Government fund of funds
Development institute of the Russian Federation

News

Press-release

06.09.2010

Russian Venture Company (RVC) has joined Institutional Venture Partners XIII (IVP XIII), a $750 million later-stage venture capital and growth equity fund. RVC’s contribution in the fund amounted to USD 10 mln.

Funds managed by Institutional Venture Partners generate highest yields in the VC industry. Over their 28-year history, investors’ IRR has amounted to 43.2%, while IVP XII current portfolio IRR is 67.9%.

“Our later-stage investment practice is working well,” said Todd Chaffee, General Partner of IVP. “We appreciate the on-going support of our Limited Partners, and the exceptional investor demand for this fund is a tribute to our team and investment results.”

“Our partnership is stronger than ever, and we continue to invest behind the world’s leading entrepreneurs,” added Norm Fogelsong, General Partner of IVP. “These entrepreneurs use our growth capital to enhance their competitive position and gain market share.”

Aggregately, IVP team has a 100-year VC experience. The fund has attracted investors from North America, Denmark, Germany, Japan, Singapore, Switzerland and other countries. Now that Russian Venture Company has joined IVP XIII, Russia gets access to unique VC practices paving the way for Russia’s own VC market to global hi-tech and innovation business standards.

RVС as a development institute is pursuing a key objective of launching an efficient innovation and venture capital ecosystem in Russia, with a mandatory pre-requisite to establish a complete chain from seed to later stage — the so-called innovation lift, said Igor Agamirzian, CEO of RVC. Since a system of later stage venture funds is a time-consuming process, RVC has decided to urgently launch a program of groundwork efforts to initiate later stage funds in Russia. Joint projects with international later stage VC funds is the most efficient way to get access to and assimilate best international later stage VC practices, said RVC CEO to comment the deal.

This opportunity to join IVP XIII opened up after 25 June 2010 when RVC launched RUSSIAN VENTURE CAPITAL II LP — an international fund headquartered in Great Britain, whose investment focus is to join international later stage VC funds.

This project will allow RVC to attain a whole set of important strategic objectives: to learn about the methods to launch later stage VC funds, to get access to extensive information on most “hot” VC deals, to partner with other investors in the new fund and enhance our network, to attract our fund partners to Russian technology market as strategic investors, and many others, said Jan Ryazantsev, Director of Investments and Expertise Department, RVC.

RVC’s aggressive international activities were landmarked this spring when it launched RUSSIAN VENTURE CAPITAL I LP, a fund headquartered in Great Britain with a focus on innovation companies in such areas as energy conservation, alternative energy, IT and high performance computing. RUSSIAN VENTURE CAPITAL I LP has already closed its first deal, buying a USD 10 mln stake of shares in a solar energy leader BrightSource Energy Inc.

About Institutional Venture Partners.

Institutional Venture Partners venture capital fund is one of the largest and most experienced US funds, showing a total of USD 5.5 bln exits since its inception in 1980 till 2009.

The fund has a long history on the market — over 35 years. Over this period, it has invested over 300 companies, 85 of which have gone public.



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