Oct 7 2010
Kazakhstan and Russia will establish a joint venture fund with a target capital of $100 million to spur nanotechnology ventures in the two countries.
Kazakhstan’s Kazyna Capital Management, Russia’s VTB Capital, international asset management group I2BF and the Russian Corporation of Nanotechnologies (RUSNANO) have signed a Memorandum of Understanding to create the Russian-Kazakhstan Nanotechnology Venture Fund, RUSNANO announced on Wednesday.
Kazakh and Russian companies have created a $100M nanotechnology venture fund
Kazyna Capital Management is owned and managed by Kazakhstan’s sovereign wealth fund Samruk-Kazyna.
Kazyna Capital Management and RUSNANO will be the anchor investors in the project, and will each contribute $25 million.
VTB and I2BF will manage the fund, and hope to attract investments between $50-$100 million. Nanotechnology innovations have been used in several fields, including electronics, biomaterials and energy production.
The creation of the nanotechnology venture fund will spur the development of innovative technologies in Kazakhstan, Kazyna Capital Management Board Chairman Abay Alpamyssov said in a RUSNANO press statement released Wednesday.
“The attraction of two highly professional companies in the establishment of the venture fund is an excellent signal for other investors. Fusing different management approaches and technologies will help the management team attract additional investment to achieve targeted capitalization and ensure effective leadership for the fund,” according to his press statement.
“We have chosen management companies that can work effectively in selecting and supporting promising nanotechnology projects in Russia and Kazakhstan, RUSNANO managing director Dmitry Pimkin said in the press release.
“Moreover, they will apply their experience in developing venture projects at the pre-industrial stage to maximize earnings for the fund’s investors.”
Source: http://www.nsti.org/