Tycoon Launches Private Russian Fund

HedgeCo.Net- Russia’s tycoon Mikhail Prokhorov announced the creation of a new private investment fund based on his assets, the ONEXIM Group. The worth of new undertaking exceeds $17 billion, and a stake of 22-percent in GMK Norilsk Nickel is its major asset.

Dmitry Razumov, who had been Prokhorov’s deputy for strategy and M&A in Norilsk Nickel till 2005 will be ONEXIM Group’s General Director and Potanin’s partner. Together they plan on reaching $30-billion capitalization in five years.

ONEXIM Group was named after a bank, the starting point for Potanin and Prokhorov in early 1990. “Despite the attempts to declare ONEXIM bankrupt, it met all commitments to creditors,” Prokhorov clarified implication of the new undertaking’s name.

ONEXIM’s emergence actually completes the split of Interros assets between Mikhail Prokhorov and Vladimir Potanin. The partners, however, no longer say that Potanin will buy out Prokhorov’s stake in Norilsk Nickel, although exactly this deal has been viewed the milestone in the friendly division of assets.

“We stake on the projects, where Russia has objective competitive advantage. Our experience, analysis of the market and of development trends of Russia’s and world economies convince us that innovation and high-tech projects are the most promising,” Prokhorov said when presenting Onexim Group.

Alex Akesson

Contributing Writer
HedgeCo.Net
Email: [email protected]