State-owned fund of funds Russian Venture Company (RVC) participated indirectly in a round of financing, announced last week, for Sugar Inc., a global media company for women.

The investment was made through Russian Venture Capital II LP, a fully owned subsidiary of RVC that registered in the UK in June 2010. A few months later, the London-based Russian fund joined Institutional Venture Partners XIII (IVP), one of the premier global later-stage venture capital and growth equity firms.

RVC contributed $10 million to IVP.

IVP led Sugar Inc.’s recent round of financing, with Sequoia Capital also participating. The round garnered $15 million, bringing Sugar Inc.’s total funding to $46 million.

Sugar Inc. intends to use the funds for “brand extensions, acquisitions, and international growth in pursuit of its goal of becoming the world’s largest media company focusing exclusively on women’s lifestyle,” according to the company’s website.

In April 2010, RVC’s fully owned subsidiary Russian Venture Capital I LP invested $10 million in BrightSource Energy, Inc., a provider of solar thermal power systems.

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