Elbrus Capital Fund II gets $20m commitment from World Bank

The fund received a $50m injection from the European Bank for Reconstruction and Development in August this year. Elbrus is aiming to reach a target size of $500m. It will invest in SMEs throughout Russia and CIS.

Its previous fund, Elbrus Capital Fund I, was announced in September 2007 and closed below target on $660m in March 2008. In late 2009, the fund was restructured to its current size of $324m.

The investment was commissioned by Aftab Ahmed, IFC director for financial markets in Europe, Central Asia, the Middle East and North Africa. Russia became part of the IFC in 1993.

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• Topics
• CEE
• Fundraising
• Russia
• Elbrus Capital
• IFC (World Bank)