PIF commits $500m to RCIF

PIF, a sovereign wealth fund investing funds on behalf of the government of Saudi Arabia, will contribute $500m to RCIF as part of the new partnership.

RCIF, which is an open cooperation platform established by RDIF and China Investment Corporation (CIC), is also seeking to raise additional capital from partnerships with other international institutional investors.

"It is important that we do not limit the joint fund to three partners," said Kirill Dmitriev, CEO of RDIF and co-CEO of RCIF. "We are currently negotiating with other RDIF partners about the possibility of joining the fund."

Caisse des Dépôts International (CDC) is among RDIF's partners; they joined forces to launch the €1bn Russia-France Investment Fund (RFIF) in 2013.

RCIF is currently considering co-investments in more than 20 projects, valued at more than $1bn, in sectors such as technology, retail, financial services and healthcare, among others. It has committed to 25 projects since its establishment in 2012.

RCIF currently has $2.5bn in assets under management, from which RDIF and CIC have contributed $1bn each.

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