Renaissance Investment Management ("RIM"), a leading investment manager specialising in investments in Russia, the CIS and Africa, and a part of the Renaissance Group (a leading high opportunity emerging markets financial group), today announced the launch of an equities fund to invest in the Russian infrastructure sector.
The Russia Infrastructure Equities Fund will focus on a variety of sub-sectors, including building & construction, utilities, engineering & machinery, transportation, and communication & IT. It is intended that the fund will raise between USD 150m and USD 200m.
"Infrastructure is currently one of Russia's most promising growth stories," said RIM Head of Alternatives Sergey Bubnov. "There is an urgent need for investment following 15 years of under-investment, especially with the large construction projects needed for the 2014 Winter Olympic Games and the 2012 APEC Forum."
Forecasters have predicted that Russia will be the second largest country in the world after China for infrastructure investment over the next five years.
"Russian infrastructure companies tend to be undervalued and overlooked, and investors have traditionally found it difficult to invest because of the lack of liquidity and visibility," added Anton Rakhmanov, the fund's Portfolio Manager. "With our extensive experience in infrastructure stocks and Russian financial markets, the fund's investors will have unique access to leading companies in these vibrant sectors."
The 3 year, close ended fund will close on 9th November 2007. It will be BSX listed and LSE tradable. Fees will be 1.5% for management with 20% for performance. The fund is aimed at international institutional investors and will have a minimum investment of USD 1 million.
About Renaissance Investment Management (im.rencap.com)
Renaissance Investment Management (RIM) is a leading asset manager specialising in investments in Russia, CIS and Sub- Saharan Africa, providing asset and wealth management services to institutional investors, family offices and private clients. It has over USD 4.6 billion assets under management (as at September 2007) through a range of open-ended single-manager funds, close-ended sector access products and managed accounts. The Russian National Rating Agency has granted the company its top rating of AAA, and the Rating Agency Expert has given it the top rating of A++.
RIM operates in Russia, the UK, USA, Switzerland, Cyprus, Ukraine, Kazakhstan, and the British Virgin Islands.
About Renaissance Group (www.renaissancegroup.com)
Renaissance Group is an independent group of investment banking, asset and wealth management, merchant banking, and consumer finance companies specializing in high-opportunity emerging markets. Renaissance Group operates in Russia, Ukraine, Kazakhstan, the United Kingdom, the United States of America, Cyprus, Sub-Saharan Africa, the British Virgin Islands, Switzerland and Bermuda.