Digital Sky Seeks $1 Billion Tech Fund With Facebook Promise
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Digital Sky Technologies, a Russian firm that invested in Facebook Inc., is seeking $1 billion for a new late-stage technology fund less than a year after raising its last pool, promising investors a stake in the social-networking site in return.
DST has committed Facebook stock valued at $50 million to the fund, meaning limited partners get a chance to own the shares through their investment, according to an investor presentation obtained by Bloomberg News. Early investors were offered the Facebook holding at a 12 percent discount to an internal valuation of about $74 billion, as well as a 25 percent reduction in the fund’s management fee.