The Russian Direct Investment Fund, a $10bn government-backed vehicle, launched.
The fund aims to make direct investments in businesses and assets in high-growth sectors of Russia’s economy over the coming five years.
It will co-invest along with with institutional investors or corporates acting as a catalyst for new direct transactions.
The management company of the fund, which is led by CEO Kirill Dmitriev, has been registered as a 100% subsidiary of state development bank Vnesheconombank (VEB).
It plans to make its first investment in the next six to nine months.