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RVC Starts Selecting a Managing Partner for the NTI Venture Fund

22.12.2017
RVC Starts Selecting a Managing Partner for the NTI Venture Fund

RVC announces the beginning of the selection of the managing partner (MP) for the NTI venture fund. The fund will be established in the form of an investment partnership for a period of 10 years, the investment period will be 5 years. The operator of the selection procedure will be RVC Infrafund, which in future will become a mere fellow investor of the fund created in accordance with the draft of the National Technology Initiative "Venture Support for the Growth of NTI Companies". The technological priorities of the fund will be aimed at the development of end-to-end technologies, including technologies for storing and analysing large data, artificial intelligence, distributed register technologies, quantum technologies, virtual and augmented reality technologies, and other areas. The fund will invest in Russian projects of seed and early stages.

The size of the Fund and the amount of investments of co-investors directly into the capital of the portfolio companies of the Fund will amount to no less than three billion roubles, of which 1.5 billion roubles are the subsidies of NTI, MP's investment commitment of not less than 1% of the Fund's size and money resources of co-investors attracted by MP, in the amount of not less than the size of the NTI subsidy. At the same time, no less than 50% of co-investors' funds should be attracted directly in the form of investment obligations of the Fund's investors.

An obligatory condition for participation in the selection is the participant's experience of investing in venture capital projects in the leading role. As criteria for selection of management companies, the MP's qualifications, the quality of the list of projects proposed for priority consideration for investment of the Fund, the amount of remuneration of MP for management and the investment obligations of MP are selected.

Applications can be sent until February 14, 2018, and the final decision will be made no later than March 15, 2018. The application for participation in the selection should indicate the industry priorities formulated in relation to one or more NTI markets, the investment stage, as well as the rationale for the chosen investment strategy. Participants in the selection can be legal entities established only in the jurisdiction of the Russian Federation, as well as individuals (key persons of the Fund) intending to create such a legal entity. In particular, the Documentation notes that the proposal of the selection participant may provide for the establishment of a legal entity — the managing partner directly for the purposes of implementing the conditions proposed by the selection participant in relation to the Fund. In this case, the requirements for the selection participant shall apply to the Fund's key persons declared by the applicant, while in the application form the selection participant shall submit a copy of the document signed by such persons, confirming the obligation of such persons with respect to the establishment of such a legal entity.

The Fund is created in accordance with the project of the National Technological Initiative "Venture Support for the Growth of NTI Companies". The project was approved on October 18 by the decision of the Interdepartmental Working Group on the Development and Implementation of the National Technological Initiative under the Presidium of the Presidential Council for Modernization of the Economy and Innovative Development of Russia.

"The Fund will be the first investment fund in the RVC structure, whose mandate is focused on the tasks of the National Technological Initiative. Its main task is to accelerate the development of an innovative ecosystem, ensuring the competitiveness of Russian developments in the global markets of AeroNet, AutoNet, MariNet, NeuroNet, HealthNet, FoodNet, EnergyNet, SafeNet and FinNet," said Alexey Basov, Deputy Director General and Investment Director of RVC. — Besides, we plan to further develop the practice of open tenders for the selection of MPs, thereby finding the best offers on the market."



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