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Russian Direct Investment Fund (RDIF) and Kuwait Investment Authority (KIA) Announce Automatic Co-investment Mechanism With $500m KIA Commitment

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Russian Direct Investment Fund (RDIF) and Kuwait Investment Authority (KIA) Announce Automatic Co-investment Mechanism With $500m KIA Commitment PR Newswire ST. PETERSBURG, Russia, June 21, 2012 ST. PETERSBURG, Russia, June 21, 2012 /PRNewswire/ -- RDIF also launches Pre-IPO investment program with BlackRock, Goldman Sachs and Franklin Templeton targeting companies planning MICEX-RTS listing During a meeting at the St. Petersburg International Economic Forum between Russian President Vladimir Putin and the heads of leading global investment and securities firms, the Russian Direct Investment Fund (RDIF) and Kuwait Investment Authority (KIA) announced the launch of an automatic co- investment mechanism. The initiative, which will see KIA invest $500 million alongside the RDIF, was announced by Bader Mohammed Al-Saad, Chief Executive Office and Managing Director, KIA, in the meeting with President Putin. The co-investment mechanism means that KIA will co-invest in all RDIF transactions. Mr. Al-Saad commented: "Russia's economy will continue to grow faster than those of developed countries. Co-investing with the RDIF offers us a good opportunity to invest in the real economy and gain diversification across all sectors. This is not a short-term investment in the stock market prone to volatility; it is an excellent and fair partnership with the RDIF and there is Russian government support for this partnership. We highly rate the skilled management team of the RDIF.
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Russian Direct Investment Fund (RDIF) and
Kuwait Investment Authority (KIA) Announce
Automatic Co-investment Mechanism With
$500m KIA Commitment
PR Newswire
ST. PETERSBURG, Russia, June 21, 2012
ST. PETERSBURG, Russia
,
June 21, 2012
/PRNewswire/ --
RDIF also launches Pre-IPO investment program with BlackRock,
Goldman Sachs and Franklin Templeton targeting companies planning
MICEX-RTS listing
During a meeting at the St. Petersburg International Economic Forum between
Russian President Vladimir Putin and the heads of leading global investment
and securities firms, the Russian Direct Investment Fund (RDIF) and Kuwait
Investment Authority (KIA) announced the launch of an automatic co-
investment mechanism.
The initiative, which will see KIA invest
$500 million
alongside the RDIF, was
announced by Bader Mohammed Al-Saad, Chief Executive Office and Managing
Director, KIA, in the meeting with President Putin. The co-investment
mechanism means that KIA will co-invest in all RDIF transactions.
Mr. Al-Saad commented: "
Russia's
economy will continue to grow faster than
those of developed countries. Co-investing with the RDIF offers us a good
opportunity to invest in the real economy and gain diversification across all
sectors. This is not a short-term investment in the stock market prone to
volatility; it is an excellent and fair partnership with the RDIF and there is
Russian government support for this partnership. We highly rate the skilled
management team of the RDIF."
Kirill Dmitriev, Chief Executive Officer of the RDIF, said: "Automatic co-
investment by the Kuwait Investment Authority, one of the largest and most
respected investors globally, significantly increases the funds the RDIF can
invest in the Russian economy. We are delighted to be announcing a major co-
investment with a leading fund from the
Middle East
, already second for the
RDIF, as historically that region of the world has not been well represented
among foreign investors in
Russia
."
The meeting with President Putin included the following participants from the
RDIF's International Advisory Board:
Bader Mohammed Al-Saad
, Chief Executive Officer and Managing Director, 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
Laurent Vigier
, Director of European and International Affairs, Caisse des Dépôts
International
In the course of the meeting it was also announced that a consortium of
leading international investors that manage in excess of
$5 trillion
- BlackRock,
Goldman Sachs and Franklin Templeton - have joined the RDIF in launching a
Pre-IPO program targeting investments in leading Russian companies planning
an IPO on the
Moscow
stock exchange MICEX-RTS.
Notes for editors:
The Pre-IPO program will seek to make investments in Russian companies with
annual revenues in excess of
USD 500m
that are planning to go public on the
Moscow
stock exchange MICEX-RTS within the next 6-18 months. Each
investment will be decided upon by the program's co-investors acting
separately in their own discretion.
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 the RDIF since its
inception. Additional information is available at http://www.rdif.ru.
The Kuwait Investment Authority (KIA)
is an autonomous government
body responsible for the management and administration of the General
Reserve Fund (GRF), and the assets of the Future Generations Fund (FGF), as
well as any other funds entrusted to it by the Minister of Finance for and on
behalf of the
State of Kuwait
. KIA manages assets of
USD 290 billion
. The
Authority invests in the Local, Arab and International Markets with its main
office located in
Kuwait City
and a branch office in
London, UK
. Additional
information is available at http://www.kia.gov.kw
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