RVC identified the main criteria for selection of managing companies

May 22, 2012 a full-time meeting of the Board of Directors of RVC, OJSC took place in Moscow, during which a number of questions about the basic parameters and criteria for selecting managing companies (general partners) was considered to create a number of new venture capital funds financed by RVC, OJSC: seed, an early stage and specialized (cluster) venture funds.

According to the report of the company, RVC has identified not only the criteria that a Management Company must conform to become a partner of RVC and get its money to create a venture fund, but also determined the maximum amount of RVC investments to funds creating in 2012. Thus, the maximum amount of funds which may be given by RVC, OJSC in 2012 in order to form Seed Capital Funds amounts to 5 B RUR and for funds at early stages it is 7 B RUR.

In addition, the maximum amount of investment which can be directed to the formation of specialized capital (cluster) venture funds has been determined by RVC:

• in nuclear technology – 1 B RUR;
• in alternative energy and energy efficiency – 2 B RUR;
• in aerospace technology - 2 B RUR;
• in intelligent control systems - 2 B RUR.

According to the document, to obtain funds from RVC a management company must have a Russian office (or agrees to establish one within 12 months from the date of the transaction with RVC, OJSC); a managing company (MC) team should include at least 2 venture professionals who have confirmed experience in investing in a particular stage of projects development; and it is also required for a MC to have a verifiable experience in investments in a company.

The Board of Directors of RVC, OJSC is also approved changes to the Regulation About the Procedure for the Selection of Management Companies to receive RVC’s Funds for the Trust Management, which provides a classification of venture capital funds, specifies terms and definitions adopted in the venture business as well as other aspects required for successful cooperation with RVC.