TheRussian Direct Investment Fund (Russian:Российский фонд прямых инвестиций,RDIF) is Russia'ssovereign wealth fund established in 2011 by theRussian government to make investments in companies of high-growth sectors of theRussian economy. Its mandate is to co-invest alongside the world's largest institutional investors, direct investment funds, sovereign wealth funds and leading companies.
RDIF's reserved capital under management equals $10 billion. RDIF has invested and committed for this purpose 2.1 trillion rubles, of which RDIF invested 200 billion rubles and 1.9 trillion rubles came from co-investors, partners and banks. RDIF also attracted over $40 billion of foreign capital into the Russian economy through long-term strategic partnerships.[1]Kirill Dmitriev is the RDIF'schief executive officer.
RDIF was founded in June 2011 under the leadership of both Russian PresidentDmitry Medvedev and Prime MinisterVladimir Putin.[1]
In June 2012, RDIF andChina Investment Corporation (CIC) established the Russian-Chinese Investment Fund.[2] On 2 June 2016, President of the Russian Federation Vladimir Putin signed Federal Law on the Russian Direct Investment Fund changing the status of RDIF. According to the law, RDIF became the sovereign wealth fund of the Russian Federation.[3]
Restrictions also apply to parties entering investments with the Fund. TheEU prohibit investment, participation, or contribution to projects co-financed by RDIF.[8]
RDIF Management structure includes Supervisory board with the government representatives,[9] and International Advisory Board.[10]Kirill Dmitriev has been the RDIF's CEO since its inception in 2011.
RDIF and Mubadala Development company (Mubadala), theAbu Dhabi-based investment and development company, agreed to launch a $2 billion co-investment fund[13] to pursue opportunities in Russia.[14]
RDIF andSaudi Arabia’s sovereign wealth fund, thePublic Investment Fund (PIF), have created a partnership[15] to invest in attractive projects in Russia, in areas including infrastructure and agriculture.[16]
RDIF andCaisse des Dépôts International (CDC International) have launched the Russia-France Investment Platform,[17] which will seek attractive investments across a broad range of sectors and asset classes.
RDIF andFondo Strategico Italiano (FSI) agreed to establish a €1 billion Russian-Italian investment platform.[19] The two financial institutions will invest in companies and projects promoting the development of foreign trade and increase of FDI betweenItaly and Russia.[20]
RDIF andJapan Bank for International Cooperation (JBIC) established a Russia-Japan Investment Fund (RJIF). RJIF will seek and realise attractive investment projects to promote economic, trade and investment cooperation between Japan and Russia. Under the MoU, RDIF and JBIC have agreed that each of them will invest $500 million[21] for the joint investments through RJIF and a joint investment framework.
RDIF launched an automatic co-investment mechanism, with the first $500 million fromKuwait Investment Authority (KIA).[22] Later KIA doubled its investment[23] with RDIF to $1 billion.
Memorandum of Understanding between RDIF and Mumtalakat
RDIF andRönesans Holding, the leading construction, real estate development and investment company, have reached an agreement to expand the scope of their joint investment activities.[25] The parties are focused on attractive investment opportunities within the Russian Federation; and have identified healthcare, construction, infrastructure and commercial real estate as priority sectors.[26]
