Orbán’s circle holds nearly EUR 4 billion in private equity funds

Private equity funds linked to key figures in Hungarian Prime Minister Viktor Orbán’s circle have amassed nearly HUF 1.5 trillion (approximately EUR 4 billion) in assets, Válasz Online revealed. This staggering amount, highlighted by the financial reports from 2023, underscores the substantial wealth concentrated among individuals such as Lőrinc Mészáros, László Szíjj, István Tiborcz, and Ádám Matolcsy.

Orbán’s circles hold immense wealth

Válasz Online investigated the private equity funds belonging to Lőrinch Mészáros, László Szíjj, István Tiborcz, and Ádám Matolcsy, and revealed that the Orbán-affiliated circles have HUF 1 452 billion in assets. Thanks to the government’s legal regulation, little is known about these funds, including the source of their staggering wealth.

Breakdown of key figures and their funds

1. Lőrinc Mészáros:
   • Opus Global Investment Fund Management Plc.: This entity manages eight private equity funds, including Konzum PE, Global Alfa, Metis, Metis 2, Status Energy, Opus Bridge, Danube, and Opus New Way, along with the Takarék Closed-End Investment Fund and OPUS TM-1 Real Estate Investment Fund. The total net asset value of these funds in 2023 was HUF 600 billion (EUR 1.5 billion).
   • MBH Investment Fund Management Plc.: This manages the MBH Private Equity Fund and MBH Agricultural Investment and Development Private Equity Fund, with a combined net asset value of HUF 119 billion (EUR 305 million).
   • Status Capital Venture Capital Fund Management Plc.: Overseeing seven private equity funds, including Status MPE, Status Talent, Béta, Ekho, Status Next Environmental, Status Food, and Status Property, the net asset value totals HUF 51 billion (EUR 131 million).
2. István Tiborcz:
   • Gránit Fund Management Plc.: Managing five private equity funds (Főnix, Gordiusz, Diorit, Egmont, Nivala) with a net asset value of HUF 252 billion (EUR 646 million).
   • Equilor Fund Management Plc.: Handling two private equity funds (Central European Opportunity, Central European Opportunity II) and a real estate fund (Central European Real Estate Fund), these funds have a combined net asset value of HUF 211 billion (EUR 541 million).
   • Central European Venture and Private Equity Fund Management Plc.: Responsible for four private equity funds (Central European I, Central European II, Central European IV, Central European VI) with a net asset value of HUF 24 billion (EUR 61.5 million).
3. Ádám Matolcsy:
   • Quartz Investment Fund Management Plc.: This firm manages eight private equity funds (Sky I, Sky II, Felis, Central European III, Arezzo, Aurum, Bremdal, Uncia) and six real estate funds (Caracal, Burano, Blue, Garda, Panther, Atrox), with a total net asset value of HUF 116 billion (EUR 297 million).
4. László Szíjj:
   • Minerva Investment Fund Management Plc.: This company manages four private equity funds (Themis, Via, Vesta, Cronus) and several real estate funds (Minerva, Minerva V50, Minerva Green), with a net asset value of HUF 79 billion (EUR 202 million).

Additional insights and confidential entities

• Primefund Investment Fund Management: An entity with close ties to the government and Orbán’s loyalists, Primefund’s detailed financials remain largely confidential. However, it is known to be linked to entities such as the Fidesz party, the state-supported Mahir group, Valton security company, and the nationally recognised Kürt Information Security Plc. This secrecy suggests that the total hidden wealth of Orbán’s circle, when including Primefund, could exceed HUF 2 trillion (EUR 5.1 billion).

The discovery of these vast sums, which could potentially fund the construction of multiple new metro lines in Budapest, highlights the immense financial influence wielded by Orbán’s closest allies. The opaque nature of these funds, facilitated by government regulations, raises questions about the origins and oversight of such wealth.

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