Runa Capital holds first close for fund II

The fund has a target of $200m. Runa is not disclosing the amount it has raised at first close.

A second closing is expected before the end of 2014, with 2-3x the amount of capital raised at this close. The fund's final close is expected to take place within 18 months.

Runa launched in 2010 with its maiden fund, which closed on $135m.

Senior partner and co-founder Dmitry Chikhachev spoke to unquote" earlier this year about the Kremlin's five-year plans for venture capital funding in Russia's technology sector to double by 2018.

Investors
So far Runa Capital II has secured large commitments from investors in the firm's maiden fund. At final closing, Runa expects around half of the fund's total amount to come from existing investors.

Runa Capital II's LPs, which include institutional investors, are based in Russia, Europe and the US.

Investments
Runa is a technology-specific investment firm, with a particular focus on cloud computing, hosting, virtualisation, fintech and software for education, healthcare and social media.

Like its predecessor, Runa Capital II will focus heavily on Europe, though the vehicle will also invest in Israel, the US and Asia Pacific. The fund will also pay more attention to the Turkish market.

The fund's equity tickets will sit within the $1-10m range, with a sweet spot of $3-5m.

People
Runa was founded by managing partner Dmitry Chikhachev and senior partners Ilya Zubarev and Serguei Beloussov. Chikhachev is leading the fundraising efforts for Runa Capital II.

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