Kuwait Wealth Fund Investing $500 Million With Kremlin RDIF

June 21 (Bloomberg) -- Kuwait Investment Authority, the country’s sovereign wealth fund, will invest $500 million in private equity together with the Kremlin-backed Russia Direct Investment Fund, Managing Director Bader Mohammad Al-Saad said today in St. Petersburg.

The Kremlin established the RDIF a year ago to help lure foreign investment and expertise in its drive to wean the world’s largest energy supplier off its dependence on commodity exports.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net