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Moscow-based fund manager Verno Capital has secured a $900m mandate to invest in Russian private equity from Abu Dhabi’s sovereign wealth fund Mubadala Development.

23 Oct

mubadala_logo1Moscow-based fund manager Verno Capital has secured a $900m mandate to invest in Russian private equity from Abu Dhabi’s sovereign wealth fund Mubadala Development.

The mandate will be assigned from Mubadala’s $2bn investment fund, which was launched earlier this year with the Russian Direct Investment Fund, Verno’s founder Dimitri Kryukov told Bloomberg.

Kryukov said, “The RDIF provides government protection to foreign investors and we will be working with them on behalf of Mubadala to provide input and opinion on deals.

“We are seeing a pickup in interest in Russia from investors across the Gulf eager to diversify their investments.”

He also said that Verno is recruiting for a new private equity unit, which will be led by former Sberbank executive Roman Kudryashov.

Verno will launch a debt fund by the end of the year with clients signalling backing for $50m, said the report. The vehicle will be managed by former debt portfolio manager at Renaissance Asset Managers Elena Kolchina.

Mubadala invested $100 million in 2010 with Verno, the first injection of a sovereign wealth fund from the Middle East in a Russian-focused equity fund. Verno, which has focused on hedge funds, is hiring a private equity team to oversee Mubadala’s investment with the RDIF. Roman Kudryashov has joined from OAO Sberbank, Russia’s largest bank, to head the unit, according to Kryukov. The firm plans to set up a debt fund by the end of the year, with clients signaling backing for as much as $50 million, according to Kryukov. Elena Kolchina, former debt portfolio manager at Renaissance Asset Managers (RAMEAFC), will manage the fund.

Verno was set up by Kryukov in late 2009 after his departure from investment firm Kazimir Partners Inc. It has about $230 million under management, he said.

Anric C. Blatt

Chairman & Portfolio Manager

Global Fund Exchange Holdings LLC

www.globalfundexchange.com

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Posted by on October 23, 2013 in Investments

 

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