EUR, NAV closer to 100 million EUR, during Alexander Bebov management.
Main LPs were ten U.S. pension funds under Julius Baer Asset Management in New York, plus Immofinanz Immoeast (Austria).
The fund was featured in Financial Times and Euroweek.

BLACK SEA FUND – Private Equity Fund in Romania

Founded by BAC Investment Bank Romania (BAC IBR) principals, Matei Paun and Arin Ion.
BAC Securities assisted in fundraising and participated in the search for investment opportunities in Romania, Bulgaria and the Western Balkans.
The European Investment Fund (EIF) is the largest investor.
Assets under management at issuance: around 50 million EUR, with NAV significantly higher.

BAC Ltd. – Investment vehicle

Established in 2008
Investments in stocks, options, and funds.
The largest portion of the portfolio has been for many years in de-carbonization, green energy, and ESG-related minority investments globally. Companies invested in include: Europe – Iberdrola, Siemens Energy, ENEL, EdF, Total Energy, BP, Shell (with de-carbonization plays for three of them), and the leader in Europe in EVs as well as the U.S. listed – Li Auto, Xpev. China: Xinyi Solar, Xinyi Holding, Flat Glass, and other non-China Asia green technology.
The investment vehicle records a 120.20% cumulative return over the period from 2020 to June 2025 (five and half years).

BAC team successfully completed or participated in numerous transactions and mandates in the energy sector in Poland, Romania, Bulgaria, Serbia, Bosnia and Macedonia. Transactions or mandates range from tens of millions to billions of euro in project finance, M&A, debt, equity, from generation to distribution in electricity and natural gas. BAC team members worked with EoN Energies, ATEL/ALPIQ, ENEL, PPC, Energo-Pro, and many other big local corporates in the region.
BAC was credit rating advisor to large energy corporate (BEH) against Fitch for assigning a credit rating to the Holding and its EUR 500 million Eurobond. The services BAC provided included significant work and structuring of the rating presentation, advised on answering the detailed questions of the rating agency, worked with large energy corporate relative staff to prepare them for the presentation before Fitch, etc. As a result, the large energy corporate was assigned BB+, Stable Outlook. It was an excellent result bearing in mind the situation of a global financial crisis at the time and the recent resignation of the Bulgarian government. Acting as co-manager BAC placed twice part of the Eurobonds issued by BEH, the main power company in Bulgaria. This was the largest Eurobond issue in Bulgaria.

TELECOMMUNICATIONS

BAC has been working on most of the big Telecoms and IT companies in CEE in M&A, debt and equity and has a deep knowledge of the sector. Senior members of BAC are regular speakers of telecom conferences in the region
BAC participated in a major new financings and refinancing in the telecom sector, incl. 400mm euro Eurobond to loan refinancing in the telecom sector.

AGRICULTURE

Numerous deals in agriculture/FMCG/food security of the wider team
BAC has been active for many years in the CEE/SE region in FMCG including mandates across SEE countries like: Agroind-Promat (Romania), BG Agro (Bulgaria), Agrion (Bulgaria), BMK (milk & dairy) (Bulgaria)

FINANCIAL INSTITUTIONS

Numerous bank and insurance related deals for major clients such as OTP, Eurohold, Pireaus Bank in banking and insurance
Advised client on their potential M&A acquisition of a pension company in Poland.
BAC also advised Scandinavian fund purchase in regional financial institution, where BAC did significant holding evaluation work, deal co-ordination, structuring and execution. This was a complex sum-sum-of-the-parts valuation including separate evaluation and quantification of the synergies between the main business lines of the Target
Debt funding mandate for a Polish asset manager. Acting as sole lead manager, BAC placed on the Polish market part of EMTN programme.
Acting as co-manager BAC placed bonds as part of EMTN programme.
Acting as co-manager, BAC participated in placing short-term notes issued under Regional Company Commercial Paper programme.

INFORMATION TECHNOLOGY