Russian Venture Company (RVC), the state-owned fund of funds dedicated to innovation, announced yesterday its cooperation with the Investment and Venture Fund of the Republic of Tatarstan (IVFRT) in the creation of a new international fund of funds. The new fund, named RVC IVFRT LP, will invest in international venture funds focusing on innovative companies.

Through cooperation with foreign tech funds and companies, RVC and IVFRT aim to ensure technology transfers and the acceleration of innovation-led growth in Russia. They also expect to gain “access to international best practices in sourcing, selecting, and completing deals, [while offering] their international partners access to Russia’s domestic market,” according to RVC’s press release.

One of Russia’s most economically developed regions, the Autonomous Republic of Tatarstan has developed a number of ambitious high tech projects in the past few years. But the new fund of funds marks Tatarstan’s first move on the international venture scene.

RVC is a more experienced player in this field. Its UK subsidiary, Russian Venture Capital II LP, manages $20 million in capital and share assets. It already invested in such funds as Institutional Venture Partners XIII (IVP), Trident Capital Fund VII and DCM VI. RVC has thus gained indirect participation in such leading web playersas SugarInc.ShazamClearspring, and Dropbox.

With $40 million in capital, RVC IVFRT LP has been created under British jurisdiction. Its management company, RVC IVFRT Asset Management Inc., was registered in the state of Delaware. It will share an office with RVC’s US representation in Boston.