David Hexter, EBRD director for financial institutions, said Thursday that Baring was hoping to launch the new fund in November.
Baring said this month that the fund's target size would be $100 million, but Hexter said the investment firm was now hoping to raise $200 million.
EBRD would also be advising the fund, which will have Warburg Securities as placement agent.
"We are planning to take a minimum stake in the fund -- 10 percent," Hexter said.
The first Newly Independent States regional fund is presently being marketed in the United States and Europe by Warburg. It was listed in Luxembourg as a closed-end investment company in June.
The fund's shares will be $100 each, 40 percent payable at subscription, with two further installments of 30 percent at eight and 16 months afterwards.
The fund's NIS region comprises Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Azerbaijan, Moldova, Georgia, Turkmenistan, Kyrgyzstan, Armenia, Tajikistan and the Baltic States of Latvia, Lithuania and Estonia.
Most of the fund's investments are expected to be in Russia, and in unlisted companies, Hexter said.
Sovlink, a privately owned NIS-American merchant bank partly owned by Salomon Brothers, will assist on selection and analysis of investments. Russia's commercial Tokobank will serve as NIS advisor.
Russia's emerging equity markets have attracted a flurry of new funds this year. Templeton, one of the world's top emerging market funds, announced plans this month to set up a new Russia country fund worth between $300 and $400 million. Templeton hopes to list the fund on the New York Stock Exchange and eventually on the Big Board, where country funds are known to trade at wild price swings.
The London-based Fleming Investment Management this month raised $55 million for a new closed-end Russia fund which will be invested in newly-privatized companies in the oil, gas telecommunications, energy generation and distribution and mineral extraction sectors.
Other investment funds active in Russia include Framlington as well as a number of regional funds set up with EBRD's equity participation.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.