Funds In Foreign Jurisdictions
RUSSIAN VENTURE CAPITAL I LP
In April 2010, the Board of Directors of Russian Venture Company (RVC) decided to set up RUSSIAN VENTURE CAPITAL I LP (Great Britain), a subsidiary specialized venture fund, to use it for joining an alliance of international venture capital investors and invest RUR 300 million expressed in US dollars (US$10 million at the exchange rate of the Central Bank of the Russian Federation) in the shares of BrightSource Energy Inc. within series D financing round of the total amount exceeding US$150 million. The BrightSource Energy Inc. investor pool joined by RVC includes Morgan Stanley, VantagePoint Venture Partners, Chevron Technology Ventures, BP Alternative Energy, StatOil HydroVentures, Draper Fisher Jurvetson, Alstom, California State Teachers’ Retirement System.
RVC is the only Russian investor which had an opportunity to participate in such large-scale high-technology transactions. The above international venture capital fund enabled RVC to build close partner relations with the global venture capital market leaders.
RUSSIAN VENTURE CAPITAL I LP is managed by RUSSIAN VENTURE ASSET MANAGEMENT LTD (100% of shares held by RVC).
About BrightSource Energy, Inc.
BrightSource Energy Inc. supplies eco-friendly, reliable and cost-competitive solar thermal energy systems to electric generating and industrial companies worldwide. BrightSource Energy Inc. team combines a thirty-year track record in development and production of world’s largest solar power plants with the potential to pursue world-class projects. Today, the company has entered into contracts to trade 2,610 megawatts of energy generated by solar thermal energy plants constructed under a patented technology. BrightSource’s solar plants are designed to minimize effects on the environment and help consumers to cut down their dependence on exhaustible energy sources.
BrightSource’s headquarters are located in Oakland, California, with the company operating in the USA, Israel and Australia. More details are available at www.BrightSourceEnergy.com
RVC IVFRT LP
In April 2010, the RVC Board of Directors decided to set up a specialized venture capital fund to make transactions on joining the late stage international venture capital funds. RUSSIAN VENTURE CAPITAL II LP was registered in Great Britain June 25, 2010 (eventually reorganized as RVC IVFRT LP). It is funded by RVC’s capital with an investment focus to join the leading late stage venture capital funds. The mechanism of joining the international venture capital funds (consortiums and/or alliances) focused on the late stage investments will enable RVC to practice venture capital transactions which practical experience it may further distribute and apply on the Russian market and ensure consistent cooperation with world’s leading funds which may use their relations with RVC to find their way to invest in Russian companies.
September 6, 2010, RVC announced closing of transaction on joining Institutional Venture Partners XIII (IVP XIII), a late stage venture capital fund. IVP set up a new US$750 million fund with a focus on late stage advanced technology companies. RVC invested US$10 million in IVP XIII.
Joining by RVC with late stage international fund IVP XIII will meet several strategic objective at once: gain practical experience of the methods and mechanisms for setting up late stage venture capital funds; obtain access to extensive information on the most relevant (“hot”) transactions on the venture capital market; develop a partner network by building relations with other investors in the established venture capital fund; bring in partners on Russia’s technology market as strategic co-investors; and much more. In 2011, RUSSIAN VENTURE CAPITAL II LP joined two more large-scale international venture capital funds registered in the USA, Trident Capital Fund VII and DCM VI.
In February 2012, Investment and Venture Fund of the Republic of Tatarstan (IVFRT) and RVC established on pari passu basis a joint international venture capital fund aimed at joining international venture capital funds focused on investments in innovation companies.
Investment and Venture Fund of the Republic of Tatarstan (IVFRT) and RVC developed a pattern to set up RVC IVFRT LP, a US$40 million joint fund set up in Great Britain on pari passu basis, by bringing in IVFRT as a new investor (US$20 million from RVC and IVFRT, each). This fund is established on the basis of Russian Venture Capital II LP, RVC’s fund existing at that time.
RVC IVFRT Asset Management Inc., a management company of the joint RVC and IVFRT’s fund, is registered in the jurisdiction of Delaware, USA. Igor Agamirzyan is appointed Persident and Aynur Aydeldinov – General Director of the management company RVC IVFRT Asset Management Inc. RVC IVFRT LP’s office is located on the premises of RVC USA Inc., a representative office of RVC in the USA.