The U.S. Russia Investment Fund
| Founded | 1995 |
|---|---|
| Headquarters | Suite 300, 545 Fifth Avenue, New York City, United States |
|
Key people
|
Patricia Cloherty (chairman & CEO) James Cook (senior vice president) |
The U.S. Russia Investment Fund (TUSRIF) was an investment fund from 1995 to 2008. It was established by the United States government to make private investments in the Russian economy. By 2005, it had invested $300 million in 44 Russian companies, including DeltaBank, the first bank to sell credit cards in Russia, and DeltaCredit, the first bank to sell residential mortgages in Russia. TUSRIF was replaced by the U.S. Russia Foundation (USRF) in 2008, while its financial arm, Delta Private Equity Partners, was purchased by Deutsche Bank in 2009.
The U.S. Russia Investment Fund was established by the United States federal government in 1995. It was the result of the merger of two funds established in 1993-1994: the $340-million Russian American Enterprise Fund (RAEF) and the $100-million Fund for Large Enterprises (FLEER). Most of the money came from the United States Agency for International Development (USAID). The fund was managed by Delta Capital Management, and its chairman and chief executive officer was Patricia Cloherty.
Its main goal was to promote investments in Russia. It specialized in "early venture, mid venture, and growth capital investments in middle market companies", with a focus on the "media, retail, consumer goods, financial services, information technology, and telecommunication sectors". TUSRIF and Kohlberg Kravis Roberts & Company owned 51% of the Imperial Porcelain Factory until 1999, when it was nationalized by the Government of Russia.
In 2000, it established DeltaBank, the first bank to sell Visa credit cards in Russia. In October 2000, it became a majority shareholder of the European Bank for Reconstruction and Development. Meanwhile, they acquired JPMorgan Chase's banking license in 2000 and established DeltaCredit, the first bank to sell residential mortgages in Russia, in 2001.
...
Wikipedia