Fondul Proprietatea may become the catalyst that repositions Romania as a strong player in the region, not through liquidation, but through impact investments

The Fund needs a change of strategy to remain relevant and sustainable in the long term

Private Equity is an opportunity insufficiently explored in Romania, with the potential for higher returns than public markets

Bucharest, August 25, 2025 – The partnership between IRE AIFM HUB in Luxembourg and Impetum Management (ROCA FP), nominated as the preferred candidate by the Board of Nominees, is at the end of a rigorous selection process that began in September 2023 and lasted for almost two years. The process, coordinated by the Board of Nominees (BN) with the support of prestigious international consultants, aimed to select a new fund manager and identify a new strategy.

From the outset, shareholders explicitly expressed their desire for a valid and sustainable strategy capable of ensuring the Fund's long-term relevance and sustainability. In this context, the ROCA FP team—the only one with a Romanian component involved in such a large-scale project—proposes a direction based on development and diversification, in full accordance with the shareholders' requests.

To remain relevant, the Fund needs a change of strategy

The selected team proposes a long-term strategy designed to reposition Fondul Proprietatea as an investment engine and catalyst for the Romanian economy. Currently, the existing strategy is already showing signs that it is no longer generating value for shareholders, while the private equity market in Romania remains under-explored, despite its potential to offer superior returns and contribute to economic development.

Should this proposal not get the shareholders' vote, the current liquidation strategy is likely to continue – with the risk of losing relevance and the future disappearance of dividends.

"The current liquidation strategy has served its purpose, but the economic context now calls for a change, and recent results confirm this. Dividends received by the Fund have fallen from over 1.2 billion lei in 2020 to just 145 million lei in 2024, with a further decline estimated for 2025. At the same time, the level of dividends distributed to shareholders has also fallen significantly, from 1.1 billion lei in 2021 to 212 million lei in 2024. These developments confirm the need for a new strategic direction, aimed at ensuring both attractive returns and the Fund's long-term relevance,"said Andrei Cionca, permanent representative of the partnership between IRE AIFM HUB in Luxembourg and Impetum Management (ROCA FP).

The proposed development strategy is to be put to a vote by shareholders and aims to transform Fondul Proprietatea into an investment engine capable of offering investors competitive long-term annual returns and contributing to Romania's economic future.

"Fondul Proprietatea can become a tool through which Romania catches up with other capital markets in the region and consolidates its position as an important player in Central and Eastern Europe. Through direct investments and modern private equity mechanisms, the Fund has the potential to bring capital, know-how, and competitive long-term returns. The selection process has already represented a significant investment of time and resources, and any further delay in reaching a final decision risks eroding the Fund's value for investors. It is essential that the Fund be able to quickly implement a solid strategy,"Andrei Cionca added.

The strategy is built on two main directions:

Direct investments in Romanian and regional companies in strategic sectors—technology, healthcare, renewable energy, and manufacturing—with the aim of generating added value, dividends for shareholders, and jobs.
A Fund of Fund (FoF) component, through which the Fund's capital will support the development of local private equity and venture capital funds, contributing to the maturing process of the investment ecosystem in Romania and facilitating entrepreneurs' access to financial resources and expertise.

Fondul Proprietatea has the opportunity to play a complementary role in strengthening macroeconomic stability and attracting private capital to the Romanian economy. An investment-oriented approach can lower budgetary pressure and facilitates the implementation of projects with strategic impact for Romania, in line with the objectives assumed by the state in areas such as energy, infrastructure, and green transition.

"Through direct and indirect investments in strategic sectors, Fondul Proprietatea has the potential to become a driving force for the Romanian economy, and an attractive option for new categories of investors. The team is ready to take on this active and responsible role, in partnership with shareholders, to build a solid and sustainable strategy. In the long term, the capital invested in private equity has multiplied almost threefold compared to capital invested in public markets, thus confirming the relevance of this direction for the Fund,"Andrei Cionca underlined.

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The partnership between IRE AIFM HUBa Luxembourg-licensed manager, and Impetum Management, a consulting company specializing in investments in the Romanian market (ROCA FP), is the candidate designated by the Board of Nominees following a rigorous selection process to appoint a new manager, which was initiated by Fondul Proprietatea in 2023.
Total assets managed by ROCA FP amount to approximately €2 billion, almost five times the net asset value of Fondul Proprietatea.

IRE AIFM HUB is a licensed alternative investment fund manager (AIFM) based in Luxembourg. As a recognized AIFM, IRE provides portfolio administration, risk management, regulatory reporting, and other governance services essential to alternative investment funds. IRE AIFM is authorised to manage both institutional and retail funds, including those listed on the Bucharest Stock Exchange, in accordance with applicable Romanian and European Union regulations. IRE AIFM HUB has extensive experience in managing funds and investment vehicles, with a track record of managing 35 funds and 49 sub-funds, including 15 Private Equity/Venture Capital funds.

Impetum Management is a Romanian investment company with a team of professionals specializing in the Romanian investment market, who have over 25 years of experience in the local economy, crisis management and private equity.
As a consulting company, Impetum Management will provide relevant support for the local implementation of the FP strategy through a team of Romanian professionals with expertise in asset management and private equity investment management through private and public mandates.