Jan. 26 (Bloomberg) -- Russia’s Direct Investment Fund is looking to acquire assets in countries including Germany, Italy and the U.K., according to head of the company, Kirill Dmitriev.
“We are looking at things like automotive components and a bunch of assets in logistics, which we think are undervalued now,” Dmitriev said in an interview today with Bloomberg Television at the World Economic Forum in Davos, Switzerland.
The Kremlin established the fund in June to invest in modernizing industries and help wean the economy off its dependence on energy exports, which account for 17 percent of gross domestic product. While its primary aim is to finance domestic projects, the fund also wants to use the financial turmoil in Europe to snap up technology assets.
France is also interesting because of the number of technological companies that are “synergistic with the Russian market,” Dmitriev said.
The Russian government will pump about $10 billion into the fund in the next five years, and wants to attract $50 billion of co-investments from foreign buyout firms, sovereign-wealth funds and companies seeking to expand in the country, Dmitriev said at its inception.
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org