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AFK Sistema unveils plans for another early-stage fund
28 Feb '20
AFK Sistema, a diversified LSE-listed Russian holding company, announced the prospective launch of its new fund, Sistema SmartTech, to focus on early-stage projects (from seed to A round).
In this $76m fund, there’s a consortium of stakeholders. In addition to AFK Sistema as anchor investor with its $23m contribution, other investors will also take part.
Sistema SmartTech is expected to operate for eight years and have a five-year investment period. AFK Sistema hopes the new fund will support about 20 early-stage projects, each eligible for an investment range of $760K-$4.5m.
Sistema SmartTech will be backing projects of predominantly Russian origin which work in a range of sectors and have the potential to grow by creating new market niches. Preference will be given to projects strategic investors may wish to buy as an important element of their ecosystems.
The fund’s managing partner is Ksenia Shoigu, the daughter of Russia’s Minister of Defense Sergei Shoigu.
AFK Sistema already runs three funds: Sistema Venture Capital to invest in high-tech companies at their growth stage; Sistema Asia Fund to do likewise in India and Southeast Asia; and Rusnano Sistema Sicar set up jointly with Rusnano, the government-owned nanotech giant, to support growing tech companies with specific focus on smart city projects.
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