VTB Capital Asset management successfully sold assets and dissolved the closed-end investment fund (CEIF) Second Regional Venture Fund of Investment in Small Scientific - Technical Companies in Moscow (hereinafter, the Moscow Fund).
The RUB 800m Moscow Fund was launched in 2008. PJSC VTB Bank and the Moscow City Government Venture Fund, launched by the Department of Science, Industrial Policy and Entrepreneurship of Moscow, with the help from RVC (the Russian Government’s fund of funds and the Development Institute of the Russian Federation) were the Fund‘s shareholders.
The Moscow Fund was last of the four regional venture funds successfully closed by VTB Capital Asset management at the end of the established life span of the funds. In addition, shareholders received profits after Saratov, Nizhny Novgorod and Saint Petersburg funds were dissolved.
Vladimir Potapov, Chief Executive Officer of VTB Capital Investment Management noted, “The main purpose of the funds was to develop the regions‘ innovative capabilities. Unlocking the business potential of these funds in the face of changing market environment was not an easy task. I am pleased to recognize the high level of professionalism of our team, which managed to successfully complete all projects and reach investment goals set by the fund and shareholders.“
Magomed Askhabov, Head of Venture Capital Department at VTB Capital Asset management added, “Taking into account the specifics of regional markets, working with the assets of regional funds was both challenging and rewarding, as it provided valuable experience. The ability to earn profits for our shareholders on these markets, given the limited investment mandate, is one of our main competitive advantages.“
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