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Russia: Da Vinci seeks to crack the CIS value code

Russian fund group Da Vinci Capital Management has launched the marketing campaign for its latest investment vehicle. The CIS Private Sector Value Fund (PSVF) is designed to offer investors the chance to profit from the opportunities available in private equity in Russia and other members of the Commonwealth of Independent States.

It is the second such fund launched by Da Vinci, which has about $245 million under discretionary and advisory management. In 2007, Da Vinci launched the Private Sector Growth Fund (PSGF) focusing on private companies planning an initial public offering or a management buyout in the next two to four years as well as selected small-cap listed companies in Russia and the rest of the CIS. In May 2008, PSGF was the first fund to be listed on the London Stock Exchange’s Specialist Fund Market.

Undersupply

Commenting on the launch of the new fund, managing director Evgeny Fetisov says that it is designed to take advantage of the fact that despite the rapid economic development of the past decade, Russia is still under supplied with companies operating in agriculture, consumer goods, financial services, infrastructure and real estate development.

He adds that the limited partnership fund has a target size of $300 million with an expected life of seven years.

Evgeny Fetisov, Da Vinci Capital Management

"People will still need clothes and food whatever happens"

Evgeny Fetisov, Da Vinci Capital Management

Fetisov expects that the average deal size under the new fund will be in the $20 million to $30 million range, with an average holding period of five years.

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