RDIF, CIC plan to raise $800m tourism fund


russia_moscowRussia’s Direct Investment Fund (RDIF) and Chinese sovereign wealth fund CIC are planning to raise an $800m vehicle.

The fund will invest infrastructure for senior living centres and to tap Sino-Russia tourism, RDIF CEO Kirill Dmitriev told Reuters.

RDIF will hold a stake in the fund via Russia-China Investment Fund, which it launched in partnership with CIC in 2012.

“We will hold a controlling stake, but will raise the rest of the fund from international partners,” said Dmitriev.

He noted that 3.3m Chinese tourists visited Russia in 2012, marking a threefold increase from 2007.

Last December it was reported that RDIF and CIC were planning a $2bn top-up to their joint fund.

RDIF and CIC unveiled plans to create an investment fund worth up to $4bn in 2012.

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