VEB Capital chief leaving to manage investments of Itera founder - paper
MOSCOW. Feb 25 (Interfax) - The head of VEB Capital, Yury Kudimov is leaving the subsidiary of state lender Vnesheconombank (VEB) in order to manage the Pangeo Capital private equity fund, national daily Kommersant reported on Tuesday, citing sources.
The key investor in the fund will be Igor Makarov, who earned $3 billion-$4 billion on the sale of gas company Itera to state oil major Rosneft .
Kudimov confirmed that he is leaving VEB Capital, the paper said. He said the Pangeo Capital fund with $1 billion under management was formed in December.
"We have already begun selecting projects. We're interested in undervalued, non-public Russian companies working in sectors such as telecoms, finance, real estate and a number of others. In future, we also plan to create a hedge fund," Kudimov was quoted as saying.
Itera was traditionally one of the biggest clients of National Reserve Bank, of which Kudimov was co-owner and head prior to joining VEB Capital.
