Russia is forming a $10 billion fund to co-invest with international private equity firms, Reuters reported, citing an article in the Financial Times. The country is making an effort to increase foreign investment in the country, and has reportedly approached firms including Apollo Management, Blackstone Group and the Carlyle Group.
(Reuters) – Russia is setting up a $10 billion fund to co-invest with international private equity firms in an attempt to shore up foreign capital in the country, the Financial Times reported on Monday.
The government has asked Goldman Sachs informally to guide the project and has approached Apollo Management [APOLO.UL], Blackstone and Carlyle [CYL.UL], among others, the newspaper said citing unnamed sources familiar with the matter.
The initiative comes directly from Russian President Dmitry Medvedev and officials are expected to meet Prime Minister Vladimir Putin at the end of the month to launch the initiative, the FT said.
It said a spokesman for Russia’s first deputy prime minister, Igor Shuvalov, confirmed that talks on creating such a fund were under way but declined to comment on the details.
(Reporting by Karolina Tagaris; Editing by Bernard Orr)