The Moscow Times
State-owned Vnesheconombank (VEB) is planning to create a “fund of funds” to invest in small- and mid-sized Russian businesses, as part of the government’s plan to boost economic growth, VEB deputy CEO Alexander Ivanov said.
VEB will work with the Chicago-based investment management firm Adams Street Partners to set up the fund.
In addition to investing directly, the fund of funds will invest 70 percent of its assets by partnering with five to seven private equity companies,Vedomosti reported Wednesday.
Russia Partners, Baring Vostok Capital Partners and Da Vinci, all private equity firms with investments in Russia and other former Soviet countries, are likely partners.
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