The Russian Direct Investment Fund (RDIF), a sovereign co-investment institution tasked with supporting private equity projects in Russia, has invested $50m in health care firm MD Medical Group (MDMG) during the latter’s recent initial public offering of shares in London.
BlackRock, the world’s largest asset manager and Russian private equity fund Siguler Guff’s Russia Partners were among the other entities that bought stakes in MDMG, which operates the Mother and Child chain of clinics and is Russia’s leading and fastest-growing privately-owned provider of health care for women and children, RDIF said.
The sovereign fund, which was set up in June 2011 and has a capitalisation target of $10bn, said it would now use its relationships with regional government administrations to support the development of MDMG’s business across Russia.
“We believe in Russia’s private health care market because it is an important growing industry that performs equally well in good and challenging markets. We like MDMG because of its strong leadership, clear growth strategy and proven ability to train up excellent medical professionals,” said DRIF chief executive Kirill Dmitriev.
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