Roscongress Foundation and RC-Investments Foundation to Join Joint Investment Fund Created by Far East and Baikal Region Development Fund, Russian Venture Company, and RUSNANO to Finance High-Tech and Innovative Projects
The Roscongress Foundation will become a partner of the Far East High Technology Fund
An agreement was signed at the St. Petersburg International Economic Forum on the RC-Investments Foundation joining the investment partnership Far Eastern Fund for Developing and Implementing High Technology as a partner and member of the management company Far East High Technology Fund. The agreement was signed by representatives of the parties to the agreement: Roscongress Foundation CEO Alexander Stuglev, RC-Investments Foundation CEO Alexander Shatirov, RUSNANO Management Company Chairman of the Executive Board Anatoly Chubais, Far East and Baikal Region Development Fund CEO Alexey Chekunkov, and Far East High Technology Fund CEO Ruslan Sarkisov.
The Far East High Technology Fund was established in 2018 based on instructions from Russian President Vladimir Putin on the development of high-tech industries and innovative projects in the Russian Far East. Since the time it was founded, the contributors to the Far East High Technology Fund have been the Far East and Baikal Region Development Fund (part of VEB.RF), RUSNANO Management Company, and the Russian Venture Company. The fund currently contains RUB 5 billion, and the target amount is RUB 10 billion.
RC-Investments has committed to organizing investments and will search for a foreign investor to join the Far East High Technology Fund as a contributor.
“In 2018, the Far Eastern Fund for Developing and Implementing High Technology was established under the management of Far East High Technology Fund Management Company. During the initial stage, the fund had RUB 5 billion, which from the beginning is supposed to be expanded by attracting capital from banks and strategic investors. With the RC-Investments Foundation joining the project, it will become possible to attract additional funds, including from foreign investors”, Roscongress Foundation Chairman of the Board and CEO Alexander Stuglev said.
“The accession of the RC-Investments Foundation to the number of participants in the Far East High Technology Fund will significantly expand the expertise and toolkit of the Roscongress Foundation group as far as supporting the implementation of investment and business projects. The RC-Investments Foundation will help the Far East High Technology Fund to search for and select projects in the following key segments: investment in technology transfers from abroad with a focus on import substitution, the manufacturing of new types of products with high added-value, innovative start-up projects, and infrastructure projects. The RC-Investments Foundation will search for a foreign partner to join the Far East High Technology Fund: the emergence of a foreign participant will quickly increase the size of the fund and attract international expertise to projects”, RC-Investments Foundation CEO Alexander Shatirov said.
Far East and Baikal Region Development Fund CEO Alexey Chekunkov noted the important role of investment support for key projects: “A large number of promising projects are being implemented in various sectors of the high-tech industry in the Far East, and projects are being developed to introduce modern technologies for the extraction and processing of mineral resources. Our job is to attract additional capital for promising and strategically important projects and accelerate the development of the region”.
“Along with our colleagues from the Far East and Baikal Region Development Fund and Russian Venture Company, we have managed to launch an investment fund that is already financing high-tech companies in the Russian Far East. The Fund has a rather broad pipeline of projects that are planning their development, including in the Far East. The accession of RC-Investments and foreign partners to the fund proves that the tool we have created is successful and in demand on the investment market”, RUSNANO Management Company Chairman of the Executive Board Anatoly Chubais said.
“The accession of RC-Investments to the fund, with its broad network of contacts in the business environment, opens up an additional window of opportunity for Far Eastern projects and their development at the federal level and on international markets”, Far East High Technology Fund Management Company CEO Ruslan Sarkisov said.