ERBD Investing $50 Million into Fund-of-Funds

MOSCOW (Reuters) – The European Bank for Reconstruction and Development (EBRD) said on Thursday it would invest $50 million in a private equity fund-of-funds which will focus on investing in Russia, other ex-Soviet states and Turkey.The EBRD said the new fund Alpha Russia & CIS Secondary L.P., aims to raise up to $300 million. The fund will be managed by Alpha Associates Group, an independent private equity manager based in Switzerland. (Writing by Gleb Bryanski)