RDIF announces a cooperation agreement with the Italian development institute CDP
Rome, July 4, 2019 – Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces the signing of a cooperation agreement with the Italian development institute Cassa Depositi e Prestiti (CDP) and its subsidiaries - SIMEST and Fondo Italiano di investimento SGR.
The agreement has the purpose to promote economic cooperation between Russia and Italy through co-investment and co-financing transactions to support mainly Italian SMEs with current or expected activities in Russia. It is estimated that the total amount of the co-investment and/or co-financing operations covered by the agreement could potentially exceed €300 mn over the next three years.
RDIF will evaluate with SIMEST potential co-investments in Russian subsidiaries controlled by Italian corporates, and with Fondo Italiano di Investimento SGR co-investment opportunities – as a minority investor - in Italian companies aiming to expand in the Russian market. The cooperation agreement is not exclusive and may eventually be extended, if of interest, to other companies or asset managers participated by CDP.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.5tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at rdif.ru
Cassa Depositi e Prestiti is the National Promotion Institution that has supported the Italian economy since 1850. It finances public investments, supports international cooperation and is a catalyst for the development of the country's infrastructure. It supports Italian companies, encouraging their innovation and growth, promoting their export and internationalization. CDP also contributes to the development of the Italian real estate market as the main operator of social and affordable housing.
SACE SIMEST, the export and internationalization hub of the CDP Group, enhances the excellence of Italian companies - especially small and medium-sized ones - in the world and offers a wide range of insurance-financial instruments capable of satisfying all needs connected to foreign market activities. In particular, SIMEST (76% controlled by SACE and 24% by leading Italian banks and business associations) supports companies in their internationalization process through subsidized loans and equity investments.
Fondo Italiano d’investimento SGR is a management company owned by Cassa Depositi e Prestiti and some of the main Italian financial institutions, which currently manages 6 closed-end funds operating in the private equity, venture capital and private debt segments, for a total target assets under management of around €1.9 bn.
For additional information contact:
Arseniy Palagin Maria Shiryaevskaya / Andrew Leach
Russian Direct Investment Fund Hudson Sandler
Press Secretary Tel: +44 (0) 20 7796 4133
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41