Russian Direct Investment Fund CEO Kirill Dmitriev takes part in meeting of International Advisory Board for the creation of an International Financial Center in Moscow
Kirill Dmitriev, Chief Executive Officer of the Russian Direct Investment Fund (RDIF), today participated in a meeting of the International Advisory Board for the creation of an International Financial Center in Moscow. President Dmitry Medvedev was present at the meeting, which took place at the headquarters of leading Russian bank Sberbank.
In addition to the President of Russia, the meeting was attended by heads of the world’s leading financial companies, including Jamie Dimon of JPMorgan Chase, Lloyd Blankfein of Goldman Sachs and Stephen Schwartzman of the Blackstone Group, who is also a member of the International Advisory Board of the RDIF. The chief executives of Russia’s largest banks, including Vladimir Dmitriev (Vnesheconombank), German Gref (Sberbank), Andrey Kostin (VTB) and Andrey Akimov (Gazprombank), also participated in the meeting.
Kirill Dmitriev said:
“As the largest financial center in Russia and the CIS, Moscow is the investment hub for the entire region. The city will continue to attract foreign investment in the coming years, and the creation of an International Financial Center will accelerate that process.”
The RDIF was set up by the Russian government in June 2011 with planned capital of USD 10 billion. It will make equity investments in the Russian economy alongside co-investors. In September 2011 the International Advisory Board of RDIF was appointed, including the heads of the Chinese, Kuwaiti and Korean sovereign wealth funds as well as founders and CEOs of leading private equity firms Apollo, Blackstone, TPG, Apax, Warburg Pincus and Permira. On October 11 the RDIF announced its first co-investment commitment, with the China Investment Corporation committing USD 1 billion toward a new Russia-China Investment Fund.
About the Russian Direct Investment Fund (RDIF)
The Russian Direct Investment Fund was established in June 2011. The RDIF is expected to be capitalized with USD 10 billion in Russian government funds over the next five years and is charged with making equity investments that generate strong returns, primarily in Russia. In each investment it makes, the RDIF is required to secure co-investment that at minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. Additional information is available at www.rdif.ru.