Quaestus, Croatia’s only private equity fund, has announced that its stake in mobile operator Tele2 Croatia will decrease, as it is not taking part in an upcoming recapitalisation planned by Tele2’s Swedish parent group. Tele2 intends to invest a ‘significant’ amount in its Croatian unit, following which the local fund says its stake will be reduced from 49% to 7%. Quaestus stressed that it is not pulling out of Tele2, and that the level of its own investment will remain the same. Tele2 won its licence in January 2005 via consortium Treca Sreca, including nine Croatian companies. It had an estimated 386,000 subscribers by the end of June 2007, according to TeleGeography’s GlobalComms database.