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Posted: March 23, 2010
RUSNANO Invites Fund Managers to the Russian-Kazakhstan Nanotechnology Venture Fund
(Nanowerk News) Russian Corporation of Nanotechnologies (RUSNANO) and Kazyna Capital Management JSC (“KCM”) are seeking Expressions of Interest from potential fund managers with the experience, demonstrated track record and human resources necessary to manage the Russian-Kazakhstan Nanotechnology Venture Fund (RKNVF). The fund is being created to invest in nanotechnology companies.
The proposed Fund will have an initial closing at USD51 million of which USD50 million will be provided jointly by RUSNANO and KCM on equal basis, and USD1 million should be provided by the selected fund manager. The Fund shall have subsequent closings until the Fund’s capitalisation attains not less than USD100 million. The fund manager shall raise additional capital in amount of USD49 million.
The Fund will be established as a Limited Partnership or other appropriate legal form in a jurisdiction that is suggested by the fund manager and acceptable to RUSNANO and KCM. The structure of the Fund will include Closed Unit Investment Fund of high risk venture investments (“ZPIF VI”), a parallel vehicle registered in Russia for RUSNANO commitments. The selected fund manager will be responsible for establishing the Fund which is expected to start operations in the fourth quarter of 2010.
The investment policy of the Fund will therefore only be finalised once a fund manager has been selected.
The Invitation to fund managers for expression of interest are for the purpose of meetings with fund managers. The Invitation to fund managers for expression of interest is not a firm offer and cannot be used as a commitment of KCM and/or RUSNANO to conclude an agreement.