New fund
The Belgian VC firm GIMV has launched the Eagle Russia Fund to focus on investments in medium-sized companies in rapidly growing sectors of the Russian Economy. The fund has raised US$30 million in its first closing of which GIMV committed $10 million and the British-owned investment bank Moscow Narodny Bank committed a further $10 million.
The Eagle Russia Fund succeeds the Eagle Venture Partners Fund, which is fully committed.
Jan Dewijngaert, Investment Director at GIMV says Russia currently offers an especially large number of opportunities. “In past years, Russia has exhibited consistent growth of more than six per cent [per annum] This growth is supported by a positive trade balance, reduced national debt and declining interest rates.”
The fund will invest in sectors including pharmaceuticals, telecoms and engineering. The aim is to invest in 7 to 15 companies in the next four years.
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