Inaugural meeting of the International Advisory Board of the Russian Direct Investment brings together leading global investors with $1 trln in combined assets under management
St. Petersburg, 20 June 2012 – The first meeting of the International Advisory Board of the Russian Direct Investment Fund (RDIF) took place today and was attended by the heads of some of the world’s largest sovereign wealth funds and private equity companies. China Investment Corporation (CIC), Kuwait Investment Authority (KIA), Korea Investment Corporation (KIC), Permira, Apollo Global Management, TPG, Apax Partners, Warburg Pincus and Caisse des Depots were represented at the meeting. The funds manage combined assets of approximately USD 1 trillion.
“We are pleased that the RDIF Advisory Board brings together the elite of the international investment community,” said Kirill Dmitriev, Chief Executive Officer of RDIF. “Today we discussed many significant issues, including the initial results of the Fund’s first year of operations, the Fund’s short and medium-term plans, and approaches to improving Russia’s attractiveness as an investment destination.” Mr. Dmitriev noted that a number of the topics discussed will be further developed at a meeting with Russian President Vladimir Putin and the members of the RDIF Advisory Board planned for June 21, 2012.
The Advisory Board’s meeting took place at the Stroganov Palace prior to the St. Petersburg International Economic Forum (SPIEF 2012). Participants discussed the following issues:
The initial results of RDIF’s first year of operations, including the completed acquisitions of shares in MICEX-RTS and Enel OGK-5 and the creation of the Russia-China Investment Fund;
Around 50 investment projects under consideration by RDIF in sectors such as forestry, municipal and transportation infrastructure, energy efficiency and medicine;
Other short- and medium-term plans and initiatives aimed at developing the capital markets and the private equity sector in Russia as a whole.
The following individuals took part in the meeting of the RDIF Advisory Board:
• Kirill Dmitriev, Chief Executive Officer of the RDIF
• Bader Mohammed Al-Sa’ad, Managing Director of Kuwait Investment Authority
• Kurt Bjorklund, Co-managing Partner, Permira
• Leon Black, Chairman and Chief Executive Officer, Apollo Global Management
• David Bonderman, Co-founder and Managing Partner, TPG
• Chong-Suk Choi, President and Chief Executive Officer, Korea Investment Corporation
• Lou Jiwei, Chairman and Chief Executive Officer, China Investment Corporation
• Michael Phillips, Partner, Apax Partners
• Joseph Schull, Head of European Operations, Warburg Pincus
Laurent Vigier, Director of European and International Affairs at Caisse des Depots Group and a member of the RDIF’s Supervisory Board also participated in the meeting.
The International Advisory Board also discussed Russia’s macroeconomic situation in the context of the growing eurozone debt crisis and proposals from the investment community and measures taken by the Russian government to improve the country’s attractiveness as an investment destination.
The results of the meeting of the RDIF Advisory Board will be reviewed as part of the discussion panel “The Russian Direct Investment Fund: Initial Results,” which will take place on the first day of the SPIEF, June 21, 2012, at 11:45.
Russian Direct Investment Fund (RDIF), established in June 2011, is to be capitalized with $10 billion in Russian government funds to make equity investments that generate strong returns. In each investment it makes, RDIF is mandated to secure co-investment that as a minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. Kirill Dmitriev has been Chief Executive Officer of RDIF since inception. The Fund’s International Advisory Board was announced by V. V. Putin in September 2011 during the Sochi International Economic Forum and includes the heads of the world’s leading investment organizations. Additional information is available at www.rdif.ru.
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