Former EU commissioner Pavel Telicka, left, with PPF Partners president and chief financial officer Mel Carvill. (Picture by Peter Frankland, 0846349)

A GUERNSEY venture is making huge investments in Central and Eastern Europe and aims to become a leading player in the region.

PPF Partners Ltd, a joint private equity venture by PPF Group and Generali, based and run in Guernsey, launched its first fund with €615m. in commitment earlier this year.

Initial investments were made in waste-to-energy management, oil and gas and leisure and media industries in the Czech Republic, Romania and Ukraine.

A dinner to retrospectively celebrate the launch was held at St James on Thursday, with former EU commissioner Pavel Telicka as speaker.

PPF Partners president and chief financial officer Mel Carvill said it would be starting a second fund of a €1bn in 2010.

‘Our aim in five years’ time is to have €5bn, which will make us one of the biggest players in the Central and Eastern Europe and CIS [Commonwealth of Independent States] regions,’ he said. ‘The billion fund will be launched next year, with €500m. each committed by Generali and PPF.’

He said Guernsey should be proud of the involvement.

‘This is a Guernsey company making investments of a committed €1.6bn into Central and Eastern Europe and the CIS states – a Guernsey company running waste-to-heat plants and managing hotel chains, power companies and so on.’

The link to the island could not be stronger, said Mr Carvill, himself a Sarnian.

‘It is all run through Guernsey with four of us here – and people in Prague, but as a subsidiary of the Guernsey company. The island has the right infrastructure in terms of laws and regulation and in terms of expertise.’