RVC () (JSC) is a state fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.
RVC is founded by Russian Government dated June 7, 2006 No. 838-р. In 2015, RVC was assigned the role of the National technology Initiative (NTI) project office – a long term complex program designed to create conditions to ensure leadership of the Russian companies on the new high technology markets which will determine the structure of the global economy in the next 15–20 years.
Owners and executives
Authorized capital of RVC JSC is more than 30,01 billion rubles. One hundred per cent of the RVC capital belongs by the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Rosimushchestvo).
Members of the Board of Directors Chairman of the Board of Directors: Oleg V. Fomichev — Deputy Minister of Economic Development of the Russian Federation Alexander A. Auzan — Dean of Faculty of Economics in Lomonosov Moscow State University; Vasily M. Belov — Senior Vice-President, Innovations development of Skolkovo Foundation; Alexander Galitsky — Managing Partner of Almaz Capital venture fund; Boris G. Nuraliev — Director of 1C Company; Dmitri N. Peskov — Director of "Young Professionals" Agency for Strategic Initiatives; Alexander B. Povalko — CEO of RVC; Sergey G. Polyakov — General Director of Foundation for Assistance to Small Innovative Enterprises (FASIE); Yuri A. Udaltsov — Deputy Chairman of the Executive Board, RUSNANO Management Company LLC.
The Management Board The number of Board members cannot be less than five people. Alexander Povalko — CEO of RVC; Sergey Abdykerov — Operational Director of the National Technology Initiative project office; Mikhail Antonov — Deputy CEO, Director for Innovative Infrastructure Development; Mikhail Fedotov — Deputy CEO, Financial Director; Anna Romanenko — Deputy CEO, Managing Director; Alexey Basov — Deputy General Director — Investment Director of RVC JSC; Kumanina Ekaterina — Director for Strategic Communications of RVC JSC; Elena Mikheeva — Director of Risk Analysis and Internal Control Department at RVC JSC, a member of the Management Board of RVC JSC.
Activities
The state together with Skolkovo Fund, Rusnano JSC and Vnesheconombank designate RVC as development institutution of the Russian Federation, i.e. "instruments designed to solve state tasks in the market environment".
According to the development strategy for 2017-2030Strategy for 2017-2030 RVC works in three main directions: investment activity as a fund of the funds, development of innovation and National Technology Initiative, venture capital market development. Company focuses on support of the technology entrepreneurs whose projects address roadmaps and cross-platform technologies of the National Technology Initiative.
Starting 2016, RVC fulfils functions of the NTI project office (Order of the Government of the Russian Federation dated April 18, 2016) No. 317: performs project management, provides organizational, technical, expert and analytical support, information and financial support for the development and implementation of NTI roadmaps and projects.
Investments
The Investment activity of RVC is aimed at increasing the supply of venture capital through the creation of new funds jointly with its partners: private, institutional and foreign investors, as well as large corporations. At the suggestion of market participants, RVC invests in venture capital funds and initiates the creation of new funds with the involvement of professional investors and managers. According to the updated investment strategy RVC product portfolio will consist of 6 categories of the funds:
· classic venture funds;
· young managers funds (1st time GP);
· late-stage funds;
· early stage funds supporting NTI;
· corporate funds;
· foreign venture funds
RVC-backed funds In 2018-2020 RVC planned to establish up to 10 new funds in total.РВК по новой стратегии будет лоббировать выход пенсионных фондов на венчурный рынок Now, the company manages 26 funds, three of which were established in 2018. The total assets under management of the funds are 48.8 billion roubles. RVC share is 26.6 billion roubles.
The first funds were established in 2007-2008 in the form of closed-end funds (CE VF) where RVC had 49% share, then in the form of LLC, now – in the form of the investment partnership.РВК сменила стратегию развития
Associated funds RVC Seed Fund (RUB 1,980 mn.) Civil Technology (RUB 1,000 mn) RVC Infrafund (RUB 2,000 mn) RVC Biofund (RUB 1,500 mn) Funds in Foreign Jurisdictions RVC I LP (Great Britain) (USD 60,69 mn) RVC IVFRT LP (Great Britain) (USD 40 mn) Funds established in the form of Closed-End Funds Bioprocess Capital Ventures (RUB 3,000 mn) Maxwell Biotech Venture Fund (RUB 1,224,4 mn) Leader Innovations Venture Fund (RUB 3,000 mn) S-Group Ventures Venture Fund (RUB 1,800 mn) VTB – Venture Fund (RUB 3,061 mn) Funds established in the form of Investment Partnership Agreement (IPA) Industry funds Finematika Aerospace Fund IPA (RUB 1,515 mn) Pre-ipo-fund-ipa/Pre-IPO Fund IPA] (RUB 3,788.7 mn) North Energy Fund I Seed IPA (RUB 923.3 mn) Phystech Ventures II IPA (RUB 900 mn) Russian-Belorussian Venture Investment Fund IPA Venture Fund of Skolkovo — Industrial I IPA (RUB up to 3 bln) Venture Fund of Skolkovo — IT I IPA (RUB up to 3 bln) Micro-funds Softline Seed Fund IPA (RUB 136 mn) High-Tech Seed Fund IPA (RUB 133,2 mn) Venture Accelerator Fund IPA (RUB 33,4 mn) ACP Seed Fund IPA (RUB 133,4 mn) Life Sciences Seed Fund IPA (RUB 33,4 mn) Seed fund of Tomsk State University IPA (RUB 33,4 mn)
Venture market development RVC development strategy for 2017 - 2030Стратегия развития РВК на 2017-2030 годы determines company mission – a development of the mature venture capital market through the consolidation and development of resources, competencies and initiatives on the part of investors, investment portfolio managers and entrepreneurs so as to create and promote innovative products and technologies in priority technology areas, making Russia a leader in the global technology market.
In order to implement the mission, RVC facilitates technology transfer, launches acceleration events and educational programs, promotes the innovation activity and develops entrepreneurship communities.
RVC supports Russian technology entrepreneurs in the priority fields: biomedicine, power energy, advanced production technologies, new materials, component base development, quantum technologies, digital technologies in the relevant fields.
Venture capital market development strategy
At the end of 2018, RVC together with the Ministry of economic development of the Russian Federation presented a draftПроект документа: Стратегия развития рынка венчурных и прямых инвестиций в РФ на период до 2025 года и дальнейшую перспективу до 2030 годаПрезентация проекта Стратегии развития рынка венчурных и прямых инвестиций России of the Strategy of development of venture capital market and direct investments for the period till 2018 and further perspective till 2030. According to the strategy, by 2030, the volume of deals on the national venture capital market should reach 410 billion RUB, which is 29 times greater than in 2017. Aggregate capital offer on the venture capital market (total amount of the funds the projects can expect to receive from the venture investors of different categories) should grow by 12.5 times up to 2.73 trillion RUB.
The platform for the development of corporate acceleration tools GenerationS The platform for the development of corporate acceleration tools GenerationS is aimed at the development of the high technology projects that are of interest for the Russian and international venture investors. It is held from 2013 with the support of the Russian corporations, development institutions, venture infr astructure representatives. It is first Russian accelerator that was included in the international network Global Accelerator Network (GAN) created by Techstars.
From 2018, GenerationS works as a platform for corporate accelerators. The partner are Airbus, Michelin, VTB, Unilever, Alrosa and others. The projects are searched for in the areas necessary for the corporate partner. In 2018, the accelerator is recognized as the best corporate accelerator in Europe at the international forum Corporate Startup Summit 2018.
Start-ups monitoring from 2013 to 2017 demonstrated that total volume of investments in the graduates reached 2.4 billion RUB.
The Open Innovations Forum
The Open Innovations Forum is an annual forum devoted to new technologies and perspectives of international cooperation in the field of innovation. This is a global discussion venue designed to demonstrate results, achievements, exchange of experience between the scientific community, business and authorities.
The forum is held from 2012 by the leading Russian development institutions. RVC is one of the organizers and intellectual partner of a number of panel discussions.
"TechUp" Rating of the fast-growing high-tech companies National rating of the fast-growing high-tech companies "TechUp"OBNINSK CHEMICAL AND PHARMACEUTICAL COMPANY JSC LEADS IN TECHUP 2017 was organized by RVC in partnership with the Association of Innovative Regions of Russia (AIRR) in 2012 with support of Rosnano and FASIE. In 2013, PwC joined as the partner. In 2014, MSP Bank (SME Bank) became a partner as well. In 2015, National Research University "Higher School of Economics" was included in partners. In 2016, the rating was selected as a base for the priority project of the Ministry of economy "National Champions".
National Champions National Champions project is designed to ensure advanced growth of the national private high technology export-oriented companies-leaders and form on their basis. The project started in 2016. 62 high technology companies participated in it. Ministry of economic development of the Russian Federation assist with the development of advanced growth strategies and use of the existing support measures to the maximum extent, assists in overcoming the administrative barriers, helps to interact with the authorities, development institutions and financial organizations in concierge-service mode.
Basic Department of RVC in MIPT Management of Technology Projects RVC specialized department in MIPT "Technological projects management", Masters program for the bachelor graduates of the science departments (physics, chemistry, biology and other) where natural-science education is amplified with business training. Analytic specialists for the venture funds, innovation specialists and technological entrepreneurs are trained under this program. In 2018, RVC together with the MFTU laboratory of neural systems and deep learning and MFTU-Sberbank laboratory launched a new mater program related to project management in the field of artificial intelligence.
Inter-university training course "Innovative Economy and Technology Entrepreneurs" "Innovative Economy and Technology Entrepreneurs" training course was developed by RVC in 2017 in cooperation with Saint-Petersburg National Research University of Innovation Technology, Mechanics and Optics (ITMO University) and Moscow State University n.a. M.V. Lomonosov License agreement with RVC on inclusion of the course "Innovation economy and technological entrepreneurship" in the training program 2018-2019 were signed by 34 Russian universities from 25 regions. It is expected that by 2020 the number of universities-operators will reach 100 and about 50 thousand students will complete the training.
Venture capital market analysis