RVC launches second competition

Russian Venture Company (RVC) has announced its intention to launch a second competitive selection among management companies qualified to be appointed trust managers of the monetary assets to be contributed by the OJSC RVC. Subsequently these monetary assets will be included into closed-end unit funds. The board of directors has set the maximum amount of funds to be spent to acquire venture fund units at RUB 9bn. The date of the competitive selection and the competitive documentation was due to be approved at a board meeting scheduled for 6 March, 2008 at the time of going to press.

In August 2006 RVC was registered in the form of an open joint stock society, in which the state owns 100% of the shares. It is a fund-of-funds creating venture funds to be managed by private companies. Each of these funds is owned at a 49% stake by the state and is of a size between RUB 600m-1.5bn. The funds have a lifespan of 10 years.

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