ROCA FP
IRE AIFM HUB , in partnership with Impetum Management, has been selected as the preferred candidate and appointed at this stage by the Fund’s Representatives’ Committee.
At the end of the selection process, ROCA FP is the candidate selected for the vote of the General Meeting of Shareholders. For details on the strategy and management proposal, download our presentation here:
This website and all information herein have been prepared by Impetum Management S.R.L. and IRE AIFM HUB solely for general informational purposes, in the context of the selection process for appointing a new Alternative Investment Fund Manager (AIFM) for Fondul Proprietatea S.A.
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Who we are
ROCA FP is the partnership proposed as the Fund Manager for Fondul Proprietatea, combining the expertise of a Luxembourg-based AIFM with a local team of professionals.
The partnership rests on:
✅ IRE AIFM HUB: a Luxembourg‑licensed manager with expertise in administering investment funds across Central and Eastern Europe.
✅ A team of Romanian professionals with know‑how in asset management and private‑equity investing (Agista, ROCA Investments), acting as specialist advisers on deal types relevant to the Romanian market.
✅ A culture focused on creating value for clients, teams and the wider community.
✅ €2B in combined assets under management.
✅ Management of complex mandates (funds such as: ROCA Investments, Agista Investments)
✅ Romania and Eastern Europe – as core geographic areas of interest
✅ Expertise in major key industries (Construction, Agriculture, Energy, IT and Healthcare)
Our values
PERSONAL DEVELOPMENT
We believe that high performance starts with the evolution of each individual. We foster continuous learning, adaptability, and both professional and personal growth at every stage of our investment journey.
COURAGE
We embrace bold and innovative decisions, even in challenging contexts. The courage to spot opportunities where others see only risks defines our strategic approach.
STRATEGY
We act with a long‑term vision, building robust portfolios through calculated decisions and rigorous planning. Every investment is part of a well‑grounded strategic endeavor.
CO-CREATION
We value authentic collaboration with investors, companies, and communities, convinced that lasting success is born from shared ideas and team‑based development.
Fondul Proprietatea
With ROCA FP we intend to redefine the role of Fondul Proprietatea—from a fund historically focused on selling assets to an approach centred on creating value for its shareholders and driving sustained impact on Romania’s economic development.
Through our expertise in asset management, ROCA FP team provide a solid strategy for investors seeking medium‑ to long‑term returns.
Our approach is based on:
Paradigm shift
The proposed approach will support a strategic evolution by striking a balance between developing and realising value from the existing portfolio, initiating investments in listed companies in Romania and the broader Central and Eastern Europe region—including transactions that give the Fund indirect exposure to high‑growth unlisted companies via listed investment vehicles—and creating long‑term value through the implementation of Fund‑of‑Funds structures.
Guiding principles
We invest strategically in high‑potential companies that can form a solid base for future dividends, supporting the fund’s sustainable growth by increasing value and attracting new categories of investors.
Maintaining a dividend policy that delivers a steady yield to shareholders remains a priority for us.
All such investments will be carried out in accordance with the law, in full compliance with local and European regulations, and in line with the will of the shareholders.
Impact
We aim for Fondul Proprietatea to become a regional success story—a driver of Romania’s economic development and an attractive investment platform for both local and international investors.
Team
Our Vision
The transformation of Fondul Proprietatea is conceived as an evolution in the management of listed capital, shifting from an entity focused exclusively on divestment to an active investment structure, capable of delivering long‑term competitive annual returns to investors and contributing to Romania’s economic future.
This strategy will be implemented in line with shareholder decisions expressed through voting, and in full compliance with capital market regulations.
Through our expertise in asset management, ROCA FP team provide a solid strategy for investors seeking medium‑ to long‑term returns.
FUND EVOLUTION
| From | To | |
|---|---|---|
| Fund Size (AuM): | EUR 420M | EUR 1.1B |
| Geographic Scope | Romania | Romania, Central Eastern Europe |
| Investment Type | Mainly Minority Stakes - State Owned companies |
Majority stakes in Companies Minority stakes in other Funds Decreased % of state-owned companies minority stakes |
| Main Target Sectors / Investments | Energy, Infrastructure, Natural Resources | Industrials, FMCG, Energy, Tech, IT, Services |
| Ticket Size | No investment focus | 2-20M EUR (new investments) |
| Term | 2031 | Evergreen |
| Investment | Exclusively Divestment |
Investment cycles: 5-7 years (direct investments) 10-12 years (FoF) |
| Fund Role | Contribution to change of ownership in State Owned companies through Public IPOs |
Direct contribution to Key Econimic Sectors in Romania Extended support to investment eco-system in Romania (FoF) |
| Fund Profile |
Retail fund Short term incentives |
Multi investor category fund Long term incentives |
| Success Fees | Based on Distributions | Based on value increase above threshold |
Proposed Strategy
1. Optimized management of the current portfolio through segmentation of holdings and a differetiated approach
STRATEGIC ASSETS
Key criteria
- Companies operate in strategic sectors of Romanian economy
- Major contribution to NAV (79% contribution with 3 companies)
- Majority state-owned capital
Strategic approach
- Contribute to consolidation and development of these companies in preparation of public listing
- Support majority shareholder in the IPO process
- Consider exit at IPO or to institutional investors thus optimizing the returns
LOWER NAV CONTRIBUTION COMPANIES
Key criteria
- Lower contribution to NAV (0.03% to 5.79% contribution with 15 companies)
- 4 listed and 11 unlisted companies
- Mostly minority stakes, 2 – majority stake
- Mixed financial performance (5 companies providing dividends
Strategic approach
2 clusters within category, based on 10% IRR identified potential threshold:
For companies with IRR potential >10%
- Active monitoring of companies exceeding 1% NAV contribution
- Performance optimization through engaged oversight
- Strategic flexibility for potential monetization when appropriate
- Capital redeployment to higher-growth opportunities
For companies with IRR potential below 10%
- Regular performance monitoring
- Opportunistic exit execution
- Focus on value maximization in divestment
COMPANIES IN DISTRESS
Key criteria
- Bankruptcy or insolvency
Strategic approach
- Legal process monitoring
- Recovery maximization where feasible
- Efficient resource allocation
- Write off / Exit Strategies
2. Launch of new investments with two complementary components
DIRECT INVESTMENTS
Direct investments in Romanian and Central & Eastern European companies, focused on high‑growth sectors such as technology, healthcare, renewable energy, and manufacturing industries. These investments will support the creation of strong local companies, capable of generating added value and dividends for shareholders, while also creating new jobs.
| Size | max. 85% of total cash available for new investments |
| Holding period per investment (average) | 5-7 years |
| Expected Yield | IRR 13%-15% |
| Instrument | Direct investments in private and listed companies |
| Number of investments | +30 |
| Ticket Size | 10-20M EUR |
| Tip de investiții | New equity investments (buyout and growth), excluding any company related to the management team |
| Investment Thesis | Invest in high-return private companies, in key industries for Romania's development, thus creating a healthy portfolio of growing companies with the potential to become regional champions în companii cu randament ridicat, din industrii cheie pentru dezvoltarea României, creând astfel un portofoliu sănătos de companii în creștere, cu potențial de a deveni campioni regionali. |
| Geographical Area | Focus on Romanian companies, considering CEE opportunities case by case |
| Strategic Objectives | Increase long-term Fund return through diversified investment in companies with high growth potential and actively managing them |
| Fund allocation limits per single company | No investment may exceed 5% of the Fund's AuM |
| Limite de alocare pe tipuri de companii | 100% din numerarul disponibil pentru investiții noi va fi alocat către companii listate (pentru a respecta prevederile legale) |
| Arie geografică |
Din totalul disponibil pentru investiții noi alocat pentru investiții directe: A minimum of 80% will be allocated to companies headquartered in Romania or in CEE operating in Romania Up to 20% may be allocated to companies headquartered in CEE, with no activity in Romania |
| Sectoare de alocare | The direct investments will focus on companies active in high-growth industries that demonstrate strong potential and resilience, including but not limited to consumer products - FMCG, Diversified Industrials (Packaging, Industrial Machinery and Equipment, Waste Management), B2B services, energy, tech. On listed companies, the focus will be on manufacturing, technology, energy, healthcare |
FUND OF FUNDS
Strategic allocation of part of the capital into a Fund‑of‑Funds (FoF) component aimed at supporting private equity funds, venture capital, and other alternative investment vehicles. This structure will not only diversify the portfolio but will also stimulate the entire Romanian investment ecosystem, facilitating access to expertise and capital for local entrepreneurs.
| Size | max 15% of total cash available for new investments |
| Holding period per investment (average) | 10-12 ani |
| Expected Yield | IRR 11%-13% |
| Instrument | Direct investments in other alternative investment funds (AIFs) as well as co-investments with the funds invested in |
| Number of investments | +10 |
| Ticket Size | 2-6M EUR |
| Tip de investiții | Private Equity (growth), venture capital in other AIFs, including co-investments (excluding any funds related to the management team) |
| Investment Thesis | Offer investors diversified access to the best performing private equity and venture capital funds, while reducing volatility, and support development of the investment ecosystem in Romania |
| Geographical Area | Focus on funds regulated under EU law which have dedicated investment theses for Romania and CEE |
| Strategic Objectives | Provide access to most promising opportunities in Romania and CEE through a single investment in a diversified vehicle |
| Co-investment | Up to 20% of the FoF capital value can be used to co-invest alongside portfolio funds in the form of equity in companies registered in Romania |
| Allocation Sectors | The FoF will focus on supporting funds investing in high-growth industries that demonstrate strong potential and resilience, including but not limited to technology, health, agriculture, renewable energy and production |
| Fund allocation limits per single company | No investment may exceed 1.5% of the Fund's AuM |
| Allocation limits on various investment companies / funds | Of the total 15% of available cash for new investments will be allocated for FoF: 50-70% will be allocated to PE funds 20-30% will be allocated to venture capital funds 10-20% will be allocated to other AIF, including co-investments |
| Geographical area | Of the total 15% of the available cash for new investments allocated for FoF:
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Investors' benefits
Benefits for the Romanian economy
Frequently asked questions
Events
ROCA FP news
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