RDIF originally took a a 1.25 percent in MICEX in January, and later upped its take to 2.7 per cent.
BlackRock’s investment represents the first transaction of the pre-IPO co-investment programme set up by the RDIF in June 2012. The programme will see the RDIF, BlackRock UK, Goldman Sachs and Templeton work together in pre-IPO situations with market leading Russian corporates planning a Moscow listing, the firm said.
BlackRock is the third firm to have acquired shares in the exchange on a co-investment basis, following the European Bank for Reconstruction and Development (EBRD) in January and US private firm Cartesian Capital in July.
Kirill Dmitriev, CEO, RDIF, said, “We are delighted that the world’s largest and most respected asset manager joins us as a shareholder in the Moscow Exchange. As the first investment of the Pre IPO programme, there could not be a better target than the Moscow Exchange. We expect this transaction to be the first of many made by RDIF and our co-investors in promising Russian companies preparing for an IPO in Moscow.”
The RDIF is a $10bn sovereign private equity fund set up by the Russian government to co-invest with international investors.
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