The sale of Oresa Ventures investment fund for $12 million to Celox, a company held by Jonas af Jochnick, one of the richest businessmen in Sweden and the man who had initially controlled it, will impact on the strategy in Romania. "Oresa will turn from an investment fund into an investment company; we will no longer stay in a company for three to five years, instead we may keep an interest for up to ten years," Cornel Marian, Oresa representative in Romania told Ziarul Financiar. The main difference between an investment fund and an investment company is that the fund is administrated by a specialised firm, which, regardless of the performance of the companies in which the fund invested, gets a management commission. The investment company makes profit only from selling previously purchased stakes or from dividends, and therefore has a much stronger motivation to boost the performance of the companies in which it holds interests. "We feel the investment company model is much more suitable for Eastern Europe. Furthermore, the almost limitless time frame for our stay with a company will allow us to think long-term strategies, which can set the company in question on a much better course than a two or three-year strategy can," Marian specified. "We've got the money to invest and we'll bring some more. Actually, we are about to embark on a new business in Romania," Marian concluded. ZF
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