RVC
RVC is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.
RVC was established by Russian Government on June 7, 2006 (Order No. 838-r). Its mission is to encourage Russia’s own VC industry and boost capital of VC funds. RVC’s role is that of a government fund of venture capital funds channeling public incentives to venture capital and financial support to the hi-tech sector, and of a Russian VC industry development institution.
RVC Mission
The mission of RVC is to ensure faster development of an efficient and globally competitive innovative system through creating a self-sustained VC industry in synergy with other development institutions, engaging private venture capital, nurturing innovative entrepreneurship and technology business expertise, and mobilizing Russian human resources.
Authorized Capital
RVC’s authorized capital — RUB 30 011 320 700 (about US$ 983.2 mln.) — is 100% owned by the Federal Agency for State Property Management (Rosimuschestvo).
Board of Directors
Chairman of the Board of Directors:
- Ruben Vardanian — Chairman of the Board of Directors, Troika Dialog (independent director).
Members of the Board of Directors:
- Igor Agamirzian — CEO of RVC;
- Sergey Guriev — Rector of Russian Economic School;
- Yigal Erlich — founder and Managing Partner of Yozma Group;
- Ivan Oskolkov — Director of Department, Ministry of Economic Development of Russia;
- Aleksey Sitnikov — Head of Department of International Cooperation, Foundation for Development of the Center of Research and Commercializing of New Technologies (Skolkovo Foundation);
- Yury Udaltsov — Director for Innovative Development, Member of the Board of Directors RUSNANO.
Management Board
- Igor Agamirzian — CEO of RVC;
- Nikolay Korolev — Deputy CEO, Chief Operating Officer;
- Alexander Potapov — Deputy CEO, Managing Director;
- Andrey Vvedensky — Director, Infrastructure and Regional Development;
- Evgeny Kuznetsov — Director, Innovation Support and Social Programs;
- Jan Ryazantsev — Chief Investment Officer;
- Michael Tsygankov — Chief Investment Portfolio Officer.
Priority Investment Areas
RVC backed VC funds’ investment priorities focus on technologies from the Critical Technologies List approved by Russian President:
- security and counterterrorism;
- living systems (understood as biotechnologies, medical technologies and medical equipment);
- nanosystems and materials;
- IT systems;
- efficient nature management;
- transportation and aerospace systems;
- power generation and energy conservation.
RVC Funds
RVC invests capital through VC funds that it creates in partnership with private investors.
All in all, RVC has backed 12 funds (including 2 funds in under a foreign jurisdiction) to a total capitalization of RUB 26.1 bln i.e. about US$ 880 mln., its share amounting to RUB 16 bln i.e. about US$ 540 mln.
VTB Venture Fund (RUB 3,061 mln i.e. about US$ 104 mln),
Bioprocess Capital Ventures (RUB 3,000 mln i.e. about US$ 102 mln),
Maxwell Biotech Venture Fund (RUB 3,061 mln i.e. about US$ 104 mln),
Leader Innovations (RUB 3,000 mln i.e. about US$ 102 mln),
Tamir Fishman CiG Russian Fund (RUB 2,000 mln i.e. about US$ 68 mln),
S-Group Ventures (RUB 1,800 mln i.e. about US$ 61 mln),
New Technologies (RUB 3,061 mln i.e. about US$ 104 mln),
RVC Seed Fund (RUB 2,000 mln i.e. about US$ 68 mln),
RVC Infrastructure Investment Fund (RUB 500 mln, to be increased to RUB 2,000 mln),
RVC Biopharmaceutical Investment Fund (RUB 500 mln, to be increased to RUB 1,500 mln),
RUSSIAN VENTURE CAPITAL I LP (Great Britain) (RUB 300 mln),
RVC IVFRT LP (Great Britain) (RUB 1,200 mln).
As on February 2012, RVC backed funds run a portfolio of 104 companies, invested capital totaling more than RUB 9.1 bln i.e. about US$ 308 mln.
RVC has signed 26 cooperation agreements with different Russian regions.
An important area of RVC efforts is to create and support a special-purpose service infrastructure for VC market players, to increase transparency of investee funds and companies, to ensure enabling conditions in Russia for international investors and entrepreneurs and to optimize legislation affecting the development of innovative business. RVC is improving investment mechanisms to consolidate various industry-specific technology clusters in Russia.
RVC is pursuing international efforts in order to import modern technologies, knowledge and technology entrepreneurship know-how, as well as to assist Russian companies on their way to global markets.
Since May 2009, RVC is headed by a new CEO — Igor Agamirzian. His accomplishments include RVC Corporate Strategy, Position about the investment policy and Directions of work of the RVC for 2011-2013. As per these documents, RVC is planning to intensify investments in innovative companies and form a number of special-purpose funds.
In the years to come, RVC is expected to play a pivotal role in the cause of developing Russian VC industry.