Russian Venture Company (RVC)

RVC is structured as a fund-of-funds, which means it invests in venture capital funds instead of making direct investments in start-ups. The process begins with RVC identifying priority technology sectors — such as bio-medicine, digital economy, and robotics — that align with national strategies. RVC invites fund managers, including private and institutional players, to compete to manage new venture funds, often providing up to 49% of the capital with the remainder sourced from non-government co-investors.

Selection of fund managers is based on track record, sector expertise, and capacity to attract additional investment. Each fund must commit at least 80% of its capital to early-stage Russian technology companies. Once created, these funds operate with oversight from both RVC and co-investors, using equity and sometimes convertible instruments to support portfolio companies. RVC’s involvement is designed to de-risk investment for the private sector and to ensure alignment with priority areas under the National Technology Initiative.

The program maintains rigorous reporting standards. Fund managers provide regular updates on investments, exits, and returns. RVC convenes annual forums, educational activities, and networking events to build talent and disseminate best practices across the ecosystem. Successful exits, such as those by Maxwell Biotech Fund, serve as positive case studies and attract further investor interest. The mix of funding structures has evolved over time, initially relying on closed mutual funds and later shifting to limited partnerships and LLCs to improve flexibility and appeal to international partners.

RVC also acts as a coordinator for NTI projects, providing project management and technical support for broader technology initiatives. The intervention has led to the creation of more than two dozen venture funds, each tailored to specific innovation domains and economic challenges. Funds typically invest from several million roubles and may provide hands-on support to investees, including mentorship, market access, and assistance with commercialization. Reporting and oversight remain strict, ensuring transparency and accountability throughout the investment cycle.