The supervisory council of Rusnano has approved the corporation’s participation in a Russian venture fund, which will be established in partnership with VTB Group and Draper Fisher Jurvetson.
The overall size of the fund, called DFJ-VTB Aurora, will be USD100m at the first stage. Rusnano will commit USD50m to the fund and VTB USD50m.
The fund will focus on promising nanotechnology innovation both in Russia and abroad, as well as on attracting foreign partnerships and investment to support the construction of Russian nanotechnology production facilities.
VTB Capital, the investment business of VTB Group, and DFJ will act as managing partners.
“DFJ-VTB Aurora is the first international venture project in Russia with participation of Rusnano Corporation. Cooperation with such giants as VTB Group, the second largest Russian financial institution in Russia, and the leading venture fund DFJ, offers unique opportunities for project success,” says Dionis Gordin, managing director, member of the board, Rusnano.
The concept of Rusnano’s participation in venture and seed funds approved by the supervisory council in June specified two types of priority funds—seed funds and international funds with a global investor’s partnership.
“This project is an important milestone in the global nanotechnology cooperation effort. The establishment of this fund will let Russia apply advanced global practice and attract new resources to the market,” says Yuri Soloviev, president and global chief executive, VTB Capital.
