Rusnano Fund 10 Sept 2009


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Rusnano Fund 10 Sept 2009

  1. 1. Request for Proposals for Rusnano international nanotechnology fund The Russian Corporation of Nanotechnologies RUSNANO is seeking proposals from leading investment managers to take part in the setup and management of international nanotechnology fund. The investment strategy of the fund envisions investments in high-tech companies with primary focus in nanotechnology businesses, technology transfer and setup of production facilities in Russia. Proposals received as part of the RFP process will be used for creation of the fund concept as well as for subsequent selection of the fund manager. Applicants with best proposals will be presented to Supervisory Council as potential fund manager. It may be that as a result of proposal review the selection process will be carried out in several stages or, if required, by seeking additional proposals. The decision to setup the fund, selection of fund manager, as well as terms of cooperation with the fund manager is subject to approval by Supervisory Council, which will be based, inter alia, on the proposal received during the RFP process. RUSNANO is considering setup of international investment fund (Great Britain is being considered as possible location for the fund) in the form of a partnership (other legal forms are being considered) in Q4 2009 with the total fund size of up to up to $1bln. RUSNANO is considering setup of a foreign wholly-owned subsidiary company which will act as General Partner. Relationship between General Partner of the fund and the investment manager will be based on the investment management contract, the terms of which will be discussed after the RFP process as part of discussions with prospective applicants. RUSNANO intends to commit up to 50% of the total fund size. RUSNANO expects investment manager to be responsible for: - arranging commitments of 50% or more of the total fund size from international investor, - arranging investment pipeline in accordance with fund mandate, - carrying out fund investments, - arranging early exits. Fund setup and management proposals are invited from interested parties which consider that their organization can meet the mandatory criteria for the fund and which have relevant qualifications and are able to fulfill the criteria outlined below. • Format – Request for Proposal • Proposals must be submitted by 5pm Moscow time on September 21. • Tender Committee will communicate its decision no later than end of September. • Tender Committee decision will be considered in preparation of international fund project materials and will be presented to RUSNANO Executive Board and Supervisory Council and will be subject to any subsequent decisions of RUSNANO Executive Board and Supervisory Council
  2. 2. Applicant requirements: • Authorizations/license to engage in investment management business or equivalent authorizations/license (in case such authorizations are required in applicant home country) • Absence of criminal record of managers/key employees , cases of applicant authorization/license suspension or revocation or any other circumstances which can cause doubts as to applicant goodstanding • The applicant (firm/its partners/shareholders and/or management team) should demonstrate at least 5 years of experience in managing venture/direct high-tech investment funds, including nanotechnology investments of total size of no less than $500mln • Consent to main criteria of the planned fund (see below) • The applicant should confirm their commitment to arrange co-investments of up to $500mln, but at least equal to the corresponding commitment of RUSNANO, subject to approval of fund setup and applicant approval as fund manager by the Supervisory Council Proposal evaluation criteria, in order of their importance 1. The applicant experience (firm/its partners/shareholders and/or management team) in managing venture/direct high-tech investments, including nanotechnology investments 2. Availability of investment project pipeline that meets fund investment criteria 3. Availability of/ability to arrange co-investor commitments 4. The applicant experience (firm/its partners/shareholders and/or management team) in managing direct investment funds or similar investment structures, with consideration given to size of the funds 5. Experience investing in emerging markets 6. Availability of personnel which have required knowledge and skills to manage nanotechnology investment portfolio and relevant business infrastructure 7. Applicant’s ability to assist portfolio companies in accessing sales markets 8. Experience in co-investing government funds (federal, regional or municipal) with description of relevant projects 9. The applicant should confirm their readiness to create and manage in the future similar investment funds registered under Russian legislation
  3. 3. Mandatory criteria for the fund • Investment should focus primarily on advanced technology transfer and creation of production facilities in Russia • No less than 50% of the total fund size has to be invested in Russia in nanotechnology investment projects • Fund investment projects should be aligned with strategic goals of RUSNANO (according to RUSNANO Business Strategy) • RUSNANO will require veto power on the investment committee • RUSNANO will retain control of the fund (via wholly owned foreign subsidiary General Partner) • RUSANO will require seat on the investment committee • RUSNANO should be able to terminate investment management contract subject to the agreed terms • RUSNANO will require access to project /portfolio company information by having access to relevant statements/reporting, having seat in the board or other designated body of the portfolio company • The term of the fund should not exceed 10 years List of required documents: • Free format application signed by applicant’s authorized person which should include applicant’s consent with fund investment criteria and fund setup and management proposal . • Detailed free format applicant background information (with appendixes if required) that confirm applicant qualifications and allows to evaluate applicant according to evaluation criteria • Copies of applicant statutory documents • Copy of applicant 2008 audited annual report • Free format information about applicant’s founders/shareholders Successful applicants will be required to provide notarized Russian translations of the above documents How to submit the documents: Proposal with any appendixes should be mailed to RUSNANO (regular or courier mail). Additionally, proposal with any appendixes can be e-mailed to RUSNANO as a scanned copy. Proposal package should be in a securely sealed envelope and contain description of the items included in the package (description should be either a separate document or list of appendixes to the proposal). The package should bear the following inscription:
  4. 4. 1. “Proposal to participate in the open request for proposal for selection of manager for the international nanotechnology fund” 2. “To be opened only in the presence of Tender committee or RFP initiator” 3. Addressed to: “State corporation “Russian corporation of nanotechnologies”, 117420, Moscow, Nametkina str. 12A, Russia” 4. Addressed to: “Director for business-strategy Kiselev O.V.” 5. Addressee: Applicant full name and mailing address Applicants must ensure delivery of their proposals to State corporation “Russian corporation of nanotechnologies”, 117240, Moscow, Nametkina str. 12A. Sealed envelope with the proposal and cover letter (in 2 copies) can be submitted via Reception on Floors 8 or 9. Proposals received via Reception will be forwarded to Corporation employees for registration and an incoming registration number will be assigned by RUSNANO administration department. Information about incoming registration number can be obtained by phone +7 (495) 542-4444, ext. 1462. In case the proposal is submitted via courier mail it is recommended to inform courier mail representative or the courier of the above delivery procedure. Scanned copy of the proposal and cover letter should be e-mailed to, cc to The e-mail subject field should contain the following description: “Proposal for RFP. For registration” and description of the subject matter of the proposal according to the RFP. Proposal will be considered registered on the date it was received by mail or e-mail. In case proposal is submitted via e-mail, hard copy proposal should be delivered via regular mail (or courier) no later than October 1, 2009. Contact for additional information: Yury Emelin, head analyst, +7 495 542-4444