Government fund of funds
Development institute of the Russian Federation

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RVC Determines the Winner of the Selection for the Management of the Fund for High-tech Medical Projects

17.12.2019

Unicorn Capital Partners investment team scored the most points based on open selection. The fund is created by RVC together with the Ministry of Industry and Trade of the Russian Federation for investments in high-tech projects in the field of production of innovative medicines, medical devices, and software.

RVC announced an open selection for the search for a managing partner for a venture fund in the pharmaceutical and medical industries in July 2019. In total, three applications were submitted for an open selection. A commission with the participation of leading experts from specialized corporations, universities, and development institutes and representatives of RVC evaluated applications from applicants. The Commission estimated criteria such as proposing the primary conditions of an investment partnership agreement, a proposal on the investment strategy of the fund, and its financial model, as well as a list of projects proposed for priority investment. Particular attention was paid to the qualifications and experience of the management team in investing in various segments of the pharmaceutical and medical market. As part of the interview phase, the selection participants made an in-person presentation of their proposals and answered questions from the commission. Based on the selection results, the RVC Board of Directors recognized Unicorn Capital Partners as the winner.

The fund will be established in the form of an investment partnership for a period of 10 years; the investment period will be five years. RVC's contribution to the capital of the new fund will amount to 4.5 billion roubles. The technological priorities of the fund will be aimed at creating new drugs and drug delivery vehicles, developing high-tech medical devices, and software in medicine. The fund will invest in Russian and international projects of the early stages A, B, B+ (phases I and II of clinical trials for drugs), seed stages, and at the preclinical stage.

Alexey Basov, Deputy General Director — Investment Director, RVC
By creating this venture capital fund, the state demonstrates its readiness to create repayable financing instruments using market-based mechanisms to target the most promising teams, technologies, and projects. The winner is a team of professional market players with deep expertise and specialized experience. It is important to note that the management company agrees to attract private co-investments in the fund capital or portfolio companies in an amount not less than that which will be provided by RVC.
Alexey Vinogradov, General Director of Unicorn Capital Partners
The state is consistently supporting high-tech start-ups in the most strategically important areas for the country, which, of course, include medicine and pharmaceuticals. We are grateful to RVC and the selection committee for the high appreciation of our application and team. Together with our expert advice, we will do our best to ensure effective investment of the fund in the best innovative projects, and we invite applicants to join the fund. The importance and complexity of the tasks facing us can hardly be overestimated, but we believe that thanks to the financial and organizational support of RVC and the Ministry of Industry and Trade of the Russian Federation, the fund will form a strong innovative portfolio.



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