A meeting of Venture Market Council was held in Moscow, bringing together the representatives of leading private and corporate venture funds and development institutions. The meeting participants specified the key work directions of the Council before the end of 2019, as well as discussed the issues related to the planned task implementation within the Venture Market Development Strategy.
Two new work groups of the Union will be formed and launched in 2019: the work group on international import cooperation of the best foreign capital practices to the Russian venture market, as well as the work group on educational initiatives and popularization of the Russian Federation venture market, aimed to expand the community of professional LP and GP in Russia.
Moreover, the Market Council members supported the initiative to develop a new “road map” of the National Technology Initiative Capital Net. “Road map” is aimed to improve the work of the existing investment activity mechanisms, as well as to increase the liquidity of the Russian capital market and to provide the commercial “exit” opportunities for investors, to optimize the government regulation and participation in the real economy.
In the direction of the legislation improvement, the Market Council together with the relevant authorities plans to revise the legal initiatives for optimizing the investment partnership taxation and the convertible loan law.
The Market Council members also confirmed the transparency increase task urgency of the national venture capital industry by means of the industry research and the statistics integration of Russian deals into international ratings.
The Venture Capital Council, created by RVC in partnership with the Ministry of Economic Development and Trade of the Russian Federation in August 2017, is an advisory body that aims to ensure the interaction of RVC with existing and potential venture capital investors of the Russian Federation, to improve the preparation quality of development institute programs and initiatives, as well as to encourage the investors to use the best innovative business venture practices. The main presidium of the Market Council includes ten managers of venture funds, Russian companies and investor associations.
In 2018 three work groups were formed and launched in the key directions at the Venture Market Council: raising of funds from non-state pension funds; preparation of an amendment package on the approved directions of legal initiatives; preparation of the market development strategy of the venture and direct investments of the Russian Federation for the period up to 2025 and further perspective up to 2030.