By Andrei Skvarsky
Former managers at Renaissance Group and Alfa Group plan to set up a new $1bn private equity fund to invest in Russian companies.
The new fund to be run by Elbrus Capital will incorporate funds acquired from Renaissance Partners, the Renaissance Group subsidiary, according to a report in RBC Daily.
Elbrus plans to launch a second investment fund, with assets of $600 million to $700 million, late this year.
“We will consider buying minority and controlling stakes in companies with capitalisations of between 50 and 300 million dollars,” said Elbrus managing partner, Alexander Savin, a former head of Alfa Group’s A1 investment company.
The other partners at Elbrus are Robert Thielen, founder and chief executive of Waterland Private Equity Investments, and Dmitry Kryukov, who comes from Renaissance Partners, which more than a year ago parted company with its then chairman Richard Olphert.
The assets put under Elbrus’s management include money from Finnish pension fund Varma, Scandinavian investment company Amanda Capital and Belgian asset management group Petercam.
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