Skolkovo Managers to invest in innovation city

Skolkovo Managers to invest in innovation cityA few days ago, a strategic decision allowing the Skolkovo fund management to invest their own funds in especially attractive projects was agreed. The Government of Russia and several top managers of the fund told RBC daily about it. But these new opportunities for managers will be limited to certain conditions to avoid the conflict of interest.

One of the discussion participants told the Russian media that preliminary arrangements have been made, but all the details of the agreement are not yet worked out. But in any case, a number of limitations will be put on the management, including the duty to fully disclose the structure of their investments to direct superiors.

The Vice President and Development and Planning of Skolkovo Fund Director Alexey Beltyukov says that the key condition should be investing through an outside venture capital fund. The Skolkovo Fund workers will be able to invest in the project and make a profit, if it is successful only through the venture capital fund. This is done to avoid the conflict of interest because the venture fund is included in the capital of the company, not the employee directly.

Yan Ryazantsev, RVC Investment Department Director notes that the private and public-private funds have practice when managing partners invest in a fund they run (about 1% of fund size). 34 venture capital investment funds are now accredited in Skolkovo, and they can invest in the companies that innograd intends to give a grant. The total amount of soft commitments is $ 450 M, $ 32 M already invested.