Elbrus hits $550m hard-cap

Elbrus is a Moscow-based GP focused on Russia and the neighbouring Commonwealth of Independent States (CIS). The firm was launched in 2010 by three industry veterans after they bought out the assets of Renaissance Private Equity from the Renaissance Group at the end of 2009.

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

Elbrus has simultaneously announced a $150m commitment from the Overseas Private Investment Corporation, taking total capital available for investment to $700m, subject to the finalisation of legal documentation later this year.

MVision Private Equity Advisers acted as placement agent, with Clifford Chance providing legal counsel.

Investors
Elbrus Capital Fund II launched in April 2012. In August, the European Bank for Reconstruction and Development agreed to commit up to $50m to the vehicle. The commitment was not to exceed 25% of the fund's total value.

In October, International Financing Corporation, the investment arm of the World Bank, committed $20m to the vehicle.

A number of new investors from Europe, the US, the Middle East and Asia have also contributed to the fund, a number of which are new investors in Russian private equity.

Investments
The vehicle has already committed more than $200m across six platforms. Portfolio companies include business support service provider Intercomp, online procurement marketplace B2B-Center, storage and records company OSG Records Management and delivery business SPSR-Express. 

The fund targets the mid-market segment in Russia and the surrounding CIS countries.

Elbrus Capital Fund II has a buy-and-build approach and targets significant or control investments in markets with consolidation potential.

People
Alexander Savin and Dmitri Krukov are co-managing partners of Elbrus. Rob Thielen is a partner.

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• Topics
• CEE
• Buyout
• Russia
• Elbrus Capital