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Posted: Apr 20, 2011
RUSNANO and Perm Krai Choose German Nanostart AG to Manage 50 Million Euro Fund
(Nanowerk News) An agreement of cooperation with investment company Nanostart AG, winner of the open competitive tender to manage venture capital fund Kama Fund First, was signed today by RUSNANO CEO and Chairman of the Executive Board Anatoly Chubais, Perm Krai Governor Oleg Chirkunov, and Nanostart CEO Marco Beckmann. Nanostart AG is a leading nanotechnology investment company headquartered in Frankfurt, Germany. Signing took place in Moscow as part of a Global Innovation Partnerships forum being held April 18–22, 2011, in Moscow and Kazan. The forum has attracted 25 heads of European venture funds and executives of international technology companies.
Kama Fund First is a two-billion-ruble (€50 million) venture capital fund for high-tech developments in Perm Krai. RUSNANO and Perm Krai will each invest 750 million in the fund; Nanostart AG will invest 500 million rubles. The fund with a planned life of ten years will be registered with Russia's Federal Service for Financial Markets in June 2011.
The purposes of Kama Fund First are to accelerate innovative developments in Perm Krai, diversify venture financing instruments, and increase the project base in the region for RUSNANO co-investment at later stages. The fund will invest in 10 to 20 projects of which at least 75 percent will be projects in nanotechnology.
"I view Kama Fund First as a generator of promising nanotechnology projects that will grow in their next stage of development, with financial participation from RUSNANO, into significant businesses," said Anatoly Chubais. "It is heartening to us that one of the leading investment companies in nanotechnology will invest in the fund and manage its resources. This is the same smart money that is essential to the development of an innovation economy."
"We wanted and were able to attract a management company for Kama Fund First that was one of the leaders in the European venture capital market," explained Oleg Chirkunov. "I hope that Nanostart AG's capabilities and financial resources will enable us to couple high-tech business with the work being done in Perm's national research universities and take innovative companies from the region to the international level."
"Partnership with RUSNANO and Perm Krai with Governor Chirkunov at its helm is significant recognition of our work and our expertise. We are extremely pleased with the prospects of contributing to the success of Russia and Perm Krai as global players in nanotechnology. In the rapidly evolving high-tech sector, Kama Fund I is Nanostart's gateway to the Russian market with its enormous potential," said Marco Beckmann.