SBI Holdings and IFC Metropol, a Russian financial company, have agreed to the formation of a new fund, SBI Metropol Investment Fund No.1, in Russia.
The commitment for the first fund will be $100 million, with SBIH and Metropol each contributing 50% of the commitment. The fund will target emerging Russian industries, by investing principally in unlisted promising Russian companies. The fund will be established in several phases, depending on the performance of the No.1 fund as well as Russia’s investment climate. The total fund commitments are expected to reach $500 million, including the amount of the No.1 fund.
The fund will be managed by a new fund management company, ‘SBI Metroplo Fund Management Company’, which is to be jointly established and equally owned by both companies.
SBIH plans to further expand its collaboration with overseas partners in Russia, China, India, Vietnam and other markets which expect rapid economic growth, so that the SBIH Group may be able to further expand its global operations.