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Market players discuss the best practices of investments in venture funds

29.11.2017

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On November 27, the business club Kelia hosted an event for professionals of the venture industry "Path to LP. Practice of investing in venture funds " organized by RVC and Firrma. The experts discussed the condition of the Russian venture market today, shared their experience of working with LPs and GPs and investment strategies. Alexey Basov, RVC's investment director, spoke about the investment plans of the Russian Venture Company.

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RVC combines the functions of the development institute and the fund of funds. This structure, on the one hand, makes it possible to actively develop the ecosystem of the venture market, on the other hand, to implement its investment potential through the funds established with partners, said Alexey Basov.” ”This way, we strive to ensure a balanced development of innovative economy which is not able to develop evenly without the governmental support. Some segments are able to grow without support by some dozens of per cent per year, while other industries, which are equally important for Russia, are unable to effectively capture new technologies since they are under-invested by venture capital due to an unfavourable risk-profitability coefficient for investors. Eliminating such imbalances is one of our most important tasks."

Extending his point on RVC's investment plans, Alexey Basov noted that RVC's functionality also includes creating professional management teams: "We are open for cooperation with mature management teams and ready to take active part in their arrangement and training, ready to help them choose parameters and strategy of the fund, to raise funds, structure their regulatory framework. We realize that the market of venture managers is just emerging, and the country needs much more investment professionals." In his opinion, the funds organized by RVC receive not only co-financing but also comprehensive infrastructure, including analytical resources, legal and legislative support, assistance in scaling portfolio companies and structuring exits.

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The QIWI founder and investor Andrey Romanenko answered the questions asked by Dmitry Falaleev, Firrma's publisher. He noted that today any citizen of the world having sufficient funds may become an LP: "Once you have a token, you're already an LP fund. Although it is a convenient tool, its control mechanisms have not yet been developed, which means that the risks are high." Concerning problems facing the Russian venture capital market, Andrey Romanenko points out to the lack of strategists who would agree to buy a share in start-ups. Mail.ru and Sberbank are doing their best to change it. The corporate venture funds will hopefully invest in new economy and develop new technologies: "Without corporate venture funds, the market will not rise and new projects will not appear."

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Andrey Laptev, Head of Corporate Strategy Division at Severstal OJSC, told about the investments within the corporation. In his opinion, today the demand for steel is growing slowly, it is less often used in construction, and the automotive industry uses aluminium as substitute for steel. Therefore, modern corporations must work hard not only to improve their technologies, but also to create new markets in order to maintain their positions. He told that there are several tools for creating innovations among which there is possible cooperation with GenerationS, the largest accelerator in Russia and Eastern Europe. The company also plans to deal with the funds so as to learn about the evaluation of venture projects.



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