Tuesday, 9 February 2016
Last updated 3 min ago
Dec 1 2010 | 12:11pm ET
A new Russian hedge fund is getting a big vote of confidence from Abu Dhabi's government investment business.
Mubadala Development Co. will invest US$100 million in Verno Capital. It is both the first investment by Mubadala in Russia and the first by a Middle Eastern sovereign wealth fund in a Russian stock fund, according to Verno.
"This vote of confidence is a signal to top emerging market investors around the world," Dimitri Kryukov, founder and chief investment officer of the firm.
The Mubadala investment at a stroke nearly doubles Verno's assets under management, which currently stand at US$116 million. The Abu Dhabi fund said Russia's "recent economic performance and the future potential for the broader region make it an exciting new market for Mubadala."
Kryukov, formerly of Kazimir Partners, launched Verno at the beginning of the year.