Former Russian deputy minister launches $500m Kinetik fund

Sverdlov was the former CEO and founder of Russian telecommunications company Yota, which was sold to MegaFon in 2012. After selling his company, Sverdlov became deputy minister for communications and mass media for the Russian Federation for 18 months.

His Kinetik fund aims to make early-stage investments and will focus on healthcare, alternative energy and automotive startups. The fund itself will be managed by Sverdlov freely, with no lifespan restriction and a ticket size of up to £50m. There are no institutional investors involved, with all commitments coming from private individuals.

Investments
Although the fund will focus on early-stage investments, Sverdlov does not rule out leveraging the investments at a later stage and plans on two or three deals per year.

Kinetik's first investment is a £20m commitment to Charge, an automotive business that develops electric powertrains for commercial vehicles. Sverdlov actively sought out an investment in the sector. He founded Charge, hired ex-Optare manager Glenn Saint as technical director, and took the role of CEO himself. Together, they hired a team of 40 engineers. 

Charge was founded in April and will start testing the prototype of its powertrain in trucks and buses next month. The investor hopes the company will generate profits within two years.

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