Skolkovo Fund intends to create three venture funds - Vekselberg
MOSCOW. Oct 28 (Interfax) - The Skolkovo Fund plans to create a subsidiary structure to manage three venture funds by the end of the year, the fund's president Viktor Vekselberg said during the Open Innovations forum on Friday.
"We plan to create three funds which will specialize in IT, bio-medicine and manufacturing technologies," he said. "We have already reached an agreement with Russian Venture Company for the creation of the first of these. The rest will be created with other partners," he said.
He did not name the possible parameters of the funds. However, he said that the Skolkovo Fund's mandate does not envisage investment activity and investing in start-ups. "I believe that it isn't right and we have approached the Russian government with an initiative," he said.
At the moment Skolkovo can support resident companies only through grants. Currently the fund has approved grants for 644 projects for a total sum of 10.5 billion rubles.