State-owned investment vehicle Russian-Direct Investment Fund (RDIF) will join e-commerce firm Alibaba to invest in Russia-based internet companies, Interfax reported yesterday.
The partnership will seek out online-based businesses looking to expand their operations internationally, as well as investments that improve Russia’s internet network infrastructure.
RDIF has ties with Chinese government investors, having partnered the state-owned China Investment Corporation to put $2bn into the Russia-China Investment Fund joint venture in 2012.
Both parties added $1bn to the vehicle in July 2017 while also disclosing plans for a $10bn dual-currency vehicle called the Russia-China Investment Cooperation Fund.
RDIF is also set to invest in Yandex.Taxi, the on-demand ride division of Russia-based web portal Yandex, in the near future, according to chief executive Kirill Dmitriev.
Yandex.Taxi is set to merge with the Eastern European arm of US-based ride-hailing service Uber, following a deal struck between the duo in September 2017.
Dmitriev has previously signalled that Yandex is on the firm’s investment radar, as part of a $1bn technology-focused fund partnership with Saudi Arabian sovereign wealth vehicle Public Investment Fund.
– This article originally appeared on our sister site, Global Government Venturing.