Renaissance Fund I closes on $660m

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Funds

Renaissance Group has closed its $660m growth capital fund, Renaissance Private Equity Fund I LP, the group's maiden vehicle. It was launched in September 2007 with an initial target of $500m, which was subsequently hard-capped at $660m and closed five months later in February 2008.

Renaissance Private Equity is based in Moscow.

Investors

The GP, Renaissance Group, its employees and the Renaissance Private Equity team have committed around 40% of the fund's capital. The remaining 60% is held by a mix of financial institutions, family offices and funds-of-funds, based both in Europe and the US, but not Russia.

Investments

The fund will seek capital growth investments across the CIS and is generalist in scope, although it excludes sectors such as real estate and energy. It intends to make two to three investments per year seeking 25-50% stakes for between EUR50-75m.

IPOs and trade sales will be both considered as exit strategies.

The fund has already completed two deals in two Russian media companies: Media One Moscow and DST.

People

The fund will be managed by Dimitri Krukov.

Name: Renaissance Private Equity Fund I LP

Closed on: $660m

Focus: Expansion, Russia, CIS

Address: 22 Voznesensky Pereulok, Moscow 125009, Russia

Tel: +7 (495) 258-7777

Fax: +7 (495) 258-7778.

Contact: Dmitry Krukov

Advisers: MVision