RDIF looks forward to $1bn boost

The Russian Direct Investment Fund is expected to secure more than $1bn in additional capital from the government by the end of the year, while Qatar pledges to co-invest $2bn.

The Russian Direct Investment Fund (RDIF), the government venturing fund of Russia, is set to receive more than $1bn in additional funding from the state by the end of 2017, according to Reuters.

The news follows an announcement by president Vladimir Putin in June 2016 that RDIF would receive more funding. The fund currently has $10bn under management, with an additional $30bn in commitments from foreign partners, including sovereign wealth funds of France and China.

Another foreign partner is Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, has so far co-invested a total of $500m out of $2bn in total commitment in deals across the financial, retail and mining sectors as well as in infrastructure projects.

QIA has now further agreed to increase the size of its automatic pro-rate commitments to each transaction, though neither fund has revealed the percentage.

RDIF was established in 2011 and is allowed to invest up to 20% of its capital overseas. The fund is in discussions to transfer stakes currently owned by the Russian government in a range of companies.

Meanwhile, RDIF’s co-investment with sovereign wealth fund China Investment Corporation, Russia-China Investment Fund, celebrated an exit this week when children’s toy retailer Detsky Mir completed a $355m initial public offering on the Moscow stock exchange.

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