market review - Российская ассоциация венчурного ......the present...

Market ReviewPrivate and venture investments in Russia2016

The present research was conducted in accordance with the February 2017 edition of the Methodology for the Collection and Analysis of Key Performance Indicators of Russian Private Equity and Venture Capital Funds1 (hereinafter - the Methodology)2.

N.В. Due to a significant devaluation of the Russian currency against the US dollar in recent years, a number of changes have been introduced to methods of evaluation of funds’ capitalisation: capitalisation denominated in roubles has been recalculated at a weighted average rouble exchange rate in the reporting period. The recalculation was performed for each reporting period covered by the research. These adjustments ensured a more adequate assessment of funds’ capitalisation.

Furthermore, the research:

• in line with the Methodology, clarifies the attribution of funds to "Russian / foreign funds" and "corporate funds" categories and uses updated information for the evaluation of capital and other parameters for a number of funds that were active in the previous periods;

• does not consider (including in the statistics for previous years) the long-term closed-end private equity3 and venture investment funds whose investment activity is not confirmed with reliable information.

As a result, performance indicators in Funds and Management companies sections differ from the data in the previous sections.

1 http://www.rvca.ru/rus/resource/library/methodology-of-data-collection-and-analysis-of-the-main-parameters-of-russian-

venture-funds/ 2 The research also uses an adapted sectoral classification of Invest Europe 3 According to the data from the National Fund Managers League (http://www.nlu.ru), approximately 175 long-term closed-end

private equity investments funds were active as of February 2017

Contents 1. Preface ......................................................................................................................................... 3

2. Introduction ................................................................................................................................. 4

3. Private equity and venture capital funds ................................................................................... 6

3.1. Funds: total statistics ......................................................................................................... 9

3.1.1. Funds by branch preferences .................................................................................... 12

3.1.2. Funds by focus on development stage of the recipient companies ........................ 14

3.1.3. Funds by location ........................................................................................................ 19

3.1.4. Funds by type of investors ......................................................................................... 20

3.2. New and liquidated funds in 2016 .................................................................................... 28

4. Management companies .......................................................................................................... 29

5. Investments ............................................................................................................................... 30

5.1. Investments of funds: total statistics .............................................................................. 32

5.2. Investments of funds by industry branches .................................................................... 33

5.3. Investments of funds by stages of recipient companies ................................................ 38

5.3.1. Seed funds investments ............................................................................................. 48

5.4. Investments of funds by regions and cross-border investment of funds ..................... 51

5.4.1. Investments in foreign recipient companies with participation of Russian funds ....................................................................................... 53

5.4.2. Investments with participation of foreign funds in the Russian recipient companies ...................................................................................... 57

5.5. Investments of funds by type of investors ....................................................................... 60

5.5.1. Investments of funds with the state capital participation ........................................ 60

5.5.2. Investments of corporate funds ................................................................................ 65

6. Exits ............................................................................................................................................ 69

7. Summary .................................................................................................................................... 77

8. Appendix: Tables ....................................................................................................................... 81

8.1. Tables................................................................................................................................. 81

8.1.1. VC- & PE-funds ........................................................................................................... 81

8.1.2. Management companies ............................................................................................ 83

8.1.3. Investments ................................................................................................................ 84

8.1.4. Exits ............................................................................................................................. 89

Preface 3

1. Preface

The Russian Private Equity and Venture Capital Market Review 2016 was prepared by the Russian Venture Capital Association (RVCA) with the support of Russian Venture Company (RVC) and Venture Innovation Fund.

The report uses the Methodology developed in 2014 and supplemented in 2015-2017. The application of the Methodology ensures the comparability of research results for the Russian venture capital and private equity market and allows all interested parties to speak a common language.

According to the Methodology, the report contains information on the performance of institutional investors (Russian and foreign funds and business-accelerators that invest and have their own (or partnership) funds, see Sections 2-5)

The following sources were used in the preparation of the report: • interviews with experts and professionals of the Russian private equity and venture

capital industry, conducted by email, phone and at face-to-face meetings; • a database on the Russian venture capital market; • information from questionnaires distributed to funds operating in Russia; • open sources.

The market database was created by a group of experts from the United Analytical Group (UAG)1, which was established at the initiative of the RVCA with the support of RVC.

It is important to emphasise that the participants of the UAG include development institutions and consultancies, as well as investment and management companies and funds.

The information on new fund raisings, investments and exits collected in the database is adjusted in line with the Methodology. The UAG participants adjust data to classify the information from the PE&VC market.

This approach allows to eliminate the ambiguity in estimation of the totals for the market (for example, the adjustments apply to the estimation of ‘‘boundary situations” related to the investment classification by stage, industry and geography) and ultimately provides the best possible relevance of the data.

The collected information was reworked into a detailed “portrait” of each fund based on key parameters:

• fund size; • investments by industry, stage and region; • realised exits.

1 http://www.rvca.ru/rus/news/2015/02/16/united-analytical-group/, http://www.kommersant.ru/doc/2623399

Introduction 4

2. Introduction

The research results for the Russian private equity and venture capital market in 2016 demonstrate that macro-economic and socio-political conditions remain the main factors influencing market dynamics.

A number of key market indicators, such as the number and volume of new funds and the volume of investments made, declined in the last years after the 2012-2013 highs.

However, it should be noted that this trend is not dramatic. Investments in mature companies declined the most, while the venture capital segment performed relatively well.

Out of 17 funds included in the 2016 statistics for the first time (65% of the 2015 total) only four were private equity funds1 (including two funds with state participation).

Half of the funds included in the statistics for the first time focused on the information and communication technologies (ICT) sector, the other half had primarily mixed sector preferences.

In 2016, venture investment activities were relatively high: 210 deals2 (an insignificant increase of 11% compared to 2015). However, it should be noted that, despite an increase in number of deals, the total volume of venture capital investments fell to $128 million (a decrease of 85% compared to 2015). Private funds represented the majority of deals (73%) and deal volume (79%) of venture investments.

The research results reveal persisting sectoral and regional imbalances in the allocation of venture capital investments.

Venture capitalists are traditionally interested in the ICT sector: about 75% of investment volume and 71% of the number of deals. Apart from the ICT sector, funds with state capital contributed the largest share of financing: 53% of investments volume and 63% of the number of deals.

Companies in the Central Federal District received the highest volume and the largest number of venture capital investments, 83% and 64% respectively.

The number of exits3 of venture investors was high, 24% more than in 2015(34 in 2015 compared to 42 in 2016). Half of the exits were from the ICT companies.

1 The information on the creation of 35 closed-ended long-term private equity funds for qualified investors

(http://www.nlu.ru/pifs-search.htm?keyword=&fondid=all&type=%C7&categor=%CF&uk=all&qual=1&nonqual=1&schafrom=&schato=&period_start=&period_end=&mode=search&orderby=fond_name&orderset=asc&pageNo=0 ) that possesses was not included into the statistics, as the access to information about these funds` activities is limited due to regulatory.

2 RVCA has the information about 33 investments with unconfirmed volume, 75% of which invested in the ICT sector. 3 “Number of exits” means the number of companies from which funds exited.

Introduction 5

The higher number of exits was largely a result of a backlog in the previous years. Funds with state participation comprised 71% of exits in 2016 (44% in 2015). This fact reflects the state's role as a catalyst for the "mass" venture capital investments in 2006-2010, which were carried out by venture capital funds established with the support of the Ministry of Economic Development jointly with RVC.

Taken as a whole, statistics shows that the Russian private equity and venture capital market adapts to challenging economic conditions. This gives us hope that the market’s key performance indicators in 2017 will be close to the values achieved in 2016.

Private equity and venture capital funds 6

3. Private equity and venture capital funds

As of end of 2016 the number of active private equity and venture capital funds included in the statistics amounted to 2531 (75 private equity funds and 178 venture capital funds).

These were not only the funds in active investment stage but also those in the post-investment phase and focused on the management of their own portfolio. In this regard, it should be noted that, in 2013-2016, the investment dynamics was directly affected by a decrease in the share of private equity and venture capital funds active in that period. In 2016 it reached 28% compared to 40% in 2013.

Out of 17 new funds established in 2016 and included in the statistics only 13 were venture capital funds, or 76% (compared to 92% in 2015).

While the performance of the venture capital segment inspires cautious optimism, the status of the private equity funds investing in mature companies is not so positive. Interestingly, two out of four private equity funds included in the statistics were formed partially with state capital.

The causes of lower activity in the private equity segment are quite objective. Specifically, the emergence of new funds is overwhelmingly dependent on capital availability for new fund raisings. At the same time, restrained consumption negatively affects investment behaviour. This ultimately leads to a decrease in the variety of attractive investments in those sectors that were previously in high demand among investors (first of all, they are consumer and financial services sectors).

With regard to the new venture capital funds established in 2016, it should be noted that only one fund with state capital2 came to the market, whereas in the previous years the share of these funds was relatively stable, varying in the range of 29% to 31%.

A pause in the formation of new funds with the participation of state capital is understandable on the background of heavy trading by the state in 2014-2015 (primarily as a result of the RVS’s efforts). However, we have a reason to believe that the state will continue to create new venture capital funds in 20173.

The analysis of sectoral preferences by venture funds shows that it would be premature to predict any significant change in the overall market structure. More than half (54%) of the venture capital funds operating in Russia invest only in the ICT sector (including two-thirds of

1 The statistics does not include funds with targeted investments in property and property development projects (see Methodology

section). 2 The current and previous reviews do not include information on investments by the Investment and Venture Capital Fund of the

Republic of Tatarstan. 3 http://www.rvc.ru/press-service/news/company/96723/


new venture capital funds), while 13% focus on technologies for the real economy. These figures have a strong correlation with the data on investment activity of funds (see Investments section).

In 2016, Russian funds continued to look for opportunities in foreign markets. It is noticeable not only with the launches of second and consecutive funds, but also start-up stage funds. We estimate that the share of Russian assets in the portfolio of these funds will be relatively low. For instance, Inventure Partners4 and Flint Capital5 announced this strategy in 2016. Sistema Asia Fund, established in the end of 2015 level6, also targets foreign markets (however, for a broader picture, it should be noted that in 2016 Sistema Venture Capital fund focused on Russia and the CIS, entered the market7). Earlier examples include Life.SREDA8 (the fund plans to adapt foreign projects in mature stages for Russia 9), Vestor.In Partners10, Runa Capital11, Buran VC12, Target Global13 (Target Ventures before rebranding), Kinetic14, Caspian VC Partners15(the fund plans to transfer technology to Russia).

A relatively low capacity of the Russian market and the uncertainty of exit prospects as the number of potential buyers of domestic VC-backed companies is insignificant determine the shift in the funds’ geographic focus. In addition, there is a lack of interest in buying start-ups from Russian corporate entities. Russia’s changing foreign policy contributes to the uncertainty: foreign buyers often estimate the risks associated with investment in Russian start-ups as excessively high.

No significant changes occurred in the corporate venture funds segment. At the same time, in the last few years, the share of corporate funds of all venture funds by the number of deals and their volume slowly decreased (from 13% in 2012 to 9% in 2016 and from 13% in 2012 to 11% in 2016 respectively). It was due not only to the dissolution of a number of corporate funds, but also the transfer of some of the funds to the “independent” category.

However, it is encouraging that the share of corporate venture funds with mixed sectoral preferences and those that invest only in the real sector, has grown by 20% since 2012.

A further development of exit infrastructure can improve the situation. This includes the development of stock exchanges, the creation of funds to invest in mature companies, and the introduction of measures to increase the number of strategic investors.

It must be said that Russian companies remain attractive for foreign investors. In 2016, NUMA Moscow international hub was launched in Russia. The hub implements acceleration

4 http://www.vedomosti.ru/technology/articles/2016/07/20/649868-inventure-partners-zapuskaet-vtoroi-venchurnii-fond-150-

mln 5 http://firrma.ru/data/news/8259/ 6 http://www.kommersant.ru/doc/3047587 7 http://www.sistema.ru/our-investments/sistema-venture-capital/ 8 https://roem.ru/21-03-2015/189142/ishod-life-sreda/ 9 http://www.kommersant.ru/doc/2589747 10 http://www.vedomosti.ru/finance/characters/2015/08/18/605303-rinku-nuzhna-novaya-krov 11 https://lenta.ru/news/2014/07/03/runa2/ 12 http://www.vedomosti.ru/technology/articles/2015/10/08/611930-buran-vtoroi-fond 13 http://www.forbes.ru/milliardery/321927-nesyrevye-ambitsii-pochemu-syn-prezidenta-evraza-predpochel-metallam-

venchurnye-i 14 http://www.forbes.ru/finansy/investitsii/330905-transport-venchur-na-kolesakh 15 https://vc.ru/n/caspian-vc-partners


programmes by investing money from its own seed fund for local start-ups. A number of companies have already received first investments16.

16 http://firrma.ru/data/news/8964/


3.1. Funds: total statistics

Total statistics

Cumulative number of active VC-& PE-funds

Cumulative capital of active VC-& PE-funds

Relative gain of cumulative number of active VC-& PE-funds

Relative gain of cumulative volume of active VC-& PE-funds

Distribution of cumulative number of active VC-& PE-funds

by funds` capital volumes

Distribution of cumulative capital of active VC-& PE-funds


220260 267 269 253

0

50

100

150

200

250

300

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

24 13426 251 26 109

22 50219 916

0

5000

10000

15000

20000

25000

30000

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

47,7%

18,2%

2,7% 0,7%

-5,9%-10%

0%

10%

20%

30%

40%

50%

60%

2012 2013 2014 2015Rel

ativ

e gr

owth

of f

unds

nu

mbe

r

Years

21,0%

8,8%

-0,5%

-13,8% -11,5%-20%-15%-10%

-5%0%5%

10%15%20%25%

2012 2013

Rel

ativ

e gr

owth

of f

unds

vo

lum

e

Years

0

10

20

30

40

50

60

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

010002000300040005000600070008000

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

2016

2015 2016 2014


By focus on stages of development of the recipient companies, the investor's type (Absolute indices)

Number and capital of active VC-& PE-funds

Number and capital of seed & non-seed VC-funds

Number and capital of VC-& PE-funds with participation of the state capital

& private capital funds

Number and capital of corporate VC-& PE-funds

& independent funds

178

75

VC-funds PE-funds

379516121

VC-funds PE-funds

34

144

Seed Non-Seed

406

3389

Seed Non-Seed

60193

With state capital Private capital

3475

16441


16

237

Corporate Independent

413

19503



By focus on stages of development of the recipient companies, the investor's type (Relative indices)

Relative share of number of active VC- & PE-funds

Relative share of capital volume of active VC- & PE-funds

Relative share of number of seed & non-seed VC-funds

Relative share of capital volume of seed & non-seed VC-funds

Relative share of number of VC- & PE-funds with participation

of the state capital & private capital funds

Relative share of capital volume of VC- & PE-funds with participation

of the state capital & private capital funds

37,7% 36,2% 33,7% 31,2% 29,6%

62,3% 63,8% 66,3% 68,8% 70,4%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsVC-funds PE-funds

84,6% 82,3% 83,3% 82,9% 80,9%

15,4% 17,7% 16,7% 17,1% 19,1%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e


90,5% 89,2% 86,5% 87,0% 86,6%

9,5% 10,8% 13,5% 13,0% 13,4%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsSeed Non-Seed

98,9% 98,1% 97,9% 98,1% 98,0%

1,1% 1,9% 2,1% 1,9% 2,0%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e

YearsSeed Non-Seed

22,3% 20,8% 21,3% 23,0% 23,7%

77,7% 79,2% 78,7% 77,0% 76,3%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsPrivate capital With state capital

23,6% 25,6% 22,9% 16,4% 17,4%

76,4% 74,4% 77,1% 83,6% 82,6%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



Relative share of number of corporate VC- & PE-funds

& independent funds

Relative share of capital volume of corporate VC- & PE-funds

& independent funds

3.1.1. Funds by branch preferences

Total statistics

Industry branch preferences of active VC- & PE-funds∗

∗ The ordinate axis represents the number of funds with the relevant sectoral preferences (as a percentage of the total number of

identified sectoral preferences ("voices") of the Funds in the year). Each fund could "vote" for a several sectors, in accordance with their preferences.

91,8% 91,2% 91,8% 92,9% 93,7%

8,2% 8,8% 8,2% 7,1% 6,3%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsCorporate Independent

98,0% 98,3% 98,3% 98,1% 97,9%

2,0% 1,7% 1,7% 1,9% 2,1%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e


0%5%

10%15%20%25%30%35%40%

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Shar

e of

num

ber

of fu

nds 2012

2013

2014

2015

2016


By focus on stages of development of the recipient companies

Industry branch preferences of active VC-funds∗

Industry branch preferences of active PE-funds∗

∗ The ordinate axis represents the number of funds with the relevant sectoral preferences (as a percentage of the total number of

identified sectoral preferences ("voices") of the Funds in the year). Each fund could "vote" for a several sectors, in accordance with their preferences.

0%5%

10%15%20%25%30%35%40%45%

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Shar

e of

num

ber

of fu

nds 2012

2013

2014

2015

2016

0%

5%

10%

15%

20%

25%

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Shar

e of

num

ber

of fu

nds 2012

2013

2014

2015

2016


3.1.2. Funds by focus on development stage of the recipient companies

Total statistics (Absolute indices)

Cumulative number of active VC-funds∗

Cumulative capital of active VC-funds∗∗

Cumulative number of active PE-funds∗

Cumulative capital of active PE-funds∗∗

∗ The relative number of funds – towards to cumulative number of active VC- & PE-funds ∗∗ The relative capital volume of funds – towards to cumulative capital volume of active VC- & PE-funds

137

166177 185 178

58,0%

60,0%

62,0%

64,0%

66,0%

68,0%

70,0%

72,0%

0

50

100

150

200

2012 2013 2014 2015 2016

Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

3 721

4 6354 361

3 849 3 795

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

0

1000

2000

3000

4000

5000

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years

8394 90

8475

0,0%5,0%10,0%15,0%20,0%25,0%30,0%35,0%40,0%

0

20

40

60

80

100

2012 2013 2014 2015 2016

Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

20 413 21 616 21 74818 654

16 121

79,0%

80,0%

81,0%

82,0%

83,0%

84,0%

85,0%

0

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years


Distribution of cumulative number of active VC-funds


Distribution of cumulative capital of active VC-funds


Distribution of cumulative number of active PE-funds


Distribution of cumulative capital of active PE-funds


Total statistics (Relative indices)

Relative share of number of active VC- & PE-funds

Relative share of capital volume of active VC- & PE-funds

0%5%

10%15%20%25%30%35%40%45%

2012 2013 2014 2015 2016

Отн

осит

ельн

ое

числ

о ф

ондо

в

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+0

200400600800

1000120014001600

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

010002000300040005000600070008000

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

37,7% 36,2% 33,7% 31,2% 29,6%

62,3% 63,8% 66,3% 68,8% 70,4%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


84,6% 82,3% 83,3% 82,9% 80,9%

15,4% 17,7% 16,7% 17,1% 19,1%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



3.1.2.1. Seed investment funds

Total statistics

Cumulative number of active seed funds∗

Cumulative capital of active seed funds∗∗

Distribution of cumulative number of active seed funds


Distribution of cumulative capital of active seed funds


∗ The relative number of funds – towards to cumulative number of active VC -funds ∗∗ The relative capital volume of funds – towards to cumulative capital volume of active VC -funds.

21

28

36 35 34

0,0%2,0%4,0%6,0%8,0%10,0%12,0%14,0%16,0%

05

10152025303540

2012 2013 2014 2015 2016R

elat

ive

num

ber

of fu

nds,

%

Num

ber

of fu

nds

Years

258

498536

422 406

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

0

100

200

300

400

500

600

2012 2013 2014 2015 2016 Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years

0

2

4

6

8

10

12

14

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

0-5

5-10

10-50

50-100

100-2500

50100150200250300350400

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0-5

5-10

10-50

50-100

100-250


By industry branches, regions, types of investors (Absolute indices)

Number and capital of funds focused only on ICT sector of cumulative number and

capital of active seed funds∗

Number and capital of out of Central FD funds of cumulative number and capital of

active seed funds

Number and capital of funds with participation of the state capital

of cumulative number and capital of active seed funds

Number and capital of corporate funds of cumulative number and capital of active

seed funds

By industry branches, regions, types of investors (Relative indices)

Relative share of number of funds focused only on ICT sector of cumulative number

of active seed funds

Relative share of capital of funds focused only on ICT sector of cumulative capital

volume of active seed funds

∗ ICT funds - funds that specifically invest only in the ICT sector

20

14

ICT funds Non-ICT funds

276

130


31

3

Central Non-Central

403

3

Central Non-Central

826


50

356


4

30


3

403


14,3% 25,0%38,9% 42,9% 41,2%

85,7% 75,0%61,1% 57,1% 58,8%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsICT funds Non-ICT funds

28,4% 20,5% 28,8% 32,3% 31,9%

71,6% 79,5% 71,2% 67,7% 68,1%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



Relative share of number of Central FD funds

of cumulative number of active seed funds

Relative share of capital volume of Central FD funds

of cumulative capital volume of active seed funds

Relative share of number of funds with participation of the state capital

of cumulative number of active seed funds

Relative share of capital of funds with participation of the state capital

of cumulative capital volume of active seed funds

Relative share of number of corporate funds of cumulative number


Relative share of capital of corporate funds of cumulative capital volume


71,4%85,7% 83,3% 91,4% 91,2%

28,6%14,3% 16,7% 8,6% 8,8%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsNon-Central Central

95,0% 98,5% 98,2% 99,2% 99,2%

5,0% 1,5% 1,8% 0,8% 0,8%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e


14,3% 17,9% 19,4% 25,7% 23,5%

85,7% 82,1% 80,6% 74,3% 76,5%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


31,4%16,2% 14,2% 13,5% 12,3%

68,6%83,8% 85,8% 86,5% 87,7%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e


71,4% 71,4% 80,6% 85,7% 88,2%

28,6% 28,6% 19,4% 14,3% 11,8%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


90,9% 95,1% 95,5% 99,0% 99,3%

9,1% 4,9% 4,5% 1,0% 0,7%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



3.1.3. Funds by location

Total statistics

Cumulative number of VC-funds in Central FD∗

Cumulative capital of VC-funds in Central FD∗∗

Cumulative number of VC-funds out of Central FD∗

Cumulative capital of VC-funds out of Central FD∗∗

∗ The relative number of funds – towards to cumulative number of active VC -funds ∗∗ The relative capital volume of funds – towards to cumulative capital volume of active VC -funds

102

133 140150 151

68,0%70,0%72,0%74,0%76,0%78,0%80,0%82,0%84,0%86,0%

020406080

100120140160

2012 2013 2014 2015 2016R

elat

ive

num

ber

of fu

nds,

%

Num

ber

of fu

nds

Years

3 122

4 049 3 8493 527 3 661

75,0%

80,0%

85,0%

90,0%

95,0%

100,0%

0500

10001500200025003000350040004500

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years

35 3337 35

27

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

05

10152025303540

2012 2013 2014 2015 2016

Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

598 586512

322

135

0,0%2,0%4,0%6,0%8,0%10,0%12,0%14,0%16,0%18,0%

0

100

200

300

400

500

600

700

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years


3.1.4. Funds by type of investors

3.1.4.1. Funds with participation of the state capital

Total statistics

Cumulative number of active VC- & PE-funds with participation

of the state capital∗

Cumulative capital of active VC- & PE-funds with participation

of the state capital∗∗

Distribution of cumulative number

of active VC- & PE-funds with participation of the state capital


Distribution of cumulative capital of active VC- & PE-funds

with participation of the state capital by funds` capital volumes


4954 57

62 60

19,0%

20,0%

21,0%

22,0%

23,0%

24,0%

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016

Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

5 6846 715

5 967

3 687 3 475

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

010002000300040005000600070008000

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years

0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

0500

10001500200025003000350040004500

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+


By focus on stages of development of the recipient companies

Cumulative number of PE-funds with participation of the state capital∗

Cumulative capital of PE-funds with participation of the state capital∗∗

Cumulative number of VC-funds with participation of the state capital∗

Cumulative capital of VC-funds with participation of the state capital∗∗

∗ The relative number of funds – towards to cumulative number of active VC- & PE-funds with participation of the state capital ∗∗ The relative capital volume of funds – towards to cumulative capital volume of active VC- & PE-funds with participation of the

state capital

3

5 5 5

7

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

012345678

2012 2013 2014 2015 2016

Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

4 026

4 9754 428

2 612 2 581

69,0%

70,0%

71,0%

72,0%

73,0%

74,0%

75,0%

0

1000

2000

3000

4000

5000

6000

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years

46 49 5257

53

85,0%86,0%87,0%88,0%89,0%90,0%91,0%92,0%93,0%94,0%95,0%

0

10

20

30

40

50

60

2012 2013 2014 2015 2016

Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

1 659 1 7401 539

1 074894

23,0%

24,0%

25,0%

26,0%

27,0%

28,0%

29,0%

30,0%

0

500

1000

1500

2000

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years


By industry branches, stages, regions, type of investors (Absolute indices)

Number and capital of funds, focused only on ICT∗ sector

of cumulative number and capital volume of VC-funds with participation of the state

capital

Number and capital of Central FD funds, of cumulative number and capital volume

of VC-funds with participation of the state capital

Number and capital of the seed funds of cumulative number and capital volume


Number and capital of corporate funds of cumulative number and capital volume



4

48


30

843


35

18

Central Non-Central

788

106

Central Non-Central

8

45

Seed Non-Seed

50

844

Seed Non-Seed

3

50


49

845



By industry branches, stages, regions, type of investors (Relative indices)

Relative share of number of funds focused only on ICT∗ sector of cumulative

number of VC-funds with participation of the state capital

Relative share of capital of funds, focused only on ICT∗ sector, of cumulative

capital volume of VC-funds with participation of the state capital

Relative share of number of seed funds of cumulative number of

VC-funds with participation of the state capital

Relative share of capital of seed funds of cumulative capital volume


Relative share of number of Central FD funds of cumulative number


Relative share of capital of Central FD funds of cumulative capital volume



95,7% 93,9% 94,2% 93,0% 92,3%

4,3% 6,1% 5,8% 7,0% 7,7%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


96,4% 96,6% 96,6% 96,9% 96,6%

3,6% 3,4% 3,4% 3,1% 3,4%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

eYearsICT funds Non-ICT funds

93,5% 89,8% 86,5% 84,2% 84,9%

6,5% 10,2% 13,5% 15,8% 15,1%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsSeed Non-Seed

95,1% 95,4% 95,0% 94,7% 94,4%

4,9% 4,6% 5,0% 5,3% 5,6%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e

YearsSeed Non-Seed

47,8% 53,1% 55,8% 63,2% 66,0%

52,2% 46,9% 44,2% 36,8% 34,0%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


68,6% 71,9% 73,2% 78,4% 88,1%

31,4% 28,1% 26,8% 21,6% 11,9%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



Relative share of number of corporate funds

of cumulative number of VC-funds with participation of the state capital

Relative share of capital of corporate funds

of cumulative capital volume of VC-funds with participation of the state capital

3.1.4.2. Corporate funds

Total statistics

Cumulative number of active corporate VC- & PE-funds∗

Cumulative capital of active corporate VC- & PE-funds∗∗

Distribution of cumulative number of active corporate VC- & PE-funds


Distribution of cumulative capital of active corporate VC- & PE-funds



100,0% 95,9% 96,2% 94,7% 94,3%

0,0% 4,1% 3,8% 5,3% 5,7%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


100,0% 98,0% 98,0% 95,0% 94,6%

0,0% 2,0% 2,0% 5,0% 5,4%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e


18

23 2219

16

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

0

5

10

15

20

25

2012 2013 2014 2015 2016 Rel

ativ

e nu

mbe

r of

fund

s, %

Num

ber

of fu

nds

Years

483

448435

421413

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

360

380

400

420

440

460

480

500

2012 2013 2014 2015 2016

Rel

ativ

e vo

lum

e of

fund

s, %

Fund

s vo

lum

e, $

mln

Years

0123456789

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+

0

50

100

150

200

250

300

350

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0-5

5-10

10-50

50-100

100-250

250-500

500-1000

1000+


By industry branches, stages, regions, type of investors (Absolute indices)

Number and capital of funds focused only on ICT ∗ sector of cumulative number and capital volume of corporate

VC-funds

Number and capital of Central FD funds of cumulative number and capital volume

of corporate VC-funds

Number and capital of seed funds of cumulative number and capital volume


Number and capital of private funds of cumulative number and capital volume



11

5


318

95


13

3

Central Non-Central

387

26

Central Non-Central

412

Seed Non-Seed

3

410

Seed Non-Seed

3

13


49

364



By industry branches, stages, regions, type of investors (Relative indices)

Relative share of number of of funds, focused only on ICT∗ sector of cumulative

number of corporate VC-funds

Relative share of capital of funds of funds, focused only on ICT∗ sector of cumulative

capital volume of corporate VC-funds

Relative share of number of seed funds of cumulative number of

corporate VC-funds

Relative share of capital of seed funds of cumulative capital volume


Relative share of number of Central FD funds of cumulative number


Relative share of capital of Central FD funds of cumulative capital volume



11,1% 17,4% 18,2% 26,3% 31,3%

88,9% 82,6% 81,8% 73,7% 68,8%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


6,7%20,2% 19,9% 24,2% 23,0%

93,3%79,8% 80,1% 75,8% 77,0%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e


66,7% 65,2% 68,2% 73,7% 75,0%

33,3% 34,8% 31,8% 26,3% 25,0%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds

YearsSeed Non-Seed

95,1% 94,5% 94,5% 99,0% 99,3%

4,9% 5,5% 5,5% 1,0% 0,7%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e

YearsSeed Non-Seed

88,9% 87,0% 86,4% 84,2% 81,3%

11,1% 13,0% 13,6% 15,8% 18,8%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


99,5% 93,9% 93,8% 93,8% 93,7%

0,5% 6,1% 6,2% 6,2% 6,3%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



Relative share of number of private funds of cumulative number


Relative share of capital of private funds of cumulative capital

volume of corporate VC-funds

0,0% 8,7% 9,1% 15,8% 18,8%

100,0% 91,3% 90,9% 84,2% 81,3%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of fu

nds


0,0% 7,7% 7,0% 12,7% 11,8%

100,0% 92,3% 93,0% 87,3% 88,2%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Fund

s vo

lum

e



3.2. New and liquidated funds in 2016

Cumulative number of new VC- & PE-funds

Cumulative volume of capital of new VC- & PE-funds

Distribution of cumulative number of new VC- & PE-funds

by funds` capital volumes ∗

Distribution of cumulative capital of new VC- & PE-funds

by funds` capital volumes ∗

Cumulative number of liquidated VC- & PE-funds

Cumulative capital of liquidated VC- & PE-funds

∗ For the new funds with a known volume

83

58

3226

17

0102030405060708090

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

5 040

3 320

1 473

285757

0

1000

2000

3000

4000

5000

6000

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

0

1

2

0

3

0 0 00

0,51

1,52

2,53

3,5

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

500-

1000

1000

+

Num

ber

of fu

nds

Size of funds, $ mln

0 5 310

365

0 0 00

50100150200250300350400

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

500-

1000

1000

+Fund

s vo

lum

e, $

mln

Size of funds, $ mln

12

18

25 24

33

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Num

ber

of fu

nds

Years

552931 847

1 379

2 936

0

500

1000

1500

2000

2500

3000

3500

2012 2013 2014 2015 2016

Fund

s vo

lum

e, $

mln

Years

Management companies 29

4. Management companies

Cumulative number of «Small» MCs Cumulative capital volume under management of «Small» MCs

Cumulative number of «Medium» MCs Cumulative capital volume under management of «Medium» MCs

Cumulative number of «Large» MCs Cumulative capital volume under management of «Large» MCs

92

119134

150 151

020406080

100120140160

2012 2013 2014 2015 2016

Num

ber

of M

Cs

Years

1 1541 302 1 363

1 535 1 598

0200400600800

10001200140016001800

2012 2013 2014 2015 2016

Volu

me

of M

Cs, $

mln

Years

4146

4340

35

0

10

20

30

40

50

2012 2013 2014 2015 2016

Num

ber

of M

Cs

Years

3 3233 923 3 743

3 3042 930

0500

10001500200025003000350040004500

2012 2013 2014 2015 2016

Volu

me

of M

Cs, $

mln

Years

3336 35

2926

05

10152025303540

2012 2013 2014 2015 2016

Num

ber

of M

Cs

Years

19 657 21 026 21 00317 664

15 388

0

5000

10000

15000

20000

25000

2012 2013 2014 2015 2016

Volu

me

of M

Cs, $

mln

Years

Investments 30

5. Investments

In 2016, the number of investments1 (with confirmed volume2) by private equity and venture capital funds exceeded the results of the previous year by 6.5% (217 investments in 2016 compared to 203 in 2015). The majority of investments were in the venture segment totalling 210 (compared to 190 in 2015). A more detailed analysis shows that state entities and entities under the government’s umbrella ensure the deal flow from year to year. They are mainly funds that use the money of the government and the Internet Initiatives Development Fund (IIDF). The later was established on the state’s initiative using non-budgetary sources. In 2016, the share of these funds in the total number of investments was as follows: 28% of funds with state capital (31% in 2015) and 45% of IIFD (40% in 2015).

The total volume of investments by private equity and venture capital funds reached US$ 816 million, or 78% of the volume in 2015. In 2016, the Russian Direct Investment Funds (RDIF) had the largest share (46%) of the total investment volume. In 2015, the RDIF’s share comprised 37%. In addition, the data shows that the Russian state represented by the RDIF remains a significant investor in mature companies.

Starting from 2013, we have observed an interesting trend in the venture capital market. Despite gradual decline in investment volume, the number of investments remained at approximately the same level and even slightly increased in 2016. Thus, the average deal size has decreased. Excluding investments by the RDIF, the average ticket size for funds with state participation amounted to US$ 0.47 million in 2016 (compared to US$ 1.48 million in 2012). In the private fund segment, the average ticket stood at US$ 1.44 million in 2016 (US$3.66 million in 2012).

The analysis of venture capital investments did not reveal any substantial changes in sectoral and regional disproportions.

ICT remains the preferred sector for venture capitalists. In 2016, investments in this sector comprised 71% of the total number of deals and 75% of the total volume. The second most invested sector is medicine and healthcare. The consumer and industrial equipment sectors came third on the list, with the former based on investment volume and the later based on the number of investments.

The share of venture investments in the non-IT and non-e-commerce sectors (biotech, medicine and healthcare, industrial equipment, chemicals, environment, electronics and energy sectors) remained low at 19% of the total number of deals and 15% of the total volume. More than half of investments, by number and volume, into these sectors were by funds with state participation.

The number of investments by corporate funds was unchanged compared to 2015. However, investment volume decreased by 23%.

Companies in the Central Federal District continue to receive the largest share of deals by volume and by number (over 83% and 64% respectively). It is not surprising, as the district has the largest share of venture capital investments of the total investments in the country’s federal districts (96% of the investment volume and 85% of the number of deals), and a high share of educational and investment infrastructure and a high level of economic activity.

1 The statistics does not include funds with targeted investments in property and property development projects, see Methodology

section. 2 RVCA has the information about 33 investments with unconfirmed volume, 75% of which invested in the ICT sector.

Investments 31

Between 2014 and 2016, the share of syndicated venture investment deals slightly grew from 17% to 23 %. At the same time, the share in the total deal volume for this type of transactions decreased by 19pp year-on-year to 56%. However, the actual share of syndicated venture deals by number and volume may be higher as data for 16% of investments is not available.

Investments 32

5.1. Investments of funds: total statistics

Cumulative number of VC- & PE-investments

Cumulative volume of VC- & PE-investments

Distribution of number of VC- & PE-investments by the investment ranges

Distribution of volume of VC- & PE-investments by the investment ranges

Average volume of VC- & PE-investments

179219

256

203 217

0

50

100

150

200

250

300

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

3 430

2 646

878 1 043816

0500

1000150020002500300035004000

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

204

5 4 0 3 10

50

100

150

200

250

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts

Range of investments, $ mln

8330

650

362

275

050

100150200250300350400

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents

,$

mln


19,2

12,1

3,45,1 3,8

0

5

10

15

20

25

2012 2013 2014 2015 2016

Ave

rage

vol

ume

of

inve

stm

ents

, $ m

ln

Years

Investments 33

Share of VC- & PE-investments in cumulative number of investments

Share of VC- & PE-investments in cumulative volume of investments

5.2. Investments of funds by industry branches

Total statistics

Number of VC- & PE-investments by industry branches

Number of VC- & PE-investments by industry branches, 2016

70,9% 80,8% 83,6% 93,6% 96,8%

29,1% 19,2% 16,4% 6,4% 3,2%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

YearsPE investments VC investments

9,3% 9,3% 14,7% 14,4% 15,7%

90,7% 90,7% 85,3% 85,6% 84,3%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

YearsPE investments VC investments

10 15 12 9 2

181

2 2 2 3 5 93 7 117 9 10 4

127

3 3 1 3 5 83 11 18 12 132 1

142

3 1 4 2 50

20406080

100120140160180200

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Num

ber

of in

vest

men

ts

2014

2015

2016

3 110

18 12 132 1

142

3 1 0 0 4 2 5

020406080

100120140160

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Num

ber

of in

vest

men

ts

Investments 34

Volumes of VC- & PE-investments by industry branches

Volumes of VC- & PE-investments by industry branches, 2016

Number of VC- & PE-investments by industry sectors

Volumes of VC- & PE-investments by industry sectors

12 9

87

5 2

390

0 0

31

3

38 34

3 8 0 20 1 2 1

236

386

3 0 1

381

30 14 12

415

6 0 0

253

102

10 0 1 2

050

100150200250300350400450

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Volu

me

of in

vest

men

ts,

$ m

ln

2014

2015

2016

0,2 13,9 0,0 11,8

414,7

6,1 0,5 0,3

252,9

102,3

10,0 0,0 0,0 0,3 0,8 1,90

50100150200250300350400450

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Volu

me

of in

vest

men

ts,

$ m

ln

0

50

100

150

200

250

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies

Industrial technologies

Other 0200400600800

10001200140016001800

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

Investments 35

ICT sector ∗

Share of ICT∗ sector in cumulative number of VC- & PE-investments

Share of ICT∗ sector in cumulative volume of VC- & PE-investments

Distribution of number of VC- & PE-investments

in ICT∗ sector by the investment ranges, 2016

Distribution of volume of VC- & PE-investments

in ICT∗ sector by the investment ranges, 2016


53,6%64,8%

75,8%66,7% 70,5%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

30,5%

59,5%65,8%

23,3%32,7%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

144

5 3 0 1 00

20406080

100120140160

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts


5230

55

0

130

00

20406080

100120140

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents

,$

mln


Investments 36

VC-investments

Number of VC-investments by industry branches

Volumes of VC -investments by industry branches

Number of VC-investments by industry sectors

Volumes of VC-investments by industry sectors

8 15 9 8 2

153

2 2 1 3 4 73 6 117 9 10 4

121

1 3 3 2 83 11 18 10 132 1

139

2 4 2 50

20406080

100120140160180

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

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men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

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on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Num

ber

of in

vest

men

ts

2014

2015

2016

10 9

1 4 2

93

0 0 1 3 2 33 4 0

20

1 2 1

110

1 3 1 0 30

14 12 7 6 0 0

83

2 0 1 2

0

20

40

60

80

100

120

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Volu

me

of in

vest

men

ts,

$ m

ln

2014

2015

2016

020406080

100120140160180

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies


Other 020406080

100120140160180200

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

Investments 37

PE-investments

Number of PE-investments by industry branches

Volumes of PE-investments by industry branches

Number of PE-investments by industry sectors

Volumes of PE-investments by industry sectors

2 31

28

1 1 21

6

2 132 3

1 1

0

5

10

15

20

25

30

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

stri

al e

quip

men

t

Agr

icul

ture

Cons

truc

tion

Com

mun

icat

ions

Tran

spor

tati

on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Num

ber

of in

vest

men

ts

2014

2015

2016

1

86

1

297

30 36 31

3

125

385

0

38040

7

170

100

10

050

100150200250300350400450

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

ustr

y

Med

ical

/Hea

lth c

are

Cons

umer

mar

ket r

elat

ed

Indu

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men

t

Agr

icul

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Cons

truc

tion

Com

mun

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ions

Tran

spor

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on

Fina

ncia

l ser

vice

s

Chem

ical

s &

Mat

eria

ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Volu

me

of in

vest

men

ts,

$ m

ln

2014

2015

2016

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies


Other 0200400600800

1000120014001600

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

Investments 38

5.3. Investments of funds by stages of recipient companies

Total statistics

Cumulative number of VC-investments Cumulative volume of VC-investments

Cumulative number of PE-investments Cumulative volume of PE-investments

Number of VC- & PE-investments by stages

Volumes of VC- & PE-investments by stages

127

177

214190

210

0

50

100

150

200

250

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

320

245

129150

128

0

50

100

150

200

250

300

350

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

52

42 42

137

0

10

20

30

40

50

60

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

3 110

2 401

749 893687

0

500

1000

1500

2000

2500

3000

3500

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

0

50

100

150

200

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Seed and Startup

Early growth

Expansion

Restructuring

Later stage

0200400600800

10001200140016001800

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Seed and Startup

Early growth

Expansion

Restructuring

Later stage

Investments 39

Distribution of number of VC-investments by the investment ranges

Distribution of volume of VC-investments by the investment ranges

Distribution of number of PE-investments by the investment ranges

Distribution of volume of PE-investments by the investment ranges

Average volume of VC-investments Average volume of PE-investments

204

5 1 0 0 00

50

100

150

200

2500-

5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts


83

3015

0 0 00

102030405060708090

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents

,$

mln


0 0

3

0

3

1

00,5

11,5

22,5

33,5

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts


0 050

0

362

275

050

100150200250300350400

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents

,$

mln


2,5

1,4

0,60,8

0,6

0

0,5

1

1,5

2

2,5

3

2012 2013 2014 2015 2016

Ave

rage

vol

ume

of

inve

stm

ents

, $ m

ln

Years

59,8 57,2

17,8

68,7

98,2

0

20

40

60

80

100

120

2012 2013 2014 2015 2016

Ave

rage

vol

ume

of

inve

stm

ents

, $ m

ln

Years

Investments 40

Activity of the funds with participation of the state capital in the VC investment segment: Total statistics

Share of number of VC-investments of funds with participation of the state capital

Share of volume of VC-investments of funds with participation of the state capital

Distribution of share of number of VC-investments of funds with the state capital

participation by the investment ranges

Distribution of share of volume of VC-investments of funds with the state capital

participation by the investment ranges

49,6% 47,5%

26,6%31,1%

27,6%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

29,1%

43,5%

26,7% 24,2%20,9%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

28,4%

0,0% 0,0% 0,0% 0,0% 0,0%0,0%5,0%

10,0%15,0%20,0%25,0%30,0%

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts


32,3%

0,0% 0,0% 0,0% 0,0% 0,0%0,0%5,0%

10,0%15,0%20,0%25,0%30,0%35,0%

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents


Investments 41

Activity of funds with the state capital participation in the segment of VC investments: Industry branches


in “ICT”∗ sector in total number of VC-investments


in “ICT” ∗ sector in total volume of VC-investments

Share of number of VC-investments of

funds with participation of the state capital in “Biotechnology/Medicine” sector in total number of VC-investments


in “Biotechnology/Medicine” sector in total volume of VC-investments


funds with participation of the state capital in “Industrial technologies” sector in total number of VC-investments

Share of volume of VC-investments of funds with participation of the state

capital in “Industrial technologies” sector in total volume of VC-investments

∗ The relative number of funds - in relation to the total number of active VC funds

22,2%25,2%

11,8% 12,6% 13,3%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

12,7%

16,0%

13,2%

5,5%

10,4%

0,0%2,0%4,0%6,0%8,0%

10,0%12,0%14,0%16,0%18,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

93,3%100,0%

93,3%85,0%

61,9%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

120,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

98,1% 100,0% 98,1% 99,0%

75,5%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

120,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

86,2%96,7%

85,0% 78,9% 72,7%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

120,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

55,2%

98,6%

81,8%

49,0% 46,7%

0,0%

20,0%

40,0%

60,0%

80,0%

100,0%

120,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 42

Activity of funds with the state capital participation in the segment of VC investments: Stages


in “Seed and startup” stage in total number of VC-investments


in “Seed and startup” stage in total volume of VC-investments


funds with participation of the state capital in “Early grouth” stage

in total number of VC-investments


in “Early grouth” stage in total volume of VC-investments

48,8%45,2%

24,4% 22,3% 22,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

44,1%

55,4% 52,8%

64,9%

51,4%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

53,5% 51,4%

38,5%

53,1%

36,5%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

20,7%

38,3%

15,5%

54,3%

13,4%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 43

Activity of funds with the state capital participation in the segment of VC investments: Regions


in the Central FD in total number of VC-investments


in the Central FD in total volume of VC-investments


funds with participation of the state capital out of the Central FD



out of the Central FD in total volume of VC-investments

27,8%31,6%

18,2%22,3%

18,4%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

15,6%

34,0%

21,3% 22,3%

16,2%

0,0%5,0%

10,0%15,0%20,0%25,0%30,0%35,0%40,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

22,2%

15,8%

8,4% 8,7% 9,7%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

13,8%

9,5%

5,4%

2,1%

5,0%

0,0%2,0%4,0%6,0%8,0%

10,0%12,0%14,0%16,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 44

Activity of corporate funds in the segment of VC investments: Total statistics

Share of number of VC-investments of corporate funds


Share of volume of VC-investments of corporate funds

in total volume of VC-investments

Distribution of share number of

VC-investments of corporate funds by the investment ranges


Distribution of share volume of VC-investments of corporate funds

by the investment ranges in total volume of VC-investments

15,7% 15,3%

6,5%

3,2% 3,3%

0,0%2,0%4,0%6,0%8,0%

10,0%12,0%14,0%16,0%18,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

8,7%

7,0%6,3%

3,3%

4,9%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

3,4%

0,0% 0,0% 0,0% 0,0% 0,0%0,0%0,5%1,0%1,5%2,0%2,5%3,0%3,5%4,0%

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Num

ber

of in

vest

men

ts


7,6%

0,0% 0,0% 0,0% 0,0% 0,0%0,0%1,0%2,0%3,0%4,0%5,0%6,0%7,0%8,0%

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents


Investments 45

Activity of corporate funds in the segment of VC investments: Industry sectors

Share of number of VC-investments of corporate funds in “ICT∗” sector in total number of VC-investments

Share of volume of VC-investments of corporate funds in “ICT∗” sector in total volume of VC-investments в общем объеме VC-инвестиций

Share of number of VC-investments

of corporate funds in “Biotechnology/Medicine” sector in total number of VC-investments


in “Biotechnology/Medicine” sector in total volume of VC-investments


of corporate funds in “Industrial technologies” sector in total number of VC-investments


in “Industrial technologies” sector in total volume of VC-investments

∗ The relative number of funds - in relation to the total number of active VC funds

20,8% 21,8%

8,1%

3,9% 2,7%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

14,1%

10,5%

7,4%

3,9%5,4%

0,0%2,0%4,0%6,0%8,0%

10,0%12,0%14,0%16,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

6,7%

0,0% 0,0% 0,0% 0,0%0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

1,9%

0,0% 0,0% 0,0% 0,0%0,0%

0,5%

1,0%

1,5%

2,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

10,3%

0,0% 0,0% 0,0%

13,6%

0,0%2,0%4,0%6,0%8,0%

10,0%12,0%14,0%16,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

2,3%

0,0% 0,0% 0,0%

10,8%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 46

Activity of corporate funds in the segment of VC investments: Stages

Share of number of VC-investments of corporate funds

in “Seed and startup” stage in total number of VC-investments


in “Seed and startup” stage in total volume of VC-investments


of corporate funds in “Early grouth” stage



in “Early grouth” stage in total volume of VC-investments

19,5%21,2%

6,4%

0,9%3,3%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

11,8%10,1%

5,2%

0,9%

7,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

9,3%

6,9%7,7% 8,2%

3,8%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

6,9%5,7%

7,8%

10,3% 10,7%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 47

Activity of corporate funds in the segment of VC investments: Regions

Share of number of VC-investments of corporate funds in the Central FD in total number of VC-investments

Share of volume of VC-investments of corporate funds in the Central FD



of corporate funds out of the Central FD in total number of VC-investments

Share of volume of VC-investments of corporate funds out of the Central FD


12,7% 12,4%

6,1%

1,6%2,6%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

8,4%

6,8%6,0%

2,5%

4,6%

0,0%1,0%2,0%3,0%4,0%5,0%6,0%7,0%8,0%9,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

3,2%2,8%

0,5%

1,1%

0,5%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

0,4%

0,2%

0,4%

0,8%

0,4%

0,0%0,1%0,2%0,3%0,4%0,5%0,6%0,7%0,8%0,9%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 48

5.3.1. Seed funds investments

Total statistics

Share of number of investments of seed funds in total number

of VC-investments

Share of cumulative volume of investments of

seed funds in total volume of VC-investments

Distribution of share of number of investments of seed funds to the

VC-investments number by the investment ranges

Distribution of share of volume of investments of seed funds

to the VC-investments volume by the investment ranges

36,2%

49,2%

71,0% 67,4% 68,6%

0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

18,6%

35,4%

43,9%

21,7%

33,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

tsYears

70,1%

20,0%

0,0% 0,0% 0,0% 0,0%0,0%

10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500N

umbe

r of

inve

stm

ents


41,3%

26,5%

0,0% 0,0% 0,0% 0,0%0,0%5,0%

10,0%15,0%20,0%25,0%30,0%35,0%40,0%45,0%

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents


Investments 49

Activity of seed funds: Industry sectors

Share of number of VC-investments seed funds in “ICT∗” sector


Share of volume of VC-investments seed funds in “ICT∗” sector



seed funds in “Biotechnology/Medicine” sector in total number of VC-investments

Share of volume of VC-investments seed funds in “Biotechnology/Medicine” sector in total volume of VC-investments


seed funds in “Industrial technologies” sector in total number of VC-investments

Share of volume of VC-investments seed funds in “Industrial technologies”

sector in total volume of VC-investments


29,2%

56,3%

74,5% 72,4% 73,3%

0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

22,4%

39,1% 40,1%

17,7%

29,6%

0,0%5,0%

10,0%15,0%20,0%25,0%30,0%35,0%40,0%45,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

73,3%

56,3%

80,0%70,0%

76,2%

0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%90,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

78,5%

43,8% 46,2%36,2% 40,0%

0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%90,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

34,5%

13,3%

65,0%

42,1%50,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

7,5%13,9%

74,8%

16,9%

40,5%

0,0%10,0%20,0%30,0%40,0%50,0%60,0%70,0%80,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 50

Activity of seed funds: Regions

Share of number of VC-investments of seed funds in the Central FD


Share of volume of VC-investments of seed funds in the Central FD


Share of number of VC-investments of seed funds out of the Central FD in total number of VC-investments

Share of volume of VC-investments of seed funds out of the Central FD in total volume of VC-investments

24,6%

34,5%

44,9%41,8% 43,9%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

16,7%

30,9%35,5%

15,8%

22,0%

0,0%5,0%

10,0%15,0%20,0%25,0%30,0%35,0%40,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

11,9%14,7%

26,2% 27,2%24,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

2,1%

4,5%

8,4%

5,4%

10,3%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts

Years

Investments 51

5.4. Investments of funds by regions and cross-border investment of funds

Number of VC- & PE-investments by federal districts

Volumes of VC- & PE-investments by federal districts

Number of VC- & PE-investments out of the Central FD

Volumes of VC- & PE-investments out of the Central FD

0

50

100

150

200

250

300

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0500

1000150020002500300035004000

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

01020304050607080

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

0

200

400

600

800

1000

1200

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Investments 52

By stages of recipient companies

Number of VC-investments by federal districts

Volume of VC-investments by federal districts

Number of VC-investments out of the Central FD

Volume of VC-investments out of the Central FD

Number of PE-investments by federal districts

Volume of PE-investments by federal districts

Number of PE-investments out of the Central FD

Volume of PE-investments out of the Central FD

0

50

100

150

200

250

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0

50

100

150

200

250

300

350

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

01020304050607080

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

0

10

20

30

40

50

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

0

10

20

30

40

50

60

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0

500

1000

1500

2000

2500

3000

3500

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0123456789

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

0

200

400

600

800

1000

1200

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Investments 53

5.4.1. Investments∗ in foreign recipient companies with participation of Russian funds

Total statistics

Cumulative number of investments with participation of russian VC- & PE-

funds in foreign companies

Cumulative volume of investments with participation of russian VC- & PE-

funds in foreign companies

Distribution of number of investments with participation of russian VC- & PE-

funds in foreign companies by the investment ranges

Distribution of volume of investments with participation of russian VC- & PE-

funds in foreign companies by the investment ranges

∗ Investments of Russian funds in foreign companies-recipients are not counted in the statistics of investment in the Russian

market, presented in Section 5.

27

34 33

05

10152025303540

2014 2015 2016

Num

ber

of in

vest

men

ts

Years

761

472

122

0100200300400500600700800

2014 2015 2016Vo

lum

e of

inve

stm

ents

,$

mln

Years

17

5

11

0 1 0

28

2 30 0 0

05

1015202530

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts


2015

2016

30 37

204

0

200

042

16

64

0 0 00

50

100

150

200

250

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents

,$

mln


2015

2016

Investments 54

Investments by industry branches

Number of investments with participation of russian VC- & PE-funds in foreign companies by industry branches

Volumes of investments with participation of russian VC- & PE-funds in foreign companies by industry branches

2 3

29

2 31

25

1 10

5

10

15

20

25

30

35

Bio

tech

nolo

gy

Com

pute

r re

late

d

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Med

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Com

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s

Chem

ical

s &

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ls

Eco

logy

Ele

ctro

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rel

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Ene

rgy

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er

Num

ber

of in

vest

men

ts 2015

2016

543

424

5 4 3

102

9 00

50100150200250300350400450

Bio

tech

nolo

gy

Com

pute

r re

late

d

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ustr

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/Hea

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are

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umer

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Cons

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Com

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s

Chem

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ls

Eco

logy

Ele

ctro

nics

rel

ated

Ene

rgy

Oth

er

Volu

me

of in

vest

men

ts,

$ m

ln

2015

2016

Investments 55

Number of investments with participation of russian VC- & PE-funds

in foreign companies by industry sectors

Volumes of investments with participation of russian VC- & PE-funds

in foreign companies by industry sectors

Investments by the stages of recipient companies

Number of investments with participation of russian VC- & PE-funds

in foreign companies by stages

Volumes of investments with participation of russian VC- & PE-funds

in foreign companies by stages

0

5

10

15

20

25

30

35

2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies


Other 0100200300400500600700800

2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

0

5

10

15

20

2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Seed and Startup

Early growth

Expansion

Restructuring

Later stage

0100200300400500600700800

2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Seed and Startup

Early growth

Expansion

Restructuring

Later stage

Investments 56

Investments by countries of the recipient companies

Number of investments of with participation of russian VC- & PE-funds in foreign companies by countries

Volumes of investments of with participation of russian VC- & PE-funds in foreign companies by countries

1

43

1

4

1 1 1 1

15

1 12 2

12 2

1 1 1 1

11

12

1

02468

10121416

Aus

tral

ia

Uni

ted

Kin

gdom

Ger

man

y

Gue

rnse

y

Isra

el

Indi

a

Cana

da

Cypr

us

Chin

a

Net

herl

ands

Uni

ted

Ara

b E

mir

ates

Sing

apor

e

USA

Turk

ey

Ukr

aine

Finl

and

Swed

en

Sout

h K

orea

Num

ber

of in

vest

men

ts

2015

2016

3 12 19

0

102

200

11 0 8

115

2 02

43

2 4 6 7 1 3 1

34

3 5 3

0

50

100

150

200

250

Aus

tral

ia

Uni

ted

Kin

gdom

Ger

man

y

Gue

rnse

y

Isra

el

Indi

a

Cana

da

Cypr

us

Chin

a

Net

herl

ands

Uni

ted

Ara

b E

mir

ates

Sing

apor

e

USA

Turk

ey

Ukr

aine

Finl

and

Swed

en

Sout

h K

orea

Volu

me

of in

vest

men

ts,

$ m

ln

2015

2016

Investments 57

5.4.2. Investments∗ with participation of foreign funds in the Russian recipient companies

Total statistics

Cumulative number of investments with participation of foreign VC- & PE-

funds in russian companies

Cumulative volume of investments of with participation of foreign VC- & PE-

funds in russian companies

Distribution of number of investments of with participation of foreign VC- & PE-

funds in russian companies by the investment ranges

Distribution of volume of investments of with participation of foreign VC- & PE-

funds in russian companies by the investment ranges

∗ Investments of foreign funds in russian companies-recipients are counted in the statistics of investment in the Russian market,

presented in Sections 5.1 – 5.5 (exept 5.4.1.)

27

16

10

0

5

10

15

20

25

30

2014 2015 2016

Num

ber

of in

vest

men

ts

Years

136

67

43

020406080

100120140160

2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

13

1 20 0 0

6

31 0 0 0

02468

101214

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500

Num

ber

of in

vest

men

ts


2015

2016

125

50

0 0 09

19 15

0 0 00

102030405060

0-5

5-10

10-5

0

50-1

00

100-

250

250-

500Vo

lum

e of

inve

stm

ents

,$

mln


2015

2016

Investments 58


Number of investments of with participation of foreign VC- & PE-funds in russian companies by industry branches

Volumes of investments of with participation of foreign VC- & PE-funds in russian companies by industry branches

21

2

11

1

8

1

0

2

4

6

8

10

12

Bio

tech

nolo

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Com

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r re

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d

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/Hea

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are

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Cons

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rel

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Ene

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Num

ber

of in

vest

men

ts 2015

2016

60 1

59

2

39

2

0

10

20

30

40

50

60

70

Bio

tech

nolo

gy

Com

pute

r re

late

d

Ligh

t ind

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y

Med

ical

/Hea

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are

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umer

mar

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Cons

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tion

Com

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Tran

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vice

s

Chem

ical

s &

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eria

ls

Eco

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Ele

ctro

nics

rel

ated

Ene

rgy

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er

Volu

me

of in

vest

men

ts,

$ m

ln

2015

2016

Investments 59

Number of investments of with participation of foreign VC- & PE-funds

in russian companies by industry sectors

Volumes of investments of with participation of foreign VC- & PE-funds

in russian companies by industry sectors

Investments by stages of recipient companies


in russian companies by stages


in russian companies by stages

Investments by regions


in russian companies by federal districts


in russian companies by federal districts

0

5

10

15

20

25

30

2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies


Other 020406080

100120140160

2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

0

2

4

6

8

10

12

14

2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Seed and Startup

Early growth

Expansion

Restructuring

Later stage

050

100150200250300350400

2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Seed and Startup

Early growth

Expansion

Restructuring

Later stage

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0

200

400

600

800

1000

1200

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

Investments 60

5.5. Investments of funds by type of investors

5.5.1. Investments of funds with the state capital participation

Total statistics

Cumulative number of VC- & PE- investments of funds with participation

of the state capital

Cumulative volume of VC- & PE- investments of funds with participation

of the state capital

Cumulative number of VC-investments of funds with participation of the state capital

Cumulative volume of VC-investments of funds with participation of the state capital

Distribution of number of VC-investments of funds with participation of the state

capital by the investment ranges

Distribution of volume of VC-investments of funds with participation of the state

capital by the investment ranges

74

98

65 62 61

0

20

40

60

80

100

120

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

1 383

883

230

621 534

0200400600800

1000120014001600

2012 2013 2014 2015 2016

Volu

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63

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57 59 58

0102030405060708090

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

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Years

93106

34 3627

0

20

40

60

80

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120

2012 2013 2014 2015 2016

Volu

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of in

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$ m

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Years

58

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2016

Investments 61


Number of VC-investments of funds with participation of the state capital by industry branches

Volume of VC-investments of funds with participation of the state capital by industry branches

7

14

1

7

2

12

12

12

4 43 3

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2016

Investments 62

Number of VC-investments of funds with participation of the state capital by

industry sectors

Volume of VC-investments of funds with participation of the state capital by

industry sectors


capital by industry sectors, 2016


capital by industry sectors, 2016

0

5

10

15

20

25

30

35

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies


Other 05

1015202530354045

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

20

13

16

9 ICT

Biotechnologies


Other

10,1

9,1

4,6

3,1 ICT

Biotechnologies


Other

Investments 63

Investments by stages of recipient companies

Number of VC-investments of funds with participation of the state capital

by stages∗

Volume of VC-investments of funds with participation of the state capital

by stages∗


capital by stages∗, 2016


capital by stages∗, 2016

∗ According to the methodology part of the investment in the companies at the "Expansion" stage are assigned to the VC-

Investments

05

1015202530354045

2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Seed and Startup

Early growth

Expansion0

5

10

15

20

25

2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Seed and Startup

Early growth

Expansion

27

19

10

Seed and Startup

Early growth

Expansion

8,3

4,0

13,6

Seed and Startup

Early growth

Expansion

Investments 64


Number of VC-investments of funds with participation of the state capital by

federal districts

Volume of VC-investments of funds with participation of the state capital by

federal districts


capital by federal districts, 2016


capital by federal districts, 2016

0102030405060708090

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0

20

40

60

80

100

120

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

36,0

19,0Central

Non-Сentral

20,3

6,2

Central

Non-Сentral

Investments 65

5.5.2. Investments of corporate funds

Total statistics

Cumulative number of VC- & PE-investments of corporate funds

Cumulative volume of VC- & PE-investments of corporate funds

Cumulative number of VC-investments of corporate funds

Cumulative volume of VC-investments of corporate funds

Distribution of number of VC-investments corporate funds by the investment ranges

Distribution of volume of VC-investments corporate funds by the investment ranges

22

28

18

7 7

0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

86

2937

8 6

0102030405060708090

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

20

27

14

6 7

0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

28

17

85 6

0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

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Years

6

0 0 0 0 0

7

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Num

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2015

20165

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6

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2015

2016

Investments 66


Number of VC-investments of corporate funds by industry branches

Volume of VC-investments of corporate funds by industry branches

Number of VC-investments of corporate funds by industry sectors

Volume of VC-investments of corporate funds by industry sectors

1

12

12

1

3

12

3

1

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2

4

6

8

10

12

14

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2014

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0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

ICT

Biotechnologies


Other 0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

ICT

Biotechnologies


Other

Investments 67

Distribution of number of VC-investments of corporate funds

by industry sectors, 2016

Distribution of volume of VC-investments of corporate funds

by industry sectors, 2016

Investments by stages of development of the recipient companies

Number of VC-investments corporate funds by stages∗

Volume of VC-investments corporate funds by stages

Distribution of number of VC-investments corporate funds by stages∗, 2016

Distribution of volume of VC-investments corporate funds by stages∗, 2016

∗ According to the methodology part of the investment in the companies at the "Expansion" stage are assigned to the VC-

Investments

4

3

ICT

Biotechnologies


Other5,3

1,1 ICT

Biotechnologies


Other

0

2

4

6

8

10

12

2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Seed and Startup

Early growth

Expansion0

1

2

3

4

5

6

7

2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Seed and Startup

Early growth

Expansion

42

1

Seed and Startup

Early growth

Expansion

1,1

3,2

2,0Seed and Startup

Early growth

Expansion

Investments 68


Number of VC-investments of corporate funds by federal districts

Volume of VC-investments of corporate funds by federal districts

Distribution of number of VC-investments of corporate funds by federal districts,

2016

Distribution of volume of VC-investments of corporate funds by federal districts,

2016

0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Num

ber

of in

vest

men

ts

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

0

5

10

15

20

25

30

2012 2013 2014 2015 2016

Volu

me

of in

vest

men

ts,

$ m

ln

Years

Far Eastern

Siberian

Uralian

North Caucasian

Southern

Volga

North-West

Central

5,0

1,0

Central

Non-Сentral

5,8

0,5

Central

Non-Сentral

Exits 69

6. Exits

Exits are not only a key indicator for the efficiency of fund management teams, they also serve as guidelines for potential investors assessing a market’s potential.

In 2016, private equity and venture capital funds exited 46 companies, largely in line with 50 exits in 2015. 91% of exits were by venture funds, which is 20% higher than in 2015 (34 in 2015 compared to 42 in 2016).

It is worth noting that 71% of exits from venture funds were by funds with state participation (44% in 2015).

These figures evidence the state’s role as a catalyst for “mass” venture investments by venture capital funds established with the support of the Ministry of Economic Development jointly with RVC.

The main recipients of investments in the previous years were in ICT companies. As a natural result, the majority of exits by venture funds in 2016 were from this sector (50% of the total number of exited companies). For comparison, in 2015, this share was 62%.

However, we should make a number of reservations in regards to the statistics used to draw conclusions.

Firstly, the statistics includes only the information on exits that is publically available information or which the funds decided to disclose. Hence, we should treat our data as “distorted”, as funds tend not to reveal their setbacks. For instance, of 59 funds who provided data on key parameters (volume, jurisdiction, IRR etc.) only 29% confirmed existence or absence of distressed assets in their portfolios.

Secondly, talking about the quality of exits, one should remember that funds usually do not disclose parameters of exits majority of which may seem successful (i.e. excluding write-offs and distress sales). In addition, statistics for exits for which losses were recorded is provided not as zero value.

Exits 70

VC- and PE funds: Types of exit

Cumulative number of exits of VC- & PE-funds

Cumulative volumes of exits VC- & PE-funds from russian companies ∗

∗ Data on the volume of exits by each period of 62% of the portfolio companies were not available at the time of preparation of the

report.

20

41

5046

0

10

20

30

40

50

60

2013 2014 2015 2016

Num

ber

of E

xits

Years

4 800,2

3 762,8

1 927,4

595,1

0

1000

2000

3000

4000

5000

6000

2013 2014 2015 2016

Volu

me

of E

xits

, $ m

lnYears

Exits 71

VC- and PE funds: Types of exit

Cumulative number of exits of VC- & PE-funds, by exit ways

Cumulative volume of exits of by exit ways∗


report.

24

14

6 5 52 11

22

6 5

9

0

5

10

15

20

25

IPO

SPO

Stoc

k tr

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g

Sale

to s

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to fi

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O

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ff

Shar

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k

Full/

part

ass

et s

ale

Oth

er

Num

ber

of E

xits

2015

2016

265,

1

381,

5

26,3

1239

,8

0,2

0,011

0,3

480,

3

0,0

0

200

400

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1400

IPO

SPO

Stoc

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to s

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Full/

part

ass

et s

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Oth

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Volu

me

of E

xits

, $ m

ln 2015

2016

Exits 72

VC- and PE funds: exits by branches of recipient companies

Cumulative number of exits of VC- & PE-funds, by industry branches

Cumulative volume of exits of VC- & PE-funds by industry branches∗

∗ Data on the volume of exits of 84% of the portfolio companies were not available at the time of preparation of the report.

1 1

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1

22

1 13 2

4

0

5

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15

20

25

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Exits 73

VC funds: Total statistics of exits

Cumulative number of exits of VC-funds Cumulative volumes of exits of VC-funds ∗


report.

12

23

34

42

05

1015202530354045

2013 2014 2015 2016

Num

ber

of E

xits

Years

6,0 78,0

1 209,1

60,0

0

200

400

600

800

1000

1200

1400

2013 2014 2015 2016

Volu

me

of E

xits

, $ m

ln

Years

Exits 74

VC funds: types of exits

Cumulative number of exits of VC-funds, by exit ways

Cumulative volumes of exits of VC-funds by exit ways∗


report.

12

3 4 41 1

21

5 5

9

0

5

10

15

20

25

IPO

SPO

Stoc

k tr

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Shar

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Full/

part

ass

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Oth

er

Num

ber

of E

xits

2015

2016

3,8

1202

,3

0,2

0,050

,0

5,5

0,0

0

200

400

600

800

1000

1200

1400

IPO

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Stoc

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Full/

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ass

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Oth

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Volu

me

of E

xits

, $ m

ln 2015

2016

Exits 75

VC funds: exits by branches of the recipient companies

Cumulative number of exits of VC-funds by industry branches, 2016

Cumulative volumes of exits of VC-funds of exits of by industry branches∗, 2016

∗ Data on the volume of exits b of 88% of the portfolio companies were not available at the time of preparation of the report.

1 1

5 5

1

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1 13

13

0

5

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Bio

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Num

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55,5

4,5

0

10

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Exits 76

VC- funds: share of exits

Share of number of exits with participation of VC-funds in total number of exits

of VC-funds

Share of volume of exits with participation of VC-funds in total number of exits of VC-

funds∗


report.

60,0% 56,1%68,0%

91,3%

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016

Num

ber

of E

xits

Years

0,1% 2,1%

62,7%

10,1%

0%

10%

20%

30%

40%

50%

60%

70%

2013 2014 2015 2016

Volu

me

of E

xits

Years

Summary 77

7. Summary

The data analysis for the Russian private equity and venture capital investments in 2016 reveals a number of positive themes, primarily as a result of the performance in the VC segment, largely supported by the private sector. This is despite the fact that many market indicators in 2016 evidence an impact of the macroeconomic crisis (especially noticeable in the PE segment).

Assets:

Investments: • In 2016, private equity and venture capital funds concluded 217 deals (with known

volume), slightly higher than 203 deals in 2015. The VC segment with 210 deals (11% higher than in 2015) made the main contribution to the total number of investments. In this segment, 28% of the deals were concluded by funds with state capital (31% in 2015), and approximately 45% by the IIDF (40% in 2015).

• The volume of VC investments totaled US$128 million (85% of the 2015 level). Funds with state capital provided about 21% of the total volume of VC investments (about 24% in 2015).

• The number of investments by corporate funds remained unchanged from 2015. The volume of investments decreased by 23%.

Exits: • In 2016, the number of exits (by the number of exited companies) by VC and PE funds

declined by approximately 10% from 50 exits in 2015 to 46 in 2016. About 91% of exits were by VC funds (68% in 2015), 71% of which were by funds with state capital (44% in 2015).

Summary 78

At the same time, a number of indicators declined:

Fund capital1: • In line with a trend we observed in recent years, the aggregated capital of VC and PE

funds experienced negative growth rate of 12% in 2016 (minus 14% in 2015). • The number of new VC funds in 2016 reached 55% of the 2015 level (24 in 2015 and 13

in 2016).

Investments: • The total volume of VC and PE investments reached US$816 million in 2016, or 78% of

the 2015 level. In addition:

Fund capital: • The sectoral preferences of VC funds remained shifted towards the ICT sector and a

sector mix. • The vast majority of VC funds (85%), as well as the aggregate capital of VC funds

(96%), were concentrated in the Central Federal District. • Among the total number of VC funds the share of funds with state capital was 30%.

Investments: • The sectoral preferences of VC investments remained shifted towards the ICT sector:

75% by number and 71% by volume of all VC investments. • The share of non-IT and non-e-commerce sectors in the venture capital segment

(biotechnology, medicine and healthcare, industrial equipment, chemicals, environment, electronics and energy) was 15% of the total volume and 19% of the total number of VC investments.

• The Central Federal District remained the leader in the volume (83%) and the number (64%) of VC investments.

Exits: • Half of exits by VC funds were from the ICT sector (62% in 2015).

1 Funds’ capital is recorded as at the end of (interim) reporting periods, or as net asset value at the end of fund raising, excluding

investments. In case of a fund liquidation, capital is calculated as a share of the aggregated volume of participating funds.

Summary 79

Active funds

Number of cumulative capital of active VC- & PE-funds

Volume of cumulative capital of active VC- & PE-funds,

$ mln

253 (269 in 2015)

-5,9% of 2015 level

19916 (22502 in 2015)

-11,5% of 2015 level

Number of active VC-funds

Number of active PE-funds

Volume of cumulative capital of active VC-

funds, $ bln

Volume of cumulative capital of active PE-

funds, $ bln

178

(185 in 2015)

-3,8% of 2015 level

75 (84 in 2015)

-10,7% of 2015 level

3795 (3849 in 2014 г.)

-1,4% от уровню 2015 level

16121 (18654 in 2015)

-13,6% of 2015 level

New funds

Number of new VC- & PE-funds Volume of cumulative capital of new

VC- & PE-funds, $ mln

17 (26 in 2015)

-34,6% of 2015 level

707 (280 in 2015)

+153% to 2015 level

Number of new VC-funds at the

marcet

Number of new PE-funds at the

marcet

Volume of cumulative capital of new VC-

funds, $ mln

Volume of cumulative capital of new PE-

funds, $ mln

13 (24 in 2015)

-45,8% of 2015 level

4 (2 in 2015)

+100% to 2015 level

201 (278 in 2015)

-27,6% of 2015 level

506 (2 in 2015)

Summary 80

Investments

Number of

VC- & PE-investments Volume of

VC- & PE-investments, $ mln

217 (203 in 2015)

+6,9%to 2015 level

816 (1043 in 2015)

-21,8% of 2015 level

Number of VC-investments

Number of PE-investments

Volume of investments of

VC-investments, $ mln

Volume of PE-investments of, $

mln

210 (190 in 2015)

+10,5% to 2015 level

7 (13 in 2015)

-46,2% of 2015 level

128 (150 in 2015)

-14,4% of 2015 level

687 (893 in 2015)

-23% of 2015 level

Appendix: Tables 81

8. Appendix: Tables

8.1. Tables

8.1.1. VC- & PE-funds

Number & cumulative volume of VC- & PE-funds

Number Volume, $ mln

2014 2015 2016 2014 2015 2016

All funds 267 269 253 26109 22502 19916

New funds 32 26 17 1270 280 707

Liquidated funds 25 24 33 847 1379 2936

Ratio of number and cumulative volume of VC- & PE-funds

Fund type Number Volume, $ mln

2014 2015 2016 2014 2015 2016

VC funds 177 185 178 4361 3849 3795

PE funds 90 84 75 21748 18654 16121

Total 267 269 253 26109 22502 19916

Number and cumulative volume of VC- & PE-funds by capital volume ∗

Range, $ mln Number Volume, $ mln

2014 2015 2016 2014 2015 2016

0-5 75 88 89 89 123 134

5-10 25 20 16 183 132 105

10-50 64 73 72 1406 1671 1650

50-100 35 26 22 2452 1675 1525

100-250 41 37 30 5757 5157 4024

250-500 17 15 16 5415 4645 5064

500-1000 5 5 4 3249 2895 2386

1000+ 5 5 4 7558 6204 5028

Total 267 269 253 26109 22502 19916

∗ This data does not include the information about the funds with unknown volume and funds capital estimated

in the volume of investments made.

Appendix: Tables 82

Regional distribution of volume of VC- & PE-funds, $ mln

Federal districts PE-funds VC-funds

2014 2015 2016 2014 2015 2016

Central 20297 17556 15358 3849 3527 3661

North-West 488 488 300 89 86 26

Volga 100 100 0 293 170 92

Southern 0 0 0 23 14 0

North Caucasian 0 0 0 14 0 0

Uralian 0 0 0 11 7 6

Siberian 0 0 0 75 42 7

Far Easten 863 509 464 6 4 4

Total 21748 18654 16121 4361 3849 3795

Regional distribution of number of VC- & PE-funds

Federal districts PE-funds VC-funds

2014 2015 2016 2014 2015 2016

Central 86 80 73 140 150 151

North-West 2 2 1 7 6 3

Volga 1 1 0 16 15 14

Southern 0 0 0 1 1 0


Uralian 0 0 0 3 2 2

Siberian 0 0 0 7 6 3

Far Easten 1 1 1 1 4 4

Total 90 84 75 177 185 178

Appendix: Tables 83

8.1.2. Management companies

Number and cumulative volume of Management companies

Range, $ mln Number Volume, $ mln

2014 2015 2016 2014 2015 2016

0-50 134 150 151 1363 1535 1598

50-150 43 40 35 3743 3304 2930

150+ 35 29 26 21003 17664 15388

Total 212 219 212 26109 22502 19916

Appendix: Tables 84

8.1.3. Investments

Cumulative number and volume of VC- & PE-investments


2014 2015 2016 2014 2015 2016

256 203 217 878 1043 816

Ratio of number and volume of VC- & PE-investments

Fund type Number Volume, $ mln

2014 2015 2016 2014 2015 2016

VC-investments 214 190 210 129 150 128

PE-investments 42 13 7 749 893 687

Total 256 203 217 878 1043 816

Distribution of number and volume of VC- & PE-investments by industry branches

Industry branch Number Volume, $ mln

2014 2015 2016 2014 2015 2016

Biotecnology 0 3 3 0 3 0

Computer related 10 7 11 12 8 14

Light industry 0 1 0 0 0 0

Medicine/Health care 15 17 18 9 20 12

Consumer market related 12 9 12 87 1 415

Industrial equipment 9 10 13 5 2 6

Agriculture 0 4 2 0 1 0

Construction 2 0 1 2 0 0

Communications 181 127 142 390 236 253

Transportation 2 3 3 0 386 102

Financial services 2 0 1 0 0 10

Chemicals & Materials 2 3 0 31 3 0

Ecology 0 1 0 0 0 0

Electronic related 3 3 4 3 1 0

Energy 5 5 2 38 381 1

Other 9 8 5 34 3 2

Unknown 4 2 0 267 0 0

Total 256 203 217 878 1043 816

Appendix: Tables 85

Distribution of number and volume of VC-investments by industry branches


2014 2015 2016 2014 2015 2016









Communications 153 121 139 93 110 83




Ecology 0 0 0 0 0 0


Energy 4 2 2 2 0 1

Other 7 8 5 3 3 2

Unknown 0 2 0 0 0 0

Total 214 190 210 129 150 128

Appendix: Tables 86

Distribution of number and volume of VC- & PE-investments by industry sectors

Industry sector Number Volume, $ mln

2014 2015 2016 2014 2015 2016

ICT 191 134 153 402 243 267

Biotecnology/Medicine 15 20 21 9 23 12


Other 23 22 20 122 5 427

Unknown 4 2 0 267 0 0

Total 256 203 217 878 1043 816

Distribution of number and volume of VC-investments by industry sectors


2014 2015 2016 2014 2015 2016

ICT 161 127 150 103 115 97



Other 18 22 17 5 5 10

Unknown 0 2 0 0 0 0

Total 214 190 210 129 150 128

Appendix: Tables 87

Distribution of number and volume of VC- & PE-investments by ICT sector branches

ICT sector branch Number Volume, $ mln

2014 2015 2016 2014 2015 2016

E-commerce 34 10 6 19 61 21

Aggregators and catalogs 9 22 16 58 2 11

Safety 2 4 4 0 5 20

Video Audio Photo 8 5 1 22 6 0

Games / Entertainment 5 1 5 32 0 1

Consulting 2 4 7 4 0 1

Media 4 2 1 1 64 0

Medicine 4 1 4 4 4 8

Education 15 8 5 11 4 0

Job 2 2 2 1 1 136

Software Development 0 8 7 0 19 11

Advertising 11 6 3 14 2 3

Reference services 5 2 3 10 0 1

Business Solutions 33 24 59 35 12 26

Communication 3 3 1 82 0 0

Social networks 10 2 1 8 2 0

Development environment 4 1 0 5 0 0

Tourism 8 4 2 27 10 5

Finances 7 5 2 5 9 1

Other 14 10 10 51 40 12

Unknown 11 10 13 12 3 9

Total 191 134 152 402 243 267

Distribution of number and volume of VC- & PE-investments by stages

Stage Number Volume, $ mln

2014 2015 2016 2014 2015 2016

Seed and startup 172 112 123 43 23 16

Early growth 39 49 52 77 36 30

Expansion 42 29 37 647 720 633

Restructuring 0 2 0 0 64 0

Later stage 2 3 1 107 182 132

Unknown 1 8 4 4 18 4

Total 256 203 217 878 1043 816

Appendix: Tables 88

Distribution of number and volume of VC- & PE-investments by regions

Federal district Number Volume, $ mln

2014 2015 2016 2014 2015 2016

Central 177 125 131 554 351 517

North-West 19 35 24 16 370 285

Volga 25 12 20 8 1 8



Uralian 15 7 9 31 0 2

Siberian 10 12 12 1 241 1

Far Easten 4 3 3 0 32 0

Unknown 4 7 14 267 47 3

Total 256 203 217 878 1043 816

Distribution of number and volume of VC-investments by regions

Federal district Number Volume, $ mln

2014 2015 2016 2014 2015 2016

Central 142 118 125 107 128 104

North-West 18 34 23 12 17 10

Volga 24 12 20 7 1 8



Uralian 14 7 9 1 0 2

Siberian 10 10 12 1 1 1

Far Easten 4 1 3 0 0 0

Unknown 0 6 14 0 2 3

Total 214 190 210 129 150 128

Appendix: Tables 89

8.1.4. Exits

Number and volume∗ of exits with participation of VC- & PE-funds


2014 2015 2016 2014 2015 2016

All exits 41 50 46 3763 1927 595

Exits with VC-funds

participation 23 34 42 78 1209 60

Exits with PE-funds

participation 13 15 30 1 1 0

Distribution of number and volume ∗∗ of exits with participation of VC- & PE-funds by industry branches


2014 2015 2016 2014 2015 2016









Communications 13 26 22 1675 1624 116




Ecology 0 0 0 0 0 0


Energy 0 1 2 0 27 475

Other 0 1 4 0 0 0

Unknown 11 6 0 903 1 0

Total 41 50 46 3763 1927 595


report.

Appendix: Tables 90

Distribution of number and volume ∗ of exits with participation of VC- & PE-funds by industry sectors


2014 2015 2016 2014 2015 2016

ICT 13 27 23 1675 1624 116



Other 12 10 11 1184 275 5

Unknown 11 6 0 903 1 0

Total 41 50 46 3763 1927 595

Distribution of number and volume∗ of exits with participation of VC- & PE-funds by exit ways

Exit way Number Volume, $ mln

2014 2015 2016 2014 2015 2016

IPO 1 0 0 952 0 0

SPO 0 2 1 0 265 0

Stock trading 4 4 0 361 382 0

Sale to strategic investor 16 14 22 207 26 110

Sale to financial investor 4 6 6 1640 1240 480

MBO 5 5 5 0 0 0

Write-off 4 5 0 0 0 0

Share buyback 0 0 0 0 0 0

Full/part asset sale 4 2 0 1 0 0

Other 0 1 9 0 0 0

Unknown 3 11 3 602 14 5

Total 41 50 46 3763 1927 595


report.

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