RVC to contribute 4.5 bln rubles to three new Skolkovo funds - paper
MOSCOW. May 29 (Interfax) - The boards of directors of the Skolkovo Foundation and Russian Venture Company (RVC) have approved the creation of three venture capital funds, and there is also a directive to this effect from the Federal Property Agency, business daily Vedomosti reported, citing Skolkovo senior vice president for innovation Vasily Belov and a spokesman for RVC.
The documents on the creation of the funds will be signed at Skolkovo on June 6.
The funds will focus on IT, industrial technologies and biomedicine. They will have capital of 2.2 billion to 3 billion rubles each, of which RVC will contribute 1.5 billion rubles to each one and Skolkovo will contribute 20 million rubles to each. Skolkovo will also assume responsibility for administrative work such as reporting and government relations.
Belov said each fund is expected to invest 100 million to 200 million rubles in 10 to 12 startups in exchange for equity stakes of 10% to 30%.
Belov also said that he will leave Skolkovo and head management company Skolkovo Venture Investments, which will manage the new funds. The company has also entered into co-management contracts with three venture capital funds that specialize in IT, industrial technologies and biomedicine: iTech, I2BF and Primer, respectively.
The co-managing funds will look for and develop projects, as well as raise capital from major corporations and wealthy individuals, who will be expected to make contributions upwards of 150 million rubles, the paper reported Belov as saying. Each of the co-managing funds will also invest 60 million rubles in each of the new funds and get stakes of about 3%.
Primer managing partner Dmitry Sharov said he has set up the company SV Partners for participation in the management of the funds.
Skolkovo Foundation owns 99% of Skolkovo Venture Investments and RVC owns 1%, the SPARK-Interfax database shows. The company was registered on January 23, 2017.
The creation of the funds is part of the cooperation roadmap for 2016-2017 for the integration of these two development institutions. The roadmap was drafted on orders from Prime Minister Dmitry Medvedev, who instructed the Finance Ministry and Economic Development Ministry in the spring of this year to explore the issue of integrating the Skolkovo Foundation and RVC.