EBRD supports new Russian/CIS innovation fund

The EBRD has signed up to participate as an anchor investor in Russia Partners Technology Fund, a Cayman Islands-registered limited partnership aiming to raise $250 million for equity investments in technology-driven and innovative business sectors, primarily in Russia but also in other CIS countries.

The bank is ready to invest up to USD 75 million in this technology and innovation-focused initiative.

Its formal commitment enables the fund to achieve first close. Final close is expected to follow within a year. The EBRD will have the right to nominate a representative to the new fund's Investor Advisory Board.

Through this project, the EBRD aims to lay a groundwork which would stimulate the development of technology-focused venture capital in Russia and the CIS in order to attract experienced sector investors to this market. This is a key part of the Bank's strategy to help build a knowledge-based economy in the region.

The EBRD has previously invested in two previous private equity funds managed by Russia Partners, committing a total of USD 125 million to Russia Partners II and Russia Partners III funds in 2004 and 2007, respectively.

---