Russian Direct Investment Fund (RDIF) and Kuwait Investment Authority (KIA) Announce Automatic Co-investment Mechanism With $500m KIA Commitment

Russian Direct Investment Fund (RDIF) and Kuwait Investment Authority (KIA) Announce Automatic Co-investment Mechanism With $500m KIA Commitment PR Newswire ST. PETERSBURG, Russia, June 21, 2012 ST. PETERSBURG, Russia, June 21, 2012 /PRNewswire/ -- RDIF also launches Pre-IPO investment program with BlackRock, Goldman Sachs and Franklin Templeton targeting companies planning MICEX-RTS listing During a meeting at the St. Petersburg International Economic Forum between Russian President Vladimir Putin and the heads of leading global investment and securities firms, the Russian Direct Investment Fund (RDIF) and Kuwait Investment Authority (KIA) announced the launch of an automatic co- investment mechanism. The initiative, which will see KIA invest $500 million alongside the RDIF, was announced by Bader Mohammed Al-Saad, Chief Executive Office and Managing Director, KIA, in the meeting with President Putin. The co-investment mechanism means that KIA will co-invest in all RDIF transactions. Mr. Al-Saad commented: "Russia's economy will continue to grow faster than those of developed countries. Co-investing with the RDIF offers us a good opportunity to invest in the real economy and gain diversification across all sectors. This is not a short-term investment in the stock market prone to volatility; it is an excellent and fair partnership with the RDIF and there is Russian government support for this partnership. We highly rate the skilled management team of the RDIF.