Kremlin seeks 30 managers for $10bn fund

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The Russian government is looking to hire up to 30 investment professionals to manage its upcoming $10bn private equity fund.

According to Bloomberg, hiring of between 25 and 30 managers for the fund, which is to be managed by state development bank Vnesheconombank. The vehicle will receive at least $10bn of government money over the next five years.

Focusing on infrastructure, telecoms, pharmaceuticals and aerospace, the vehicle is part of a drive by the Russian state to diversify its economy and reduce its level of dependence on natural resources, and may attract another $40bn of co-investment from foreign buy-out houses and sovereign wealth funds.

Icon Private Equity managing director Kirill Dmitriev was named as head of the fund yesterday.

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