Baring Vostok Gets $1.5 Billion for Russia’s Largest Fund

Baring Vostok, the Russian private-equity firm co-founded by former Salomon Brothers oil banker Michael Calvey, has raised $1.5 billion, the largest amount amassed for deals in Russia.

Baring Vostok, whose biggest office is in Moscow, secured $1.15 billion of commitments for its fifth main fund, Baring Vostok Private Equity Fund V LP, and $350 million in a co-investment fund, Calvey, 45, said in an interview. This is more than the $1.3 billion raised in 2007 and more than the firm’s initial target of $1.3 billion as it reached the limit of investor pledges, or hard cap, he said.