Translated material
Not a venture yet
The President was introduced to the achievements of Russia
The Russian economy continues to please : the results of the first months of 2007 have already led to the Ministry of Economic Development revising the main parameters of the forecast for the country's socio-economic development for the year as a whole. The GDP forecast, for example, was raised from 6.2 to 6.5%. Yesterday, at the traditional Monday meeting of the president with members of the government, the head of the Ministry of Economic Development and Trade German Gref introduced Vladimir Putin to the economic results of the country's development in the first quarter.According to the minister, industrial production grew by 8.4% compared to the first three months of last year, which is almost three times higher than in the first quarter of 2006. (In March compared to March 2006 - 7.9%, in March compared to February - 1%). Mr. Gref drew attention to positive trends in the manufacturing and mining industries. Thus, production growth in the manufacturing industry in the first quarter amounted to 14.5%, in the mining industry - 4.2%. Oil production increased by the same 4.2%, but gas production by only 0.3%.
On the contrary, the inflation rates in January, February and March allow us to seriously hope for achieving the forecast annual rate of 7-8%. It is precisely this “fork” (the upper value is 0.5% below the level fixed in the budget law for this year) that is indicated in the updated forecast of socio-economic development, which will be considered at a government meeting this coming Thursday. Indeed, if last year, with inflation in the first three months of 5%, we managed to achieve an annual result of 9%, why not keep within 8% with consumer prices rising by 3.5% in the first quarter of this year.
Another event that German Gref could not help but inform the president about was the growth of the RTS stock index to a historical maximum of over 2000 points . At the same time, the minister is apparently not at all embarrassed by the fact that an important psychological milestone was passed on Friday the 13th. “Since January 1, there was a decline in the market, now the market is recovering, since the beginning of the year the growth has exceeded 4%. This is a positive indicator, let’s hope that the trend will continue,” said the non-superstitious German Gref.
Literally as if to order, yesterday morning, shortly before the start of the meeting, the President had a procedure for opening envelopes with applications received for the first competition (the results are expected to be summed up on May 11) for the selection of companies that will manage the funds of venture funds created at the expense of the Russian Venture Company (RVC) . German Gref also spoke about this. Moreover, it was clear that the minister was very pleased with the results of the “autopsy” (see certificate) . After all, as many as 13 applications were received, and these applicants for the rights to manage RVC’s money are ready to add private investments in the amount of more than 9 billion rubles, and not 4 billion rubles, as the ministry expected.
Let us recall that according to the government’s plans, at the expense of RVC funds (the state is contributing 15 billion rubles, based on the results of the first competition, 4.8 billion rubles will be distributed), 10-15 new venture funds with a total capital of about 30 billion rubles. It is expected that these funds will provide venture capital to up to 200 new innovative companies and will indirectly catalyze the creation of approximately 1,000 more companies. The winners of the competition organized by the Ministry of Economic Development and Trade will manage these 10-15 venture funds. At the same time, from RVC funds, each fund will receive only 49% of its total volume (in one hand it can go from 600 million rubles to 1.5 billion rubles). The remaining 51% should come from private investment.
Among those who submitted applications, German Gref named the non-state pension fund of Gazprom - Gazfond, which aroused the genuine interest of Vladimir Putin. The President immediately instructed Prime Minister Mikhail Fradkov to check how justified investments in venture capital projects of pension funds are. “Mikhail Efimovich, please check how justified the investments of Gazfond’s money in venture projects are. As far as I can imagine, pension money should be allocated conservatively,” the president said.
Meanwhile, after the meeting, it became known from an official statement from RVC that it was not Gazfond that submitted the application, but the management company Leader , whose shareholders, in addition to Gazfond, are Gazprombank and the Gas Industry Insurance Company. Moreover, according to the rules approved by the government in February 2007, funds from non-state pension funds cannot be invested in shares and bonds of companies that are not traded on the stock market. In other words, pension money (“Leader” works with money not only from Gazfond, but about a dozen other large non-state pension funds, including the Norilsk Nickel and LUKOIL-Garant funds) cannot, by law, end up in the most risky venture sector, which by definition has not matured to the stock exchange. Apparently, Leader and its shareholders simply intend to try to make good money from the money of RVC and attracted private investors. Just like the other 12 companies that submitted applications for the first competition.
The non-state pension funds themselves, including, of course, Gazfond, by law can independently place pension funds exclusively in government securities, bank deposits in rubles and foreign currency, and certificates of deposit of Russian banks. And also with certain restrictions in mutual investment funds, which also operate in the securities market, where there are no venture capital companies.
Companies that submitted applications for the first competitive selection of venture fund managers : VTB Asset Management CJSC, Management Company Universal Investors CJSC, NM-Trust OJSC, Leader CJSC, Bioprocess Capital Partners LLC, Management Company LLC "Center", CJSC "Finance Trust", LLC "Management company "Ak Bars Capital", management company "Infrastructure Investments", management company "Optima Venture Capital", management company "RDM-Trust", LLC "Geoecotekhnologiya", management company Royal Capital.