Industry veterans launch new Russia fund, Elbrus Capital

Renaissance Private Equity's former managing partner Dmitri Krukov, former chief executive officer of A1 Group Alexander Savin, and Waterland Private Equity's former managing partner Robert Thielen have re-structured the fund to focus on the mid-tier Russian market.

The managers are looking to invest the fund's remaining $180m in consumer-focused companies, as well as education, healthcare, infrastructure, real estate and natural resource services, by the end of 2010. Elbrus will also look for opportunities in market consolidation and market share growth in the post-crisis environment.

The fund's existing portfolio includes investments in Russian internet group DST and Russian TV and radio business Media One.

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