Last week at the Eastern Economic Forum three major Russian institutions – the Far East Development Fund, the fund of funds RVC, and nanotech giant Rusnano – signed a partnership to launch a new regional venture fund.
Dubbed ‘Far East high tech development and implementation fund,’ the new investment vehicle aims to develop innovation and deploy high technologies in the Russian Far East. It has a target amount of 10 billion rubles (nearly $175 million at the current exchange rate), including half of this sum at the first stage.
The fund may invest up to one billion rubles ($17.4 million) in each project.
Meanwhile, RVC is planning to launch no less than 10 new venture funds to operate both locally and globally, TASS reported earlier this month, citing exchanges with the state-backed company’s CEO Alexander Povalko.
Sources: Eastern Economic Forum, TASS
