Moscow Times 21 Mar 2012
Digital Sky Technologies, a Russian firm that invested in Facebook, is seeking $1 billion for a new late-stage technology fund less than a year after raising its last pool, promising investors a stake in the social-networking site in return.
DST has committed Facebook stock valued at $50 million to the fund, meaning limited partners get a chance to own the shares through their investment, according to an investor presentation. Early investors were offered the Facebook holding at a 12 percent discount to an internal valuation of about $74 billion, as well as a 25 percent reduction in the fund’s management fee.
DST, founded by Russian technology investor Yury Milner, is among a number of venture capital and buyout firms seeking money after the biggest year for U.S. Internet initial public offerings in more than a decade. Facebook backer Elevation Partners and Zynga investor Institutional Venture Partners are each seeking as much as $1 billion for their next funds.