The $2bn-targeting vehicle was set up in 2012 and had pulled in LP commitments as of July last year.
Now the fund has been abandoned, according to sources cited by the Financial Times, because investors are reluctant to commit given the uncertainty surrounding Russia’s activities in the Ukraine.
The sources said that other investors simply could not invest because of economic sanctions imposed on Russia by the US and EU.
DMC Partners was set up by former Goldman Sachs Moscow head Chris Barter, the bank’s ex co-head of global securities and Samuel Wisnia who headed macro structuring.
The vehicle was also set to target investments in Africa, Turkey and Asia.
DMC’s exit from its Russia-focused vehicles follows Permira’s co-managing partner Kurt Björklund leaving his post on the advisory board of the $10bn Russian Direct Investment Fund, with similar reasons speculated to be behind the move.
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