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VEB, International investment group agree to set up joint investment funds in Russia

July 10, 2013, 0:14 UTC+3
The two sides plan to focus on the promotion of joint projects in the spheres of infrastructure, energy and resource efficiency
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MOSCOW, July10 (Itar-Tass) - The State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, VEB) and the international investment group Adams Street Partners have signed a cooperation agreement on setting up joint investment funds in Russia, VEB said in its statement on Tuesday.

“The agreement envisages development of partnership in order to expand the access for Russian enterprises to long-term financial resources in the form of direct investments in their charter capital. The sides are going to focus on the development of the infrastructure of direct investments in Russia, including the setting up of joint investment funds,” an official at the state corporation said.

The two sides plan to focus on the promotion of joint projects in the spheres of infrastructure, energy and resource efficiency, support of small and medium business, pharmaceutical and medical industries, in the spheres of technologies and innovations, and other projects, which need drawing direct investments.

The Adams Street Partners was set up in the United States in 1972. It makes direct investment in capitals of enterprises in different forms. Herewith, Adams Street Partners use both private and institutional trust investments. Among the company’s investors are large pension and sovereign funds, international corporations and individuals. As of the beginning of 2013, as many as 22 billion U.S. dollars were under the management of the Adams Street partners company.

 

 

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