Renaissance smashes US$500m target

Russian investment bank Renaissance Capital has raised a US$660m maiden private equity fund for companies in Russia and the former Soviet Union.

The fund exceeded its US$500m target as a result of investor demand, with Renaissance itself committing 40%. Other investors include institutional investors, funds of funds, and family trusts.

Renaissance was founded in 1995 in Moscow, and is now one of the leading investors in emerging markets, with a presence in Sub-Saharan Africa and the Middle East as well as Russia and the CIS. The firm also offers its clients access to these markets through offices in London and New York.

In other Russian private equity news, Altimo, the telecoms arm of Russian private equity firm Alfa, had launched a €639.5m lawsuit against Norway’s Telenor on the grounds that it has delayed Vimpelcom’s entry into the Ukrainian market. Vimpelcom is Russia’s second largest mobile phone operator and jointly owned by Alfa and Telenor.