RDIF Russian Direct Investment Fund

The Russian Direct Investment Fund (RDIF) was organized in June 2011 with a capitalization of 10 billion dollars US dollars allocated by the Russian government to make profitable investments in the capital of companies on the principles of co-investment.

RDIF implements direct investment projects, mainly in Russia. As part of each investment project, RDIF attracts investment partners whose contribution is at least at least the contribution of the fund itself, which should be a catalyst for the growth of direct investment in the Russian economy.

Since the beginning of its activities, RDIF, together with partners, has invested more than 400 billion rubles in the Russian economy, of which 50 billion rubles are funds of the Fund, and more than 350 billion rubles are funds of co-investors and banks. More

Management structure

As of July 2012, the corporate governance structure of RDIF was built in accordance with the practice adopted in the world's leading private equity funds:

Investment Committee

The Investment Committee reviews and adopts investment decisions of the Fund and prepares proposals for consideration by the Supervisory Board.

Executive management

The executive management of the Fund, headed by the CEO, is focused on the selection, analysis, structuring and execution of investment transactions of the Fund, and also participates in the strategic management of portfolio companies.

International Expert Council

The International Expert Council was established under the corporate governance bodies of the Fund. The council consists of representatives of the investment and academic community, as well as business leaders with significant experience and a recognized reputation.

Investment elevator

The Investment Elevator mechanism was launched in April 2016 as part of support for high-tech projects of small and medium-sized enterprises related to non-resource exports. It provides for the involvement of leading development institutions (SME Corporation, Industrial Development Fund, RDIF and the group of companies of the Russian Export Center (REC, EXEAR and Roseximbank)) in the activities of providing financial support to SMEs at various stages of their life cycle. Within the framework of the Investment Elevator mechanism, small and medium-sized companies can count on both financial (joint-stock and debt financing, provision of guarantees, export lending and insurance) and administrative and consulting support for projects, including when promoting companies and their products in target international markets. See the Investment Elevator for more details .

History

2024

Partnership with BitRiver regarding the construction of data centers in the BRICS countries

The Russian Direct Investment Fund (RDIF) and the company, BitRiver Russian an operator (data centers DPC) for energy-intensive computing and an importer of computing equipment, announced a partnership to jointly implement projects to introduce technology (AI artificial intelligence), increase the share in the Russia global market of computing power to construction and processing centers in data. RDIF countries BRICS TAdviser representatives shared information about this with the portal on October 18, 2024. More. here

Purchase of a stake in the developer of industrial computer vision systems and video analytics VizorLabs

The Russian Direct Investment Fund (RDIF) in mid-October 2024 announced the acquisition of a stake in VizorLabs, a company specializing in the development of industrial computer vision systems and video analytics based on artificial intelligence. Information about this was announced at the annual meeting of the BRICS Business Council in Moscow. This can help strengthen Russia's position in the field of high technologies and expand the export of intelligent solutions. Read more here

Plan of investment in localization of production of Polymed products for hemodialysis in Russia

The Russian Direct Investment Fund (RDIF) and Poly Medicure Limited (Polymed), an Indian company in the production of medical devices, have agreed on a partnership to localize the production of hemodialysis products in Russia. The volume of investments in the project by RDIF and partners will amount to 3 billion rubles. The corresponding announcement was made on the eve of the official visit of Prime Minister of the Republic of India Narendra Modi to the Russian Federation. This was announced on July 8, 2024 to the medical portal Zdrav.Expert by representatives of the RDIF. Read more here.

Investing 2 billion rubles in the production of the electric car "Atom"

On June 7, 2024, the Russian Direct Investment Fund (RDIF) announced an investment of 2 billion rubles in the production of the domestic electric car Atom. The development of this car is carried out on the first fully Russian platform for electric vehicles with the support of leading players in the domestic automotive and IT industry. Read more here.

Vaccine Release Agreement with OncoGenerix

On May 15, 2024, the Russian Direct Investment Fund (RDIF) announced a partnership with the Chinese company OncoGenerix, which has production facilities for the production of injectable drugs, with the aim of transferring technologies and production in China of a number of vaccines developed by the N.F. Gamalei. Read more here.

2023: InfoWatch buys its entire stake in the company from RDIF

InfoWatch bought out the share of the Russian Direct Investment Fund (RDIF) in its capital. This was announced in mid-March 2023 by the president of InfoWatch and the chairman of the board of ARPP "Domestic Software" Natalya Kasperskaya.

As RBC clarifies with reference to the data of the SPARK-Interfax system, InfoWatch JSC received 4.17% in its management company. This share previously belonged to RDIF. The fund was a small shareholder in InfoWatch, Kaspersky said.

I believe that RDIF helped us at the stage of formation, in solving our many problems. Further, his presence in the shareholders was inappropriate, "Kasperskaya told the publication.

about Kaspersky, RDIF had its own "monetization requirements in a few years." In particular, when the fund entered the capital, it was stipulated that in five years InfoWatch would be able to either redeem shares, or sell them, or make an IPO. "We chose to buy back our shares," Kasperskaya said.

She stressed that the exit was not related to sanctions - the deal took place in March 2022, even before the announcement of the sanctions against the RDIF. According to the director of Advance Capital Artur Shubaev, in February 2022, the share of about 4% of InfoWatch could cost 250-300 million rubles.

Natalia Kasperskaya said that by March 2023, the sale of InfoWatch is not planned:

We are not considering the possibility of selling - now is not the moment: we have many tasks, and we solve them. Shopping opportunity - yes, within our current product lines. InfoWatch has several directions: information protection, APCS protection (automated process control systems. - RBC), corporate firewalls. Within these rulers, narrower tasks appear, such as reflecting a new kind of threat. We are considering the possibility of acquiring small teams or technologies to solve such problems. Now we are negotiating with a couple of teams about a possible purchase of technology.[1]

2022

US imposed sanctions against RDIF and its leader

On February 28, 2022, US sanctions were announced against the Russian Direct Investment Fund (RDIF) and its head Kirill Dmitriev. They were included in the SDN List, which provides for a complete blocking of assets.

The report U.S. Treasury Department indicates that RDIF is considered as an institution with which Russia it benefited from access to the American financial system. Washington In indicated that the purpose of the fund was to attract investments Russia from abroad.

In a broad view, this is the Vladimir Putin Foundation and one of the symbols of Russian kleptocracy, the American authorities said in a statement.

As of 15:51 Moscow time on February 28, 2022, the RDIF website does not open. An error message appears on the main page, the TAdviser journalist was convinced.

Washington's decision to impose blocking sanctions against the RDIF became known on February 26, 2022. Commenting on the intentions of the authorities, White House spokesman Jen Psaki pointed out that the RDIF functions as "a sovereign wealth fund that should attract capital to the Russian economy in high-growth sectors." One of the fund's most famous projects is participation in the creation and production of the Sputnik V coronavirus vaccine COVID-19.

According to Interfax, RVK Management Company LLC, which was established by the RDIF shortly after the announcement of the reform of development institutions in November 2020, also fell under US sanctions. After that, the company received a license from the Central Bank for the management of investment funds, unit investment funds and non-state pension funds.

The US Treasury said it continues to show unwavering commitment to supporting Ukraine and impose costs on the inner circle of Russian President Vladimir Putin.^[2]

Investing in Target Medicines, a drug developer for the treatment of hypertension

On February 1, 2022, an investment in Target Medicines was announced. The developer of the drug for the treatment of hypertension has invested the Russian Direct Investment Fund (RDIF), pharmaceutical giant AstraZeneca and Unicorn Capital Partners (the management company of the venture capital fund PharmMed Innovations). Read more here.

Investing in IXcellerate

IXcellerate, Russian a commercial operator, data centers raised about $190 million from existing shareholders and new investors, including Mubadala Investment Company (Mubadala, a sovereign wealth fund), UAE SberInvest and the Russian Direct Fund (RDIF, investments a sovereign wealth fund). This RUSSIAN FEDERATION was announced Sberbank TAdviser by "" on January 25, 2022. More. here

2021

Launch of the Fund for Advanced Technologies Funds and contribution of 10 billion rubles to it

On December 21, 2021, it was announced the start of operational activities Fund Funds of promising industrial and infrastructure technologies within the framework of public-private partnership. RDIF on behalf states of the new fund, 10 billion will be contributed to the capital of the new fund, rubles the same amount of funds will be contributed by the business. More. here

Investing more than 2.1 trillion rubles in 90 projects over 10 years

For 10 years, the Russian Direct Investment Fund (RDIF) has invested in more than 90 projects, to which it issued over 2.1 trillion rubles of funds. This was announced on December 9, 2021 by the head of the fund Kirill Dmitriyev.

These projects cover almost all regions of the Russian Federation and most sectors of the economy - from power and infrastructure to IT and healthcare... RDIF's 10-year history proves the effectiveness of the investment model for the growth of the Russian economy, Dmitriyev said in an interview with Interfax.

According to him, successful investment was made possible thanks to strategic cooperation with leading international co-investors from 18 countries for a total amount of more than $40 billion (we are talking about the amount of foreign capital attracted to the country's economy).

Kirill Dmitriyev noted that within the framework of the co-investment model, RDIF attracts 9 rubles from partners for each ruble. By December 2021, 8 funds will automatically invest with RDIF, and the Mubadala fund from the UAE has concluded more than 60 transactions with RDIF, while receiving good returns on investments. The Chinese fund, together with RDIF, has already invested in more than 20 companies, Kirill Dmitriyev said, without disclosing the name of this fund from the Middle Kingdom.

On December 9, 2021, the President Russia Vladimir Putin congratulated the RDIF on its 10th anniversary. As the head noted, states over the past years, RDIF has earned high authority and trust from business and foreign partners, and has also done a lot to attract foreign capital to the country.

Projects in the implementation of which the fund takes part contribute to the development and implementation of advanced technologies, improving industrial, social and transport infrastructure, improving the quality of life of people, - follows from Putin's congratulations.[3]

Investing 22 billion rubles in the development and promotion of the Sputnik V vaccine

The Russian Direct Investment Fund (RDIF) has invested 22 billion rubles in the development and promotion of the Sputnik V vaccine. The head of the fund, Kirill Dmitriyev, announced this on September 2, 2021. Read more here.

Investing in Borzo delivery service

At the end of August 2021, the courier service Dostavista announced the attraction of $35 million in investments and rebranding. It will now be called Borzo. The Series C funding round was led by a fund of. UAE Mubadala The project also included the Russian Direct Investment Fund (RDIF), the Swedish VNV Global, venture capital funds Flashpoint Venture Capital Alexander Konoplyasty AddVenture and Maxim Medvedev. The parameters of the transaction, including the shares of investors and the estimated value of the startup, were not disclosed. Dostavista intends to spend the funds raised on international expansion and development of new products. More. here

Purchase of 25% in "Enlightenment"

On May 18, 2021, it became known that Sber, ВЭБ.РФ and RDIF were buying 25% each from Enlightenment. As part of this transaction, 100% of the publishing house is estimated at 108 billion rubles, so the acquisition of 75% will cost buyers 81 billion rubles if it does not take place as part of an additional issue. Read more here.

Acquisition with ER-Telecom and Talos Fund I LP of 100% of Linxdatacenter's business in Russia

The Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation), together with ER-Telecom Holding (TM Дом.ru and Дом.ru Business) and the Middle East Talos Fund I LP, specializing in investments in promising technologies, including in the field of artificial intelligence, on April 19, 2021 announced joint investments in the creation of an autonomous cloud service in Russia based on the assets of Linxdatacenter. Read more here.

Finalization of Binnopharm Group Holding

A consortium of investors in the Russian Direct Investment Fund (RDIF, sovereign wealth fund) of the Russian Federation , an RussianChinese investment fund (RCIF, created by RDIF and), China Investment Corporation as well as the largest Middle East funds in partnership with a AFK Sistema public Russian investment company, and the Group VTB on February 19, 2021 announced the completion of the creation of the holding. " Binnopharm groups More. here

Signing of binding documents on the creation of two JVs

On February 12, 2021, MegaFon informed TAdviser that, together with Mail.ru Group, USM, Ant Group and RDIF, they signed binding documents on the creation of two joint ventures (JVs) - payment and financial. Earlier, in 2019, the parties signed non-binding documents and announced a partnership to expand access to financial services in Russia. Read more here.

Increase in stake in AliExpress Russia

On January 29, 2021, the Russian Direct Investment Fund (RDIF) announced an increase in its stake in AliExpress Russia (a joint venture of Alibaba Group, MegaFon, Mail.ru Group and RDIF). RDIF bought a 7.85% stake from Alibaba Group along with the Mubadala Investment Company investment platform and other sovereign wealth funds in the Middle East. Financial and other parameters of the transaction are not disclosed. Read more here.

Investment in SBI Bank

The capital of SBI Bank (a subsidiary of the Japanese holding SBI Holdings in Russia) will include the Russian Direct Investment Fund (RDIF) and the Russian-Japanese Investment Fund (RYAIF, established by RDIF, Japan Bank for International Cooperation and JBIC IG Partners). On January 25, 2021, investors signed an agreement on capital investments in the amount of 1 billion rubles with the Japanese corporation SBI Holdings, the sole participant of SBI Bank. Read more here.

Investment in the developer of prosthetic hands "Motor"

On January 19, 2021, it became known that Motorika had attracted investments in the amount of 300 million rubles. The Russian Direct Investment Fund (RDIF) and the Far Eastern High Technology Fund (DFVT) have invested in the Russian manufacturer of prosthetic arms and rehabilitation systems. Read more here.

2020

Investing in the online educational platform "Учи.ру"

On December 8, 2020, the online educational platform "Учи.ру" announced the attraction of investments from the Russian Direct Investment Fund (RDIF), the Russian-Chinese Investment Fund (RCIF) and the Internet holding Mail.ru Group. Read more here.

Highlighting the direction of RDIF. Health care "

On December 2, 2020, the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) informed Zdrav.Expert about the allocation of the RDIF direction . Healthcare "as a strategic investment priority in order to implement projects in the field of healthcare, as well as on the formation of a specialized team responsible for this area. Read more here.

Creation of a joint venture with Doctis and Tsifromed for the development of a telemedicine platform

Qifromed (a subsidiary of RT Labs JSC and the National Center for Informatization of Rostec State Corporation), Doctis and RDIF are creating a joint venture to develop a telemedicine platform using the resources of the Mother and Child network of medical clinics. Roselectronics announced this on October 30, 2020. Read more here.

Investment in NtechLab

The Russian Direct Investment Fund (RDIF) announced the investment of more than 1 billion rubles in NtechLab. The financing took place with the participation of the leading sovereign funds of the Middle East. The corresponding announcement was made at the conference "Digital Industry of Industrial Russia," which takes place in Nizhny Novgorod on September 23-25, 2020. Read more here.

Negotiations on participation in the investment of 1.5 billion rubles in SKB Kontur

The Russian Direct Investment Fund (RDIF), together with RTP Global and direct investment funds Elbrus Capital and Baring Vostok, plans to invest 1.5 billion rubles in SKB Kontur. This was reported on June 19, 2020 by RBC with reference to the head of the RDIF Kirill Dmitriev. Read more here.

Plans to create a joint venture together with R-Pharm in the fight against COVID-19

On June 10, 2020, the Russian Direct Investment Fund (RDIF), the Sovereign Wealth Fund of the Russian Federation and the R-Pharm group of companies announced a partnership as part of efforts to combat coronavirus infection and produce a Russian vaccine with high export potential.

To implement a comprehensive partnership, RDIF and R-Pharm agreed to create a joint venture (JV) with an investment volume of more than 4 billion rubles. The joint venture will carry out work in a number of areas. Read more here.

Investing in the Russian grocery kit delivery service Elementaree

In early April 2020, it became known about the attraction of Elementaree investments in the amount of $5 million. The startup has invested in the Russian Direct Investment Fund (RDIF), the French grocery manufacturer Bonduelle and an unnamed business angel. How much money each of the participants in the transaction provided is not reported. Also unknown are the resulting shares. Read more here.

Investing in the production of an analogue of the drug for the treatment of coronavirus

On March 26, 2020, the Russian Direct Investment Fund (RDIF) announced the creation of a joint venture with the ChemRar group of companies that will create an analogue of Favipiravir (developed by Fujifilm). The latter in China is called an effective treatment for coronavirus. Read more here.

Buying a stake in CarPrice online car auction

On January 23, 2020, it became known about the investment in CarPrice by a consortium consisting of the Russian Direct Investment Fund (RDIF), the Baring Vostok Fund and funds from Europe and the Middle East. Read more here.

2019

Investing in Russian robot surgeon developer AST

On November 9, 2019, the Russian Direct Investment Fund (RDIF) announced its investment in AST. The amount of the funding round has not been reported. Read more here.

Completion of the creation of the joint venture AliExpress Russia together with Alibaba Group, Mail.ru Group and Megafon

Alibaba Group, Megafon, Mail.ru Group and the Russian Direct Investment Fund (RDIF) on October 9, 2019 announced the completion of the deal to create a joint venture AliExpress Russia. The deal involves the integration of key Russian consumer Internet and e-commerce platforms and the launch of a joint venture on social commerce in Russia and the CIS countries, which will operate in full compliance with federal legislation in the field of personal data protection. Read more here.

Agreement with Schneider Electric and Bpifrance to invest in a joint project in the field of energy saving technologies

On June 13, 2019, it became known that the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian Federation, the sovereign wealth fund of the French Republic Bpifrance and the French company Schneider Electric, a global expert in the digital transformation of energy management and automation, agreed on trilateral investments in the field of energy saving. Read more here.

Raising $2 billion to invest in artificial intelligence

On May 30, 2019, it became known that the Russian Direct Investment Fund (RDIF) received $2 billion from foreign investors. The funds will be directed to Russian companies engaged in the development of artificial intelligence technologies.

According to Vedomosti, citing a representative of the RDIF, the fund attracted investments from partners from large sovereign wealth funds and global corporations in the Middle East and Asia.

The Foundation has prepared proposals for an AI development strategy in Russia for a meeting scheduled for May 30, 2019 with President Vladimir Putin. The main speakers at the event will be President of Sberbank German Gref and Deputy Prime Minister of the Russian Federation Maxim Akimov.

RDIF reports that it has considered 100 Russian companies in the field of artificial intelligence, selected 20 and is at different stages of negotiations with them. Among the selected startups are the manufacturer of bioelectric prostheses with PayPass "Motor" and the Oncobox medical project , which diagnoses cancer. Investing in these companies is approved, but not completed.

RDIF is going to invest money not only directly in artificial intelligence, but also in related areas such as cloud computing, data centers, AI for business, the state and the population. About 5-10 investment transactions per year are planned. Preferences will be given to companies with a stable business model. The size of investments will be formed individually.

According to Dmitry Chikhachev, managing partner of Runa Capital and investment director of RVKAlexey Basov, $2 billion is a lot for the Russian AI solutions market, but you can find suitable infrastructure projects.^[4]

In April 2019, RDIF announced an investment in the developer. facial recognition systems VisionLabs

2018: Investment in Swiss-Russian developer of AR solutions for WayRay cars

September 18, 2018 it became known about the attraction of WayRay investments in the amount of $80 million. The financial deal headed by Porsche was attended by the Russian Direct Investment Fund (RDIF) together with a consortium of sovereign wealth funds (Japan, Saudi Arabia, Kuwait, UAE, Bahrain), including the Russian-Japanese Investment Fund (created by RDIF and JBIC), as well as Hyundai Motor, Alibaba Group, AFK Sistema, China Merchants Capital funds and JVC Kenwood. Read more here.

2015

Investments in the secondary offering of shares in the Lenta retail chain

In March 2015, the Fund acted as a leading anchor investor in the secondary placement of shares Tape Ltd"" (Lenta Ltd), one of the largest and most successful retail chains in. Russia

Acquisition of Vladivostok Airport shares

In February 2015, RDIF, Changi Airports International, a wholly owned subsidiary of Changi Airport Group, one of the leading airport operators in the world, and Basic Element Group, one of the largest diversified business groups in Russia, were announced as the winners of the competition for the acquisition of shares in Vladivostok International Airport. The shares between the members of the consortium will be distributed evenly.

2014

Joint Investment Plan for DG19 - Warehouse Real Estate Management Company

In October 2014, RDIF, the leading Middle East investment funds and Development Group 19 (DG19), a leading Russian company in the field of real estate development and management, agreed on joint investments in the creation of class A warehouse real estate in the Russian Federation. More

Investment with EBRD in Russian Cotton Way

In January 2014, the Russian Direct Investment Fund (RDIF) and the European Bank for Reconstruction and Development (EBRD) announced a joint investment in Cotton Way, the leader in the Russian market for rental and professional textile processing services. More

2013

Investments with Deutsche Bank in Rostelecom

Investments in OJSC Rostelecom. In October 2013, RDIF, leading Middle Eastern investors and one of the leading international banks Deutsche Bank jointly invest in OJSC Rostelecom, the largest telecommunications company in Russia. More

Attracting investors to Alrosa IPO

In October 2013, RDIF attracted a number of leading global investors from North America, the Middle East, Western and Northern Europe and Southeast Asia to a joint consortium for investment in the IPO of AK ALROSA, a Russian diamond mining company. The participation of the consortium contributed to the successful IPO of the company, which in aggregate was estimated by the market at 257.7 billion rubles. More

$50m investment in Maykor

In August 2013, the fund as part of a consortium, which also included the European Bank for Reconstruction and Development (EBRD) and the CapMan Russia II fund, announced the completion of the deal to invest in the Maykor group of companies. The partners will gradually invest up to $100 million in Maykor, of which the share of RDIF will be $50 million, and the EBRD and CapMan Russia II will invest the rest. [1]#.2A2013:_Maykor_.D0.BF.D1.80.D0.B8.D0.B2.D0.BB.D0.B5.D0.BA.D0.BB.D0.B0_.D0.B8.D0.BD.D0.B2.D0.B5.D1.81.D1.82.D0.B8.D1.86.D0.B8.D0.B8_.D0.B2_.D1.80.D0.B0.D0.B7.D0.BC.D0.B5.D1.80.D0.B5_.24100_.D0.BC.D0.BB.D0.BD/ Подробности.

2012: Alexey Ulyukaev - Chairman of the Supervisory Board

The Supervisory Board is RDIF's strategic management body responsible for the Fund's investment strategy, key rules and approaches. As of July 2012, the members of the Supervisory Board were:

• Alexey Valentinovich Ulyukaev, First Deputy Chairman of the Central Bank of the Russian Federation (Chairman)
• Ivanov Sergey Borisovich, Head of the Presidential Administration of the Russian Federation
• Nabiullina Elvira Sakhipzadovna, Assistant to the President of the Russian Federation
• Vladimir Aleksandrovich Dmitriyev, Chairman of Vnesheconombank
• Kirill Aleksandrovich Dmitriyev, General Director of the Management Company of the Russian Direct Investment Fund (RDIF)
• Josh Lerner, Professor in Private Equity at Harvard Business School, Jacob Schiff Scholar Professor
• Laurent Vigier, Head of the French State Bank Caisse des Dépôts International

2011: Creation of a management company led by Kirill Dmitriev

• January 2011 The idea of ​ ​ creating an investment fund was again announced by President Dmitry Medvedev at the World Economic Forum in Davos. The purpose of the fund is to attract foreign direct investment in the country's economy, and its capital will be formed from state funds.

• February-March 2011 Following the President's speech, the Russian government held numerous consultations with business leaders and institutional investors. The delegation headed by Vladimir Dmitriev, Chairman of Vnesheconombank, held talks with the management of the largest institutional investment funds in Europe, the USA, Asia and the Middle East. The parties discussed the attitude of investors towards investments in Russia, as well as possible mechanisms for interaction with the Fund being formed.

As a result of negotiations, a model of co-investments was developed. Foreign investors will invest directly in projects together with the Russian partner fund, but relying on their own investment decision. The key principle of such investments, the parties recognized the focus on obtaining high returns.

• On March 21, 2011, President Dmitry Medvedev instructed by June 1 to develop the necessary regulatory framework and create the Russian Direct Investment Fund. To fulfill the task, a multilateral working group was created. It includes experts from the Presidential Administration and the Government Apparatus, the Ministry of Economic Development, the Ministry of Finance, Vnesheconombank, as well as members of the working group on the formation of the International Financial Center in Moscow.

• On April 21, 2011, Vnesheconombank's Supervisory Board, chaired by Prime Minister Vladimir Putin, approved the establishment of the RDIF based on the principles and mechanisms proposed by the Working Group. Kirill Dmitriyev was appointed as the General Director of the Fund.

• On May 17-18, 2011, a group of heads of the largest institutional investment funds in the world visited Moscow with assets under management in the amount of over 2 trillion. dollars The delegation held a number of meetings and consultations, including with Prime Minister Russia Vladimir Putin. The visit was an unprecedented event in the history of the Russian investment market and was widely covered in the international media.

• On June 1, 2011, the Management Company of the Russian Direct Investment Fund was registered in the form of a 100% subsidiary of Vnesheconombank. Within five years, the Russian government will provide RDIF with $10 billion in capital to make direct equity investments in leading companies in the Russian economy.

2010: President Dmitry Medvedev voices the idea of ​ ​ creating a fund

After Russia's successful recovery from the global economic crisis of 2008-2009, the government began to develop mechanisms to accelerate the inflow of foreign direct investment into the country's economy. President Dmitry Medvedev first voiced the idea of ​ ​ creating a national direct investment fund at the St. Petersburg International Economic Forum in June 2010.