Private and government players team up to back high tech
14 Sep '16
AFK Sistema, a large publicly traded Russian holding company, and Rusnano, this country’s largest state-owned nanotech firm, are launching a joint fund to support high technology projects, Rusnano announced.
This is going to be an up to $100m fund with the two partners participating on a 50/50 basis. The fund will be capitalized on a per-project basis, each time a specific project has been approved for support. The fund will operate for seven years, and then for another three years if proven successful. The partners are shooting for anything between $5m and $20m in investment per project; plans are to invite external co-investors at later stages of the fund’s operation.
The new fund is expected to back seed, growth and expansion stage high technology projects in Russia, the former USSR, Europe and Israel with the focus on microelectronics, energy efficiency, robotics, IT and telecom, and some other areas.
AFK Sistema operates in areas such as telecom, banking, retail, forestry, agriculture, real estate development, pharma, tourism, and medical services.