We are proud to announce that Norland Legal has advised Russian Venture Company (RVC) on the legal aspects of the launch of Venture Fund “New industry” for investments in technology for the oil and gas industry, petrochemistry and energy.
The Fund has combined contributions from the third largest bank in the country (“Gazprombank”), one of the largest Russian oil and gas companies (“Gazprom Neft”) and two major Russian development institutions (RVC and “VEB Innovations”).
The initial target volume of the Fund is 4 billion rubles. Investors are interested in developing technologies for exploration, production, processing and transportation of hydrocarbons, transmission and storage of energy, as well as to introduce innovations in the construction of industrial infrastructure.
Our firm was a lead counsel responsible for drafting and negotiation of the investment partnership agreement under Russian law. For our team, it has become one of the challenging and at the same time, ambitious and interesting projects. As noted by the Managing Partner of the firm, Vladislav Lurye: “Each of the parties was represented by top-level lawyers, and the tasks before us required not only knowledge of the law, but also a deep understanding of the investment process in general, and in particular, the international practice of launching and operation of investment funds.”
We are proud of the successful cooperation and will continue working hard on venture funds’ formation deals, both in Russia and abroad, strengthening and developing our Fund Formation practice.
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