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Cartesian and Russian Direct Investment Fund acquire stakes in Moscow Exchange

Private equity firm Cartesian Capital Group and the Russian Direct Investment Fund (RDIF), Russia’s USD10bn government-sponsored private equity fund, have acquired stakes in the Moscow Exchange MICEX-RTS from ZAO UniCredit Bank.

Following the transaction, the RDIF will own approximately 2.7 per cent and Cartesian will own approximately 2.5 per cent of MICEX-RTS. UniCredit Bank will reduce its stake in the exchange to 6.2 per cent.

The investment is part of a long-term strategy to promote the development of Russian capital markets and broaden the regional and international appeal of the Moscow Exchange. This transaction follows an investment earlier this year in the exchange by the RDIF and the European Bank for Reconstruction and Development.

Kirill Dmitriev (pictured), chief executive officer of RDIF, says: "We are pleased to invest alongside a leading private equity firm such as Cartesian Capital in a great Russian company. This is our second investment in the Moscow Exchange, and together with Cartesian and the EBRD we look forward to supporting the exchange as it continues to grow and develop."

Peter Yu, managing partner of Cartesian, says: "With its strong market-leading position, MICEX-RTS is both central to Russia’s continued development as a regional and global financial center and an attractive IPO candidate. Even in times of continued economic uncertainty, well-managed exchanges can thrive. RDIF is an ideal value-added partner for institutional investors entering Russia and we will work closely with them in the continued development of the exchange."

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