Bucharest, July 8th 2022 – CEE Attorneys/Boanță, Gîdei și Asociații assisted Private Equity Alternative Investment Company Sparking Capital in the process of obtaining a license as a self-managed Alternative Investment Fund (AIF) registered with the Financial Supervisory Authority (FSA).
During this process, the firm’s legal team comprising Partner Radu Boanță and Senior Associate Elena Sopotean provided legal advice and representation to the FSA in relation to the preparation, filing and approval of the constitutive documents, rules and working procedures of the governance system under Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) required for the establishment and operation of the self-managed AIF on the market.
On the Romanian alternative investment fund market, Sparking Capital is the first example of an AIF in the venture capital area that has successfully gone through an administrative licensing process in Romania.
Sparking Capital is a closed-end private equity AIF targeting professional investors, offering them exposure to local companies in fin-tech, marketing-tech, travel-tech, property-tech, fitness-tech, circular economy, marketplaces, entertainment industry, agriculture etc.
“We particularly appreciate the FSA’s openness to AIFs as indispensable vehicles in the alternative support of the Romanian SME sector, as is already happening in EU countries, where the investment fund industry is a dynamic and traditional segment of the business environment. We are also proud to have taken part in the process of setting up, registering and authorizing the Alternative Private Equity Investment Company Sparking Capital SA, the first self-managed AIF in the venture capital area in Romania, which thus comes into being under the new relevant legislation in the field. Especially since we are talking about a pioneering project, extremely relevant for the Romanian market,” said Radu Boanță, one of the Founding Partners of CEE Attorneys/Boanță, Gîdei și Asociații.
