At an informal meeting with journalists in Moscow, RVC's investment director Alexei Basov presented a new investment strategy of Russian Venture Company. RVC plans to create two new types of funds: aimed at a system of withdrawals or repeated rounds for funds of earlier stages and funds for young managers (1st time GP). The purpose of the first one is to enable companies to postpone the search for a strategic investor, stay longer at the investment stage, with the goal of more dynamic development outside a large corporation. The share of RVC in the 1st time GP funds will be no more than 25% and no more than 250 million roubles.
Also, the RVC launches a separate program to support investment at a later stage. The funds of the later stages will be focused on investments in companies on rounds B, C and pre-IPOs. They will make it possible to develop a system of exits or follow-on rounds for funds of earlier stages, filling the existing gap in the investment cycle. The share of RVC in such funds will be no more than 20% and no more than 1.5 billion roubles.
In total, in 2018-2020, RVC intends to create 10 new funds. Now the company manages 26 funds, four of which were created in 2017. The total capital of the funds is 35.7 billion roubles. The share of RVC is 22.7 billion roubles.
The management company will have to participate in the fund with its own capital at the level of 5-10%, the role of the RVC in this case will be reduced not only to the provision of financial leverage, but also to transfer its expertise to the manager, in order to increase their skills and increase the profitability of their actions.
RVC plans to be more actively engaged in GR-activity. Especially Alexei Basov highlighted the desirability of changing the legislation with regard to non-state pension funds, which should be given an opportunity, within certain limits, to invest in more risky spheres than they are doing now. Today, pension funds can invest their monetary funds only in extremely conservative financial instruments, the results of investing in which do not even always outpace inflation.
At present, the volume of NPF assets is about 4 trillion roubles, RVC is guided by the fact that 10% of this money in the near future will be able to enter the venture market, which at times will increase the amount of venture capital in Russia. Another driver for the growth of the venture market should be interaction with foreign funds that can both help Russian companies enter the markets of their countries and invest in Russian teams and companies in order to satisfy their needs. In general, the new strategy should allow RVC to become a service hub for the state, investors, management companies and funds, and, of course, portfolio companies. The Board of Directors of RVC has already approved the strategy.