Elbrus holds first close on $260m for third fund – report

Eliza Punshi
22 January 2021

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Russia and CIS-focused private equity firm Elbrus Capital has held a first close on $260m for its latest vehicle, Elbrus Capital Fund III, according to local press reports.

The fund has a target of $600m, which it plans to reach by next year, reported Kommersant.

The vehicle will be slightly bigger than its predecessor, which held a final close in 2014 on $550m and has so far made eight platform investments, according to Unquote Data.

MVision Private Equity Advisers reportedly acted as global consultant for the fundraise, while Clifford Chance was the legal adviser.

The firm was launched in 2010 following a buyout of the assets of Renaissance Private Equity from Renaissance Group at the end of 2009.

Investors
The Moscow-based GP raised commitments from institutional investors, which included Middle East sovereign wealth funds, in particular the subsidiaries of Mubadala and Abu Dhabi Investment Authority (ADIA), as well as private and family funds, the European Development Institute, and other financial institutions, according to Kommersant's report.

A number of investors also reportedly agreed on additional funding for co-investments, allowing for larger investment deals.

Investments
Elbrus Capital Fund III plans to invest mainly in Russian and CIS companies. The main industry areas for the GP are digital technologies and the Internet, as well as consumer goods and services, financial firms and the pharmaceuticals sector.

It expects to sign its first deal this quarter, reported Kommersant.

People
Elbrus Capital – Dmitry Krukov (senior partner).