As the general director of Russian Venture Company (RVC) Igor Agamirzyan told RBC daily, this year it intends to build four new venture capital funds with overall volume of 11 billion rubles, of which 1 billion rubles is planned to invest. Mr. Agamirzyan also shared details of the new RVC development strategy, which involves the creation of the Institute of venture partners and the introduction of a Commissioner for rights of innovative entrepreneur.
"In the business plan in 2010, we intend to form a line of branch venture capital funds: the development of biotechnology and pharmaceuticals, electronics, precision engineering (Robotics), as well as the infrastructure fund, which will support providers of services that are needed for the organization investment processes of RVC" , - said Igor Agamirzyan, noting that infrastructure and pharmaceuticals funds will be formed in the second quarter of this year. As a result, the total NAV of all venture capital funds formed together with RVC (so far only eight of them), will be about 30 billion rubles. The total amount invested in projects funds could amount to more than 5 billion rubles.
"We hope that new funds would be of a different legal form, which will resemble investment partnership", - explained Mr. Agamirzyan. According to him, the fact is that the support of the venture fund is too expensive and justified only when the total stock of fund is more than 2 billion rubles. “Volume of new funds under the plan can range from 1,5-3 billion rubles. "- said RVC Investment Director, Yan Ryazantsev.
Another innovation in the RVC strategy is the creation of venture partners. This is a fundamentally new scheme of investment. "In the past RVC acted as a kind fund of funds, it was a co-investor and Management Company was dealing only with fund management - recalled Igor Agamirzyan. - Now, the investment process will be as follows: venture partner finds an interesting project, then looks for a market investor for it, makes development plan and then the draft is sent to the RVC to the investment committee that will decide whether to participate in it or not". Igor Agamirzyan also added that if earlier the company invested 50% with other 50% invested by outside investor, now it will provide up to 75% of the required amount of investments.
Under the new strategy RVC will also actively develop the investigation Institute of venture projects, as well as Commissioner for rights of innovative entrepreneur. "On the way from startup to the entering IPO venture capital firms faced many challenges and difficulties that reduce on top of that reduce chances to start a successful business, - says Mr. Agamirzyan. - Poor level of protection of property rights, corruption, fiscal pressures, limited access to external resources also reduce chances. According to him, most of these problems are systemic - they need to be addressed as part of a global transformation of public processes, as well as other procedures for administrative support. "Soon there will be a person who together with partners - authorized in the regions will oversee and help to solve the problems of entrepreneurs, using all necessary means", - emphasized Igor Agamirzyan.