Private Equity Russia

Elbrus Capital, the spin-off of Renaissance Private Equity,  has announced that it plans to make $180 million of private equity investments in Russian companies in 2010.

Investments will be made through a new direct investment fund at Elbrus, managed by Dmitry Kryukov, formerly of Renaissance Private Equity; Alexander Savin, former President of investment company A1; and  Robert Thielen, founder of Waterland Private Equity.

The Fund is looking for either significant minority stakes or controlling interest in growth oriented companies.

Elbrus Capital’s current portfolio includes: DST, the Russian Internet and social media company (Mail.ru, Odnoklassniki.ru, Vkontakte.ru) and Media One, a Russian television and radio company.

Kommersant has reported that Renaissance Group is restructuring its asset management division, Renaissance Investment Management into two separate units that will focus respectively on private client wealth management and institutional asset management.  This decision was taken due to the weakening position of Renaissance Investment Management in the market, largely due to the investment environment, management and ownership shakeups at the group level and the exodus of key managers and clients from the division over the past year.

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