The Russian Direct Investment Fund has teamed up with private equity firm Capman and the European Bank for Reconstruction and Development to invest up to $100m in IT outsourcing and service provider Maykor.
RDIF said it would provide $50m for the business to support its growth strategy, with the rest split between the other two investors.
Maykor, which was founded in 2010, has a leading market position in Russia and is focused on the comprehensive one-stop-shop servicing of IT equipment, facility systems and business applications.
The group has since evolved into the largest outsourcing service provider in Russia, serving more than 1,000 large and medium geographically-distributed clients across various industries.
RDIF CEO Kirill Dmitriev said, “This is RDIF’s first investment in the fast-growing Russian IT services sector and its potential has attracted a group of highly credible foreign co-investors.
“In the last year the sector has grown by approximately 15 per cent and we expect this growth rate to increase.”
Capman CEO and senior partner Heikki Westerlund said, “We see great potential in the outsourcing industry and have first-hand experience in this space through several portfolio companies in the Nordics.
“The Russian outsourcing market consists of small service providers with limited regional coverage.
“In contrast, Maykor enjoys significant economies of scale that allow the company to remain highly competitive across Russia.”
AltAssets revealed in April that Nordic private equity firm CapMan was aiming to close its €175m Russia II fund by April 2014, and could consider additional closes after inking a first close of €97m.
CapMan partner Alexander Vlasov also told AltAssets that the CapMan Russia II fund was targeting returns of three times, or an IRR of 30 per cent.
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