Renaissance Investment Management (RIM) has raised USD200 million into the newly launched RenFin Fund with total demand for the new product exceeding USD250 million. The Fund has more than 30 private and institutional investors, both international and domestic. The new Fund is focused on investment in the banking and financial sector in Russia and the CIS.
RenFin Fund invests in banks and other financial sector institutions. Major regional players in this market are ready to raise capital, but for that to be possible they often need to undergo internal restructuring and improve their corporate governance. RenFin Fund is the first product of Renaissance Investment Management that concentrates on a proactive approach to investing in such companies. The Fund participates in private placements undertaken by banks to raise additional capital needed to develop their strategy and to prepare for a future sale.
“The Fund provides capital for the implementation of strategy, and is actively involved in internal restructuring and improving relationships with investors. The Fund Manager takes Board positions, promotes the banks and supports fundraising from international markets,” says Sergey Bubnov, the Head of Alternative Product Group at RIM.
Renfin Fund is the third product of the Alternative Investments Group headed by Sergey Bubnov. Of the first two, Renshares Utilities Fund is dedicated to the Russian utility sector, and Renaissance Pre-IPO Fund is dedicated to investing in fast-growing companies, which are planning to exercise an IPO in the next two or three years. “We are proud to add another product to the family of the specialised funds. Our ability to identify the key strategic sectors that experience growth and consolidation processes, then create and execute the products delivering high returns to the investors, confirms Renaissance Group’s leading position as the provider of investment solutions in the emerging markets”, says Oleg Jelezko, The Managing Director at Renaissance Capital, The Head of Equity Structured Products Group.
The RIM Fund is managed by Marina Chekurova and Sergey Nazarov. Marina Chekurova has 13 years experience in finance, including more than 7 years in banking. She was a top manager of Agency for Restructuring of Credit Organisations (total assets under management of over USD450 million) set up by the Russian Government in 1998 to resolve the financial crisis in the banking sector. Marina Chekurova successfully restructured and sold 21 banks across Russia.