Troika Dialog, one of Russia’s leading investment banks and Temasek Holdings (“Temasek”), an Asia investment company headquartered in Singapore, today announced the signing of their joint venture to co-sponsor a new mid-cap private equity fund targeting Russia and the Commonwealth of Independent States (CIS).

The fund is called the Russia New Growth Fund and it will start with capital commitments of US$150 million. Additional investors will be sought for the Fund's final closing next year.

The fund will target blocking minority and majority equity investments in a wide range of sectors including retail, consumer goods, logistics, business services, specialized manufacturing, telecommunications, and select media. Investment sizes will vary between US$5 million and US$45 million once the fund is fully capitalized. The fund management team will be based in Moscow.

The Fund will be led by Richard Waryn, an experienced private equity professional who has managed funds totalling over US$3 billion during his career. Other team members bring extensive Russian investment and private equity experience to the Fund.

INFO SOURCES

Temasek Holdings

FIRMS

Temasek Holdings is an Asia investment company headquartered in Singapore. Established in 1974, it manages a diversified global portfolio of US$63 billion, spanning Singapore, Asia and the OECD economies. Its investments are in various industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences.

Founded in 1996, Troika Dialog Asset Management (TDAM) is one of the Troika Dialog Group of Companies. TDAM is one of the largest independent companies on the asset management market. The company has four open-end mutual funds, two interval funds and one closed-end real estate fund (Commercial Real Estate). TDAM’s mutual funds currently hold more than 7 million rubles, while TDAM as a whole has $1.5 billion under management. In the regular surveys of asset management companies conducted by NAUFOR and Expert RA, TDAM has received the highest possible ratings. TDAM was named Best Asset Manager 2004 by Global Finance magazine and Best Asset Manager 2003 in the NAUFOR Securities Market Elite awards.

PEOPLE

Manish Kejriwal, Managing Director, Investments, of Temasek

According to Ruben Vardanian, CEO of Troika Dialog