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Russia and CIS-focused PE fund reaches hard cap of USD550m


Elbrus Capital, a private equity business in Russia and the CIS, has held the final closing of Elbrus Capital Fund II with capital commitments of USD550m.

The fund was oversubscribed, exceeding its target of USD500m and reaching its hard cap.
 
Additionally, the fund secured USD150m financing from the Overseas Private Investment Corporation (OPIC), which will bring the total available capital for fund investments to USD700m upon finalisation of legal documentation later this year.
 
The fund has attracted a number of new blue chip institutional investors from Europe, the US, Middle East and Asia. A number of the investors in the fund made their first commitments to Russian private equity.
 
Alexander Savin, co-managing partner of Elbrus Capital, says: “We are pleased that such a high quality group of international investors has demonstrated its confidence by committing to the fund.”
 
“The deployment of the fund is well under way with over USD200m already invested in six platforms. The fund has been able to consistently invest in the market leaders in the mid-market growing at 20 per cent or more,” adds Dmitri Krukov, co-managing partner.
 
MVision Private Equity Advisers acted as exclusive global fundraising adviser for the fund. Clifford Chance acted as legal counsel. 

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