Russia-based conglomerate Sistema and Rusnano, the nanotechnology-focused commercialisation arm of the Russian government, launched a $100m private equity fund yesterday aimed at technology companies.
The partners will each hold a 50% stake in the as yet unnamed fund, which has an initial seven-year term that may be extended by an additional three years. The fund is set to be opened to third-party investors at an unspecified date in the future.
Rusnano and Sistema expect the average size of commitments to range between $5m and $20m, with each partner providing capital up to the $100m cap as deals require.
The fund will focus on early and growth-stage technology startups as well as established players in Russia, the Commonwealth of Independent States, Europe and Israel.
Companies developing microelectronics, energy efficiency, robotics, and information and communications technology will be of particular interest.
Rusnano launched a fund in partnership with China’s Science and Technology Ministry in June 2016 aimed at technology transfer between the two nations.
Sistema meanwhile created a $100m venture capital fund with TUS Holdings, the enterprise arm of Tsinghua University, in March 2016, and a $50m fund targeting India-based startups the month before.
– This article was adapted from a story on our sister site, Global Government Venturing.