The government of Russia set up the Venture Company to revitalize the country's industrial base as it seeks to diversify the economy away from prime commodity exports and invest in high-tech projects.
German Gref said the winners were VTB Asset Management, a subsidiary of state-controlled foreign trade bank Vneshtorgbank, Bioprocess Capital specializing in investment in bio- and medical technologies, and a mixed group involving the Tamir Fishman Group, Israel's leading financial services group.
Under the tender terms, each winner will attract private investment for venture funds totaling 51% of their value while the Venture Company, where the government will hold a 49% stake, will provide the remaining sum. Overall, the government will allocate 4 billion rubles (about $155 million) for these purposes, Gref said.
The economics ministry will soon announce a second tender to manage the Venture Company's funds worth 10.8 billion rubles (about $419 million), Gref told a government meeting.
President Vladimir Putin expressed the hope that venture funds would yield results in the near future. "The venture funds will develop their activities in coming years and their operations will yield real results," he told the ministers.
