Page 20 - bne IntelliNews newspaper 14 July 2017

Eastern Europe
July 14, 2017 www.intellinews.com I Page 20
cash – equivalent to an internal rate of return of more than 90% in dollar terms, a source close to the placement told Reuters.
It also participated in the partial privatisation for the Alrosa diamond monopoly, which has been a rare example of an extremely successful privatisation. RCIF also partnered with Abu Dhabi's state fund Mubadala in March to buy
a stake in Russia's largest drilling company, Eurasia Drilling Company.
In May RCIF was mooting an investment into Yandex.Taxi, which has taken the market by storm. Yandex, the largest internet company in Europe and one of Russia’s best performing stocks so
far this year, is looking to raise $150mn-$200mn from selling a stake of 12.5%-16.7%, according to bankers.
And there is more to come. The Russian govern- ment intends to transfer at least another $1bn to the RDIF this year from the National Welfare fund for infrastructure investments.
And at the same time international portfolio in- vestors are getting interested in Russian stocks again; the market returned 50% in 2016, but has been one of the worst emerging markets (EM) performers in the first quarter. Now stock prices have fallen to the point where they are cheap again. With economic growth back these could turn out to be the vintage years for a private equity investor with a bit of patience to spare.
This is part of a series looking at the implications of China's growing interest in Central and Eastern Europe and Eurasia.
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