Rosinfokominvest
Rosinfokominvest is a Russian state investment venture capital fund of 1.45 billion rubles. The fund can invest no more than 150 million rubles in each project. Private investors were supposed to participate in them: according to a government decree, they should invest at least half of the funds.
With the help of the fund, it was planned to finance venture IT projects, but during its existence by July 2015, the fund did not make a single profile investment. Instead, the money was placed on bank deposits and spent on the acquisition of securities.
The shareholder's rights are exercised on behalf states of the shareholder. Ministry of Digital Development, Communications and Mass Media Russia
In May 2013, the investment policy of Rosinfokominvest was reoriented to the development of start-up IT companies with partners from among commercial venture capital funds. The capital of the fund is 1.45 billion rubles, the management company of the fund is ZAO Leader UK.
Partner Conditions
Rosinfokominvest partners may be venture capital funds or their management companies that control assets worth at least 300 million rubles.
Other requirements are put forward for applicants. Among them:
- having an office in Russia with at least three employees and a manager with significant experience in the field of ICT;
- investments made at least one year ago in the amount of over 180 million rubles in at least five ICT companies, of which the share of Russian citizens exceeds 20%;
- the opportunity to invest more than 150 million rubles in ICT companies.
In addition, no more than one third of funds under the control of a partner can be directly provided from the budget of the Russian Federation or from the funds of companies, the share of participation of the Russian Federation in which is more than 50%.
Investment in projects of Rosinfokominvest partner funds will be carried out through a contribution to the authorized capital of companies-operators of projects created under Russian law in the form of closed joint-stock companies. The total volume of investments in all projects proposed by one partner cannot exceed 90 million rubles. The volume of investments in a separate project cannot be less than 10 million or more than 30 million rubles.
Projects must be repaid within four years, have an internal rate of return of at least 100%, net discounted cash flow must exceed the volume of investments of the state fund by more than 10 times. At the same time, Rosinfokominvest will allocate only 50% of the investment amount, the rest should be invested by the partner.
Rosinfokominvest may act as a co-investor in 40-80 projects. An important condition for transactions is the ability to redeem the share of the state fund, ensuring a yield of only 8% per annum for it. Thus, obtaining co-financing in projects from the state fund significantly increases the internal rate of return on investments for the partner.
Management Company
Since September 2010, the fund's management company has been Capital.
Since 2012, the Rosinfokominvest Foundation has been managed by the Leader Management Company. According to a source familiar with the situation, one of the reasons for the change of the Criminal Code was the disagreement of the management of the venture capital fund with the investment policy of the Capital Management Company. As a result, another tender was held to choose a management company, which was won by the Leader company[1].
After that, Leader Management Company began selling securities that had previously acquired Capital Management Company with the money of Rosinfokominvest: MTS shares (0.27% of the turnover on the stock exchange), VimpelCom (1.82%) and Tele2 (3.16%). With the proceeds, the Leader Management Company intends to enter the capital of venture projects - for this purpose, Rosinfokominvest was originally created.
On May 15, 2012, it became known that the management of Rosinfokominvest doubted the legitimacy of the actions of Capital Management Company to manage its assets. According to RBC daily sources, in early April 2012, the fund sent a letter to the FSFM asking it to figure out whether the management company had the right to buy bonds of large telecommunications companies VimpelCom, MTS, Tele2, as well as Armada, the source said in the government. The charter of the fund states that its funds should be used to invest in venture projects.
His version is also confirmed by a source from Rosinfokominvest itself. "At the moment, we do not express any accusations against Capital, but the board of directors of the fund decided to send a letter to the FSFM with a request to verify the legitimacy," he says.
The interlocutor of RBC daily in the Capital Management Company is aware of the existence of this letter, but he personally did not read it. "I don't understand why we are being made a claim on this particular issue. Initially, we invested temporarily free funds. We bought securities, for which last year we received an income of 100 million rubles, "he wonders.
The remuneration of the management company (Capital Management Company) amounted to 2% of the value of the net assets of the fund.
As of June 30, 2013, Leader CJSC has assets worth more than 420 billion rubles, this volume provides the company with the first position in the rating of management companies in terms of the amount of funds in management conducted by the Expert RA rating agency. The main activities of Leader CJSC are trust management of pension funds of NPFs, funds of insurance companies and pension savings of citizens, asset management of open and closed mutual investment funds, as well as public-private partnerships.
Foreign experience of similar projects
State venture capital financing should pull private, says Alexander Galitsky, managing partner of Almaz Capital (September 2010). In the 1970s the US state invested about $4.2 billion a year in Silicon Valley, and private investment was measured in hundreds of millions. In 2007, the state still invested $4.2 billion in the valley, but private capital invested $32 billion, Galitsky recalls.
History
2024
Powers to support IT exports of Russian companies passed RFRIT
On December 13, 2024, it became known that the powers of the state investment venture fund Rosinfokominvest to support IT exports of Russian companies were transferred to the Russian Information Technology Development Fund (RFRIT). Read more here
Russian authorities liquidate Rosinfokominvest
At the end of November 2024, it became known that the Russian authorities were liquidating the state investment venture fund Rosinfokominvest. This decision was made by the Ministry of Economic Development - the only shareholder of the named structure.
About the abolition Rosinfokominvesta"" reports Interfax"," referring to the data of Fedresurs. As of November 29, 2024, the terms and procedure for liquidation, as well as the composition of the liquidation commission, were approved, but details were not disclosed.
Rosinfokominvest is the first industry investment fund in the field of information technology in the Russian Federation. It was created in accordance with the instructions of the President of Russia at the end of 2007, and 100% of its shares are in federal ownership. The authorized capital is 1.45 billion rubles. The task of the fund was to invest in IT projects at stages "A" and "B": the amount of investments ranged from 50 million to 150 million rubles, provided that the co-investor provides the same amount. The fund focused on projects to solve government import substitution problems, as well as on b2b initiatives.
 | The creation of the fund is a good example of private-public partnership, which implies high efficiency at low political risks. Thanks to the active participation of the Ministry of Information Technologies and Communications of the Russian Federation, the fund was able to use the knowledge accumulated by the state in the most promising projects, the organization's website says. |  |
Earlier, the Government of the Russian Federation approved an order according to which Rosinfokominvest is subject to liquidation with the transfer of the functions of developing the export of information and communication technologies to the Russian Fund for the Development of Information Technologies (RFRIT). It is expected that Rosinfokominvest will be abolished until March 28, 2025.[2]
2023: Ministry of Digital Development decided to allocate 1.3 billion rubles to create a Russian analogue of GitHub
The Ministry of Digital Development, Communications and Mass Media of the Russian Federation is going to send funds in the amount of 1.3 billion rubles to create a national repository of open source software (a kind of analogue of the GitHub service), which since 2007 have been without movement in the accounts of the Rosinfokominvest fund. This was reported in the department on March 13, 2023. Read more here.
2022
The Ministry of Digital Development plans to create a venture capital fund on the basis of Rosinfokominvest
Ministry of Digital Development, Communications and Mass Media of the Russian Federation plans to create an investment fund on the basis of Rosinfokominvest (is at the stage of liquidation), which became known at the end of June 2022. The fact that government they are considering alternative scenarios for using 1.3 billion, rubles which hung on the accounts of the state fund for supporting the IT industry, was written "" Sheets with reference to a federal official and a source close to. Ministry of Digital Development
According to the interlocutors, the Ministry of Digital Development can create a venture capital fund with state and private capital on the basis of Rosinfokominvest, as well as refuse to support exports in favor of projects in Russia. It is assumed that the share of the state in this fund will not exceed 20%, the rest is private financing. The new fund may no longer be focused on supporting the export of IT solutions, the money is planned to be used in the development of the IT industry within the country, a source close to the Ministry of Ministry of Digital Development told the newspaper.
Earlier in June 2022, the Ministry of Finance of the Russian Federation reported that the department requested additional justification and calculations on the activities of the Russian Information Technology Development Fund (RFRIT) to decide on the transfer of 1.4 billion rubles from Rosinfokominvest to RFRIT to support projects for the export of domestic software. In this regard, the Ministry of Finance proposed to direct all Rosinfokominvest funds to support projects in the field of information and communication technologies.
The main claim of the department, according to Vedomosti sources, is that it was planned to allocate non-refundable subsidies from the Rosinfokominvest money that RFRIT could receive, and the Ministry of Finance insisted that this money be allocated on return terms.[3]
Message on the transfer of Rosinfokominvest funds to RFRIT
In mid-February 2022, it became known about the decision Ministry of Digital Development to transfer Rosinfokominvest funds in the amount of 1.3 billion rubles to the Russian Information Technology Development Fund (). RFRIT The latter will direct this money to support Russian developers ON who bring their decisions to foreign markets, the head of RFRIT said. Alexander Pavlov
The transfer of 100% of the shares and funds of Rosinfokominvest JSC to RFRIT is stated in the draft presidential decree and government decree, which was prepared by the Ministry of Digital Development. As indicated in the explanatory note, for the implementation of the functions of RFRIT transferred from Rosinfokominvest, appropriate funding is required, which has not been brought to it for the time being, since its sources, as well as the mechanism, procedure and timing of the transfer of assets have not been determined by the roadmap.
According to Kommersant, Rosinfokominvest, created by the Ministry of Digital Development in 2007 to support exports and investments in IT startups, was in no hurry to spend the funds allocated to finance technological innovations. In fact, he closed only one target deal (he invested 75 million rubles in the FinEx group's project for the development of roboediting).
According to the general director of BASEALT Alexei Smirnov, the activities of Rosinfokominvest were far from effective, and RFRIT "is already working and distributing grants."
| | There are some problems with the bureaucracy, but the problems are not related to the activities of the fund, they are typical in general for the procedure for allocating state support, the expert believes. | |
At the same time, Andrei Sholokhov, an independent consultant for work with national projects, noted that Rosinfokominvest had an extensive sales department that was actively working on a fairly successful promotion of the portfolio of Russian vendors.[4]
2021: Funds of the liquidated fund "Rosinfokominvest" want to be directed to the development of IT exports
They want to direct the funds of the liquidated Rosinfokominvest fund to the development of IT exports. This became known on January 21, 2021.
According to Kommersant, one of the possible options for redistributing the state fund is investing in a company that will provide services to exporters as a supply aggregator. In addition, according to the sources of the publication, the need to create representative offices providing exporters with marketing and promotion services and the use of Rosinfokominvest funds to provide legal and patent protection services and participate in foreign events is being discussed.
The Ministry of Digital Development told the publication that the decision on the management of Rosinfokominvest's monetary assets and the procedure for their transfer should be made by April 30, 2021, and by January 21 this issue is being discussed with ВЭБ.РФ.
According to the order of the Government of the Russian Federation of December 31, 2020, the Rosinfokominvest fund is being liquidated, and its funds will be transferred to the Russian Information Technology Development Fund (RFRIT). The head of RFRIT Dmitry Kryukov clarified to Kommersant that the functions of developing the export of information and telecommunication technologies will also be transferred from Rosinfokominvest to RFRIT.
According to Softline Andrei Sholokhov, deputy general director for work with national projects, Rosinfokominvest was useful as a development institute. Before liquidation, the fund actively used connections between digital ministries of different countries to promote Russian products, and one of its initiatives was the idea of using the infrastructure of representative offices of Russian commercial companies for organizing exports instead of creating separate state centers, he said.
Nikolai Komlev, Executive Director of the Association of Computer and Information Technology Enterprises, considers support for IT-Business in the regions of Russia to be the best option for redistributing Rosinfokominvest funds.[5]
2019
Ministry of Agriculture revived its long-suffering venture capital fund
The government has endowed the Rosinfokominvest fund with new opportunities to invest in Russian technology companies. The corresponding decree was signed by Prime Minister Dmitry Medvedev on September 2, but has not yet been published, the representative of the Ministry of Telecom and Mass Communications Yevgeny NovikovMinkmsovyazi told CNews.
The document amends the government decree on the creation of Rosinfokominvest, which was adopted in August 2016. The main change is that the charter of Rosinfokominvest is approved in a new version. As the main goal of Rosinfokominvest's activities, the development of the Russian ICT industry has now been announced to ensure the acceleration of the technological development of Russia, an increase in the number of organizations implementing technological innovations, and the accelerated introduction of digital technologies in the economy and social sphere.
From now on, the fund will be able not only to enter the capital of companies and invest in their property, but also to provide convertible loans, issue grants, participate in investment partnerships, etc. In addition, companies existing in any legal form will now be able to receive investments from it, and the size of the investments themselves will not be limited.
According to the general director of Rosinfokominvest JSC Georgy Mikaberidze, technology companies need not only financial support, but also help with professional personnel, market analysis and public promotion. All these and other types of support will now be able to provide them with Rosinfokominvest.
The expert opinion on the draft new resolution notes that Rosinfokominvest JSC is no longer an investment fund, so some acts normalizing its work have lost their relevance and are currently creating artificial restrictions. Now these restrictions will be lifted, and the fund will participate in the implementation of the Digital Economy national program.
Rosinfokominvest does not contribute to the development of technologies
During its work, the Russian Investment Fund for Information and Communication Technologies (Rosinfokominvest) has not been able to realize the goals for which it was created, according to the press center of the Accounts Chamber of the Russian Federation[6] the [7] following an audit of the effectiveness of using budget funds sent as a contribution of the Russian Federation to the authorized capital of Rosinfokominvest JSC[8]
The fund was created for the development of the Russian industry of information and communication technologies as one of the priority areas for the modernization of the Russian economy. It has existed since 2007. The audit showed that over the past 10 years of work, Rosinfokominvest has invested one project.
"The tasks of the Company as a financial development institution are not fulfilled, there is no full-fledged investment activity. For 10 years, Rosinfokominvest invested in only one project in the field of information and communication technologies, despite the fact that 14 were planned. The volume of invested capital amounted to 75 million rubles with a plan of 1.2 billion rubles, "said Vera Chistova, Deputy Chairman of the Accounts Chamber.
During its creation, 1.45 billion rubles of funds from the federal budget were invested in the authorized capital of the fund. They were expected to be returned as a result of the alienation of shares to private investors. In addition, it was expected that the federal budget would be replenished with additional tax revenues from the fund's activities in the amount of 813 million rubles a year. However, the real average annual tax revenues did not exceed 26.46 million rubles, and dividends for 10 years amounted to 44.8 million rubles. At the same time, in the period from 2011 to 2014, the fund was unprofitable. From 2017 to 2019, Rosinfokominvest's assets in dollar terms fell by 60%.
The only project implemented by the fund was RoboETF - a platform solution that combines the European platform for issuing exchange-traded investment funds (ETF - Exchange Traded Funds) and robo-consulting technology, that is, an automated "financial adviser" for creating and managing an investment portfolio.
At the same time, the validity of the funds invested in it and the resulting economic effect were assessed by the Accounts Chamber as ambiguous.
Specifically to finance the project in 2017, Roboinvest JSC was created with an offshore co-investor. It was planned to use it to transfer through funds the owner of the rights to the project - FINEX Plus Management Company LLC, in fact 98% of the authorized capital of the created Roboinvest JSC (148 million rubles) was transferred to the account of a company registered in the Cayman Islands, which has neither employees nor managers and is the indirect owner of FINEX Plus. The return of funds to the Russian Federation is documented only by 50%.
At the beginning of 2018, Rosinfokominvest prematurely left the project with a return to itself through a foreign company - a guarantor of funds in the amount of 87.7 million rubles. At the same time, the ROI coefficient () ROI amounted to minus 1.8% (calculated), that is, expenses exceeded the income received.
According to the Accounts Chamber, the negative result of Rosinfokominvest's activities is the result of non-fulfillment of its duties by the fund's management bodies, untimely management decisions, unresolved disagreements at the stages of preparing regulatory legal acts regulating the activities of Rosinfokominvest JSC.
"Itis impossible to change the current situation without a balanced and justified decision of the founder and interested departments on the advisability of continuing the activities of Rosinfokominvest JSC. At the same time, the decision should be made taking into account the determination of the degree of influence of the Company on the systematic development of the ICT industry, as well as in comparison with the capabilities of other financial development institutions and their experience in this area, "Vera Chistova summed up.
Based on the results of the audit, it was decided to send information letters to the Government of the Russian Federation and the Ministry of Telecom and Mass Communications of Russia, as well as contact the FAS. The report on the results of the control event was sent to the chambers of the Federal Assembly.
2016: Rosinfokominvest to invest in Kribrum
The Rosinfokominvest Foundation, owned by the Ministry of Telecom and Mass Communications, together with Infowatch, invests in the development of Igor Ashmanov's Kribrum (it monitors and analyzes social networks). Vedomosti writes about this with reference to its own source, familiar with the course of Rosinfokominvest's affairs[9].
The fund controlled by the ministry was created in 2006, but since that time has not made a single profile investment in the IT sector. For the past ten years, Rosinfokominvest has only placed money on bank deposits and directed it to purchase securities.
However, as noted by the general director of the fund, Pavel Rodionov, Rosinfokominvest has changed: before he could not invest in an LLC, he could not buy less than a quarter in the shares of a particular company, and to make transactions, the fund had to find a co-investor. These restrictions were imposed by the form of a joint-stock investment fund, which Rosinfokominvest abandoned in May this year, becoming an ordinary non-public joint-stock company.
As for Kribrum, the company is 45.8% owned by the founder of Ashmanov & Partners Igor Ashmanov and 29.17% by his wife and Infowatch owner Natalya Kasperskaya.
According to one of the sources, as part of the transaction, Rosinfokominvest invests more than 150 million rubles in Kribrum in exchange for a stake in the company. Infowatch is investing a little more. This money will go to the international expansion of Kribrum.
2015
The Prosecutor General's Office proposed to liquidate Rosinfokominvest
According to the Prosecutor General's Office, Rosinfokominvest is ineffective, and the actions of the management can serve as a basis for initiating a criminal case. In April 2015, the President and the Government of Russia submitted a proposal to liquidate the Russian Investment Fund for Information and Communication Technologies and return the funds transferred to it to the federal budget.
According to Prosecutor General Yury Chaika, Rosinfokominvest is an example of how state funds actually serve not the goals of economic development, but increase the liquidity of the banking system and stock market participants. For 7 years, the fund did not carry out the function of implementing long-term investment projects and supporting new enterprises at all, Chaika said. Received from the state almost 1.5 billion rubles. were placed on bank deposits, spent on the purchase of securities. In some cases, this led to losses. According to one of these transactions, they amounted to 184 million rubles. At the same time, 200 million rubles were spent on the maintenance of the organization itself, the average number of 5 people.
On this issue, the President and the Government of Russia made a proposal to liquidate the fund and return the funds transferred to it to the federal budget. However, it is not supported by the relevant deputy prime minister. A decision was made on a possible extension of the period of operation of the fund, the Prosecutor General also said. He also stated that the materials of the audit were sent by the Prosecutor General's Office to the Investigative Department of the Ministry of Internal Affairs of Russia to initiate a criminal case and verify by investigation the circumstances of causing damage to the fund, the only shareholder of which is the state.
Criminal case against managers of Armada and Capital Management Company
In July 2015, it became known that a criminal case was initiated against "unidentified persons" from the former leadership of Armada and Capital Criminal Code under Art. 165 of the Criminal Code of the Russian Federation (causing property damage by deception or breach of trust). According to the decision to initiate proceedings from December 22, 2010 to December 31, 2011, as a result of their actions, the Rosinfokominvest fund "suffered damage" in the amount of "at least 184 million rubles." The fact of the initiation of the case was confirmed by the representative of the Main Directorate of the Ministry of Internal Affairs in Moscow[10] has been [10].
In 2010, the fund entered into a trust management agreement with Capital Management Company - the company could manage the fund's reserves in the amount of 1.3 billion rubles, according to the decision to initiate a criminal case. In 2011, the Criminal Code bought shares of Armada for 413 million rubles, despite forecasts of a fall in the value of securities. Instead of investing the funds received in investment projects, unidentified persons from the management of Armada transferred them to the accounts of persons affiliated with the company under loan agreements at 0.5% per annum, the document says. These actions caused a drop in the value of the shares, as a result of which the fund suffered damage on an especially large scale.
The purchase of such a large stake in Armada raises doubts, the deal needs to be checked, says the current general director of Rosinfokominvest Pavel Rodionov. Moreover, the largest stake in the company was bought in the IV quarter of 2011, when it was already known for sure that the contract with Capital Management Company was terminated. Since the purchase, the capitalization of this package has fallen 12 times, adds Rodionov.
In January 2011, Armada shares cost 431 rubles. for paper, by December they fell in price to 296 rubles, indicated on the website of the Moscow Exchange. Yesterday, Armada shares were trading at a price of 29 rubles. for the paper. The company's capitalization amounted to 417.6 million rubles.
The Capital Management Company did not hear about the initiation of the case and did not receive official documents to the company, says its representative Alexei Savkin. The competition for the management of funds of the Criminal Code fund was won in 2010, the investment of funds was carried out in accordance with the law and the terms of the contract, he claims. The Criminal Code bought the shares of Armada when analysts of leading banks (VTB Capital, Renaissance Capital, Gazprombank, etc.) recommended "buying" them on the market. The shares were bought at exchange unsolicited trading, there were no contractual relations between the Criminal Code and Armada or its affiliates, Savkin emphasized. If the shares were bought on the stock exchange, then the seller may be unknown to the buyer, notes Gazprombank analyst Sergei Vasin.
The agreement with Rosinfokominvest was terminated in January 2012, after which the securities and cash belonging to the fund were transferred to another management company.
Former general director of Armada Alexei Kuzovkin, who led the company from 2009 to 2014, also knows nothing about the initiation of a criminal case. During his work at the company, shareholders had no complaints about the old team, he assures. Since the leadership changed, the company has undergone many changes and the new team made serious mistakes, due to which the value of the company's shares fell, and, probably, now shareholders are trying to find the guilty in this way, Kuzovkin argues.
The amount indicated in the resolution is only a small part of the damage caused to the shareholders of Armada by the previous management, Morgulchik is sure. For a year now, new details have surfaced around Armada, which prove that the previous management performed targeted actions that led to the fact that the company now has no assets, he says.
2014
The number of partners of Rosinfokominvest has reached twelve
On April 14, 2014, the Ministry of Communications and Mass Media of the Russian Federation announced a significant expansion of the partners of the Rosinfokominvest fund, created for the development of the domestic IT industry by co-investing in promising projects of IT companies and funds. As a result of recent agreements with the Leader management company, the number of partners increased from three to twelve: to, and LETA Capital Runa Capital IBS added,, (represented Open Alliance RK-Telekom LANIT by the company ""),,,,, Norbitol"" and Prostor Capital. IQ One Naumen InfoWatchMTT Group Waarde Capital The plans of the management company include an increase in the number of partners to 15. The Rosinfokominvest Foundation and accredited partners are actively working to finance projects.
Loss of RUB 174 mln from revaluation of Armada shares
On March 30, 2015, it became known that OJSC "Russian Investment Fund of Information and Communication Technologies" ("Rosinfokominvest") received a loss of 174 million rubles at the end of 2014 as a result of the revaluation of shares of OJSC "Armada" (software developer), follows from the financial statements of the fund for 2014.
Armada's securities accounted for most of Rosinfokominvest's loss from the revaluation of securities - 296 million rubles.
2011: Acquisition of Armada shares in violation of fund rules
Rosinfokominvest became the owner of Armada shares in 2011 - then, according to media reports, the Capital management company, which was transferred to the fund's management, acquired about 9% of the company's shares for 409 million rubles.
This deal contradicted the strategy of Rosinfokominvest, which at that time stated that the fund would invest up to 150 million rubles in developing IT companies or startups. Moreover, the acquisition of Armada securities was the first and only such transaction (for the acquisition of shares or shares in the IT company - IF) of Capital Management Company using Rosinfokominvest funds.
2010: Commission of the Ministry of Telecom and Mass Communications chose "Capital" to manage the fund
The competition, which was summed up on September 10, 2010 by a commission led by the director of the administrative department of the Ministry of Communications and Mass Media Oleg Dukhovnitsky, was attended by four companies: Capital, Ingosstrakh Investments, Savings and Investments and Finam Management. The commission chose Capital.
As of September 2010, Rosinfokominvest has not invested a penny: while the funds are being placed on deposits in state-owned banks.
The general director of Capital Vadim Soskov says that the company already has certain plans to manage Rosinfokominvest. When choosing investment objects, emphasis will be placed on projects related to media Internet content and broadband access (broadband access). Capital already has experience in managing such projects, for example, the Russian Media Group and muz.ru., Soskov notes. According to him, it is possible to place the fund's funds in 1-1.5 years.
The competition commission assessed the management companies by the value of assets in management and management experience - in this regard, Capital really looked the most advantageous, admits the board of directors of Finam Vladislav Kochetkov.
There was no objective rating system in the competition, says Farid Yunusov, general director of Ingosstrakh Investments.
2009: Naryshkin instructed to launch the work of the fund
At a meeting of the Presidential Council for the Development of the Information Society on November 18, 2009, Sergey Naryshkin, head of the presidential administration, instructed to launch the work of the ICT investment fund Rosinfokominvest[11]. Leonid Reiman, presidential adviser, told reporters about this. He recalled that about 1.5 billion rubles were allocated from the federal budget for the fund of investments in promising technological startups, but co-financing from private companies, which was also provided for in the amount of 1.5 billion rubles, was not attracted, and the fund did not work. "
Reiman believes there are many private interested investors and programs the fund could fund. "This money lay in bank accounts, one of these banks went bankrupt, some small number of them disappeared, part of the money went to the salary of the management apparatus of this fund," he said, Prime Tass reports. Naryshkin, according to Reiman, "gave instructions to analyze why this situation has developed. And with this analysis in mind, suggest ways to resolve the issue for the fund to work. " Applications for projects have been accepted since 2008, but there are still no selected applications.
In terms of interest in the fund, Yuri Ammosov, scientific director of the Innovation Institute at the Moscow Institute of Physics and Technology, disagreed with presidential adviser Reiman in 2009.
"Initially, this fund offered private traders to enter on the terms of 49% of their participation with 51% of the state's participation," he tells CNews. "There were no ready for such conditions, so the words about" interested investors "are disingenuous: interest in investments is not yet a willingness to invest."
Dionysus Gordin, managing director of Rusnano, believes that private money never came to Rosinfokominvest for a number of reasons, including the crisis and the format of the fund.
"We have nothing to do with this fund, but if you are interested in my opinion as an investment specialist overseeing the industry, then I, firstly, am for an open, understandable competition for a management company," the expert says. "Secondly, such a form as a mutual fund (PIF) could work, although it is expensive to maintain."
"If we switch to the scheme that RVC is now promoting, i.e. co-invest at the level of companies, and not at the level of the fund itself, then this may also interest private investors," Ammosov said. Now we are talking about the fact that the state fund itself will choose objects for investment, this scheme is efficient, "he adds. "The
question of transparency and correctness of investment decisions remains open, says Ammosov. - I think that the fund will be most willing to work with spinophs (from spin-off, i.e. companies that are side business in larger organizations) of integrators, which the Ministry of Telecom and Mass Communications already knows. It's better than nothing.' The expert named as some possible examples the partners of Rosinfokominvest NVision, Armada, IBS, Cognitive, Technoserv, Verysell and iT as some possible examples. "Each of them may have spinophs that can be brought to individual startups," he said.
2006: Government decree establishing the fund
The fund was created by a government decree in August 2006, the registration of the corresponding open joint-stock company took place in October 2007. The fund can finance only ICT enterprises, more than 100 million rubles cannot be invested in one project. 1.45 billion rubles in the capital of Rosinfokominvest came from the funds of the Investment Fund of Russia. The same amount was to be raised by open subscription.
Then it was planned to increase the authorized capital through an additional issue on the open market in the amount of 100% minus one share. A controlling stake, 50% plus one, is held by the state, the rights of the shareholder are exercised by the Ministry of Telecom and Mass Communications. The share of the state was supposed to decrease in 2009 to 25% plus one share. The state planned to withdraw from the authorized capital and sell all its shares in 2010.
Later it became known that the development of the Ministry of Telecom and Mass Communications is being agreed on changing the scheme for the creation and operation of the ICT fund, the ministry told CNews. In the new draft government decree, the additional issue was canceled, and the private-state partnership is transferred from the level of authorized capital to the level of co-investment in projects. In addition, the maximum amount of funds allocated by the fund for one project will increase to 150 million rubles, i.e. each enterprise will be able to receive no more than 150 million rubles. from Rosinfokominvest plus 150 million rubles. from investors. The period of activity of the fund is proposed to be extended until the beginning of 2018.
Notes
- ↑ Rosinfokominvest deals with the former management company
- ↑ In Russia, liquidate the state investment fund "Rosinfokominvest"
- ↑ The Ministry of Digital Development may create a new venture fund based on Rosinfokominvest
- ↑ Technology is changing the wallet
- ↑ IT investments will be exported. Rosinfokominvest funds are looking for use
- ↑ [http://audit.gov.ru/press_center/news/35712 for 10 years, Rosinfokominvest has not fulfilled
- ↑ task of developing the information and communication technology industry]
- ↑ Rosinfokominvest does not contribute to the development of technologies.
- ↑ , agreed on the first deal
- ↑ 10,0 10,1 [http://www.vedomosti.ru/technology/articles/2015/07/14/600456-protiv-neustanovlennih-lits-iz-bivshego-rukovodstva-armadi-vozbuzhdeno-ugolovnoe-delo. A criminal case
- ↑ Naryshkin instructed to reanimate the ICT investment fund
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