Venture and seed funds of nanotechnology
According to the press service of RUSNANO, the Supervisory Board of the corporation approved the concept of its participation in venture and seed funds. The document sets out the framework principles for the corporation's participation in investment funds, the creation of which is an important part of the development of the financial infrastructure of the market in the field of nanotechnology.
The concept assumes RUSNANO's participation in 5 main specialized types of funds: nanotechnology seed funds, low-budget project funds, industry funds, international nanotechnology funds with the involvement of foreign investors and leading international management companies, as well as funds organized under intergovernmental agreements.
Each of the fund types solves its own class of problems. In general, through the creation of funds, RUSNANO plans to attract additional funds from private investors from Russia and abroad to projects in the field of nanotechnology, to ensure the transfer of advanced international technologies to Russia and to form additional market mechanisms to promote projects at different stages of development.
At the first stage, the priority types of funds for RUSNANO will be seed and international funds. Currently, RUSNANO is discussing with JSC "Russian Venture Company" (RVC), as well as a number of regional administrations, the possibilities of cooperation on the creation of seed funds for nanotechnology.
The average number of invested projects in each of the funds is planned at the level of 20-30 projects, the share of RUSNANO funds is up to 50%. The Corporation is already negotiating with Russian and foreign partners on their participation in joint funds. At the expense of funds raised by the funds, the Corporation expects to at least double the volume of investments in the development of the Russian nanoindustry.
Seed funds of nanotechnology will allow for investment support of early-stage projects (initial implementation of promising developments and, in some cases, financing of R&D necessary to launch nanotechnology products into production). The main characteristics of seed financing projects are a significant/attractive innovative market segment, a well-thought-out idea and business model, and the possibility of patenting intellectual property.
Funds of low-budget projects grow portfolio companies at the stage of organizing small-scale production for further direct investment by RUSNANO or other investors after these projects achieve the necessary financial and economic indicators.
Industry and cluster funds will provide comprehensive investment support to promising areas of nanotechnology within individual technology clusters or industries, including on the basis of industry roadmaps. The industry specialization of funds of this type will allow attracting strategic partners and co-investors from among the leading companies in the industry.
International funds will accelerate the transfer of advanced foreign technologies and attract funds from international investors. Operating companies that carry out innovative business at the expense of international nanotechnology funds will be registered in the jurisdiction of the Russian Federation and will be taxpayers in the Russian Federation.
Funds organized within the framework of intergovernmental agreements are created to ensure interstate innovative cooperation in the field of nanotechnology. Support from the Governments of the participating countries will facilitate the exchange of technologies, investments and know-how, as well as the access of products to international markets.
Comment (Igor Pylaev, RBC)Rusnano is going offshore.
For the money of foreign investorsA source close to the government told RBC daily that the supervisory board of the state corporation Rusnano has decided to form several offshore funds to attract funds from foreign investors in projects in the field of nanotechnology.
According to the source, the total amount of funds that Rusnano plans to attract to these funds may amount to about $ 3 billion. Market participants interviewed by RBC daily doubt that the state corporation will be able to find the necessary number of nanoprojects in Russia that foreign investors are ready to believe in.
As a source close to the government told RBC daily, in early June, the supervisory board of the Rusnano State Corporation approved a mechanism for attracting funds from foreign investors to its own projects in the field of nanotechnology. "For this purpose, several offshore funds will be formed with a total volume of up to $ 3 billion," the source explained. – About $1 billion. the funds of the state corporation itself will amount to up to $2 billion. it plans to attract in western markets. The timing of the formation of funds is still unknown, since the supervisory board has not yet decided on the choice of a management company: whether to attract a third-party company for these purposes or create its own."
Recall that in May, a source of RBC daily in the government told about the plans of Rusnano to create its own management company to attract and manage funds of foreign investors who are interested in Russian projects in the field of nanotechnology (see RBC daily of 13.05.09). "It is possible that a decision will be made in a month, at the next meeting of the supervisory Board of Rusnano", – said a source of RBC daily, close to the government.
The press service of Rusnano has not commented on this topic yet. However, a source of RBC daily in Rusnano confirmed that the Supervisory Board approved a number of funds that will be priority for the state corporation, among them international and seed funds created for Russian venture projects.
Salavat Khalilov, adviser to the Board of the Alfa Capital Management Company, believes that it will be extremely difficult to find projects worth $ 3 billion in Russia, which in their pure form would be projects in the field of nanotechnology. "Now a very popular topic among investors is Russian Internet projects, which are interesting to invest in, but they also do not fall under nanothermology," Mr. Khalilov told RBC daily.
According to Dmitry Bogdanov, Vice President of Capital Management Company, foreign investors do not yet consider Russia as a source of high-tech services and production. "It is unlikely that it will be possible to attract billions of investments in the field of nanotechnology, since there are more interesting and less risky projects in Russia – in the oil industry and the consumer sector," Mr. Bogdanov believes. "In addition, foreigners are alarmed by the excessive interference of our state in the economy and business – this is another barrier to Western investment in new high–tech projects."
Portal "Eternal youth" www.vechnayamolodost.ru
15.06.2009