One of the first investments of the Russian Direct Investment Fund (RDIF), created by decision of President Dmitry Medvedev to attract foreign capital to fast-growing sectors of the Russian economy, may be the purchase of shares in Oleg Deripaska's En+ Group holding. newspaper reported this on Tuesday, citing informed sources The Kommersant .

According to the publication, RDIF may spend up to $500 million to purchase a minority stake in En+. In July, VTB Capital acquired 4.5% of the holding’s shares for this amount. The funds were used by the seller, BazEl, to pay off the debt to VTB itself. In the case of RDIF, we can talk about the placement of new shares in favor of the investor.

En+ controls Rusal with a share of 47.41%, owns EuroSibEnergo, a ferromolybdenum producer SMR, coal deposits and a logistics business. The holding's other businesses include projects for the extraction of iron ore, gold, and other resources, as well as in nuclear energy.

The head of VEB, Vladimir Dmitriev, said earlier that the priority sectors for the state corporation’s subsidiary, RDIF, include pharmaceuticals, medical equipment, agricultural processing, food processing, energy saving and import-substituting production that work for the middle class.

According to Kommersant, in addition to investing in Deripaska’s holding, the fund is discussing financing projects under state patronage in the forestry industry. The largest timber industry holding in Siberia and the Far East, RFP Group, one of the main shareholders of which is co-owner of Evraz Group Alexander Abramov, can receive $150-300 million from RDIF. The state is not directly involved in the holding, but it is actively working with state banks - VEB and VTB .

According to the newspaper, RDIF may allocate $200-300 million to the Russian Helicopters state holding. This is approximately half the amount that the company hoped to raise in May during an IPO in London.

RDIF may invest approximately the same amount, about $200 million, in another state-owned company - JSC Russian Railways. The monopoly confirmed to the newspaper that they are “in dialogue” with the fund, but could not clarify the timing and scheme for raising funds.

Finally, RDIF is discussing the possibility of co-investing in projects of the state energy holding RusHydro and the telecommunications subsidiary of Russian Railways, Transtelecom.

Among the private companies that may become an object of investment for the fund are the Medsi clinic chain (project cost: $200-400 million), the United Confectioners group ($200-300 million).

The idea of creating a national direct investment fund was first announced at the St. Petersburg International Economic Forum in 2010, Interfax recalls . The government plans to invest $10 billion in the fund over five years, including $2 billion this year. The fund's management company was registered on June 1 in the form of a 100% subsidiary of VEB, headed by Kirill Dmitriev from Icon Private Equity. The foundation team is currently being formed.

According to Kommersant, five investment bankers received the posts of managing directors of the fund. Shin Glodek previously worked at Darby Private Equity from 2006-2008. - Vice President of Mergers and Acquisitions in the New York office of Lehman Brothers. Alex Maryanchik, head and co-founder of Klever Asset Management, is known for his work in the Sputnik group and the Moscow office of DrKW, and also worked at UBS Warburg in New York. Tagir Sitdekov until recently was the managing director of the A1 group in the Alfa Group structure, which deals with direct investments. Alexey Chekunkov, managing partner of his own company New Nations Capital, previously worked with Dmitriev at Delta Private Equity. Richard Ogdon is due to join RDIF in mid-September from his post as a member of the supervisory board of Troika Dialog. The post of senior vice president of the RDIF was taken by Anatoly Braverman, who previously worked at Gazprom Neft and LUKOIL, the son of the head of the RHD fund and ex-deputy head of the Ministry of Property Alexander Braverman. The work of RDIF lawyers will be coordinated by Mikhail Irzhevsky, partner at Freshfields Bruckhaus Deringer. Walid Kamhavi, co-founder and partner of HK Advisory Services (Dubai), who previously worked at Blackstone and Bear Sterns, became RDIF's advisor.

RDIF may follow VTB in becoming a shareholder of En+