Number of Hungary’s government-tied private equity funds increasing

There are at least 43 private equity funds in Hungary that are clearly managed by members of the top government elite, according to data collected by Válasz Online.

Private equity funds have been proliferating since 2016, where registered fund managers are “pushed as figureheads by the background owners who actually run the businesses,” institutionalising opacity and anonymity, the outlet reported.

Virtually no public information is available today about private equity investors, which are often managed by another company.

Based on data from the current records of the national bank, the report said more and more private equity funds have been set up during COVID-19, and their number now exceeds 60.

For example, 10 private equity funds can be connected directly to Orbán-allied billionaire Lőrinc Mészáros, while 13 other fund managers can be connected to other persons belonging to Mészáros’s interests. (Vlagyiszlav Makszimov | EURACTIV.com with Telex)