RUSNANO (Russian Corporation of Nanotechnologies) fascinates me such that I’ve posted about the organization and its ‘wheeling and dealing’ several times with my RUSNANO and 12BF’s clean energy investment fund [July 24, 2012] and Russian government sells 10% holding in RUSNANO [June 25, 2012] postings being the latest until now. Virgin Group and RUSNANO have announced a new, joint emerging market fund. From the Nov. 14, 2012 news item on Nanowerk,
Virgin Group, Virgin Green Fund and RUSNANO Capital announced the formation of VGF Emerging Market Growth I. L. P. = with commitments of over $200 million.
The Fund will invest in buyout and growth equity opportunities in mid-cap companies. It will target the resource efficiency, consumer sustainability and renewable energy sectors in Russia, Turkey and CEE [Central Europe and Russia Fund Inc.]. The Fund will benefit from the Virgin and RUSNANO brands, deal flow and local investing experience.
The Oct. 31, 2012 RUSNANO news release (which originated the news item) provides this detail,
The Emerging Market Fund is set up by Shai Weiss, Evan Lovell, Brooks Preston and Tamas Szalai. Weiss and Lovell are theco-foundingpartners of the Virgin Green Fund. Preston formerly of Wolfensohn & Company and Szalai of Bancroft Private Equity will lead the investment team. Andrew Reicher, the former head of CEE Private Equity for Credit Suisse and Chief Investment Officer at Actis, is the non-executive chairman of the investment committee. Collectively, the team brings the experience of investing USD $2 billion in emerging markets through more than 50 transactions. [emphasis mine]
Anatoly Chubais, RUSNANO CEO and Chairman of the Executive Board: “Renewable energy and energy efficiency technologies will provide answers to the key global challenges of natural resources depletion and environment pollution. Developing solutions will be impossible without the use of nanotechnology. I believe the fund will find great opportunities to invest in growth companies in Russia and take them into global markets.”
‘More than 50 transactions’ doesn’t sound that impressive to me but perhaps that reflects my ignorance. I’m also surprised they don’t mention any specific successes from this previous experience of investing USD $2B.
Sir Richard Branson (founder and chairman of the Virgin Group) or someone who purports to be Branson posted about the announcement when it was made on Oct. 31, 2012 in Moscow on Richard’s blog (Note: I have removed links),
Seven years ago at the Clinton Global Initiative I pledged to invest the dividends from our transport business into renewable fuels and resource efficiency.
Since then we have invested in fuel companies, set up our Green Fund, founded the Carbon War Room and established The Earth Challenge – as well as making a number of investments in emerging fuel businesses.
Today, I’m back in Moscow – at the country’s largest technology forum – Open Innovations. We are launching our second Virgin Green Fund with our Russian partners Rusnano. This one is targeting the Emerging Markets and the exciting venture will invest in growth companies to improve energy efficiency and find the technologies and fuels of the future.
At the Forum I was quizzed by 100 of Russia’s brightest young entrepreneurs and encouraged them to build their businesses with a smile and look to throw some of the conformity that marks so much of Russian business. There is so much enthusiasm and opportunity in the country.
I hope successful ventures arise from this new fund. ETA Nov. 21, 2012: As for this posting’s headline, it’s a reference to the pervasiveness of the Virgin brand.