Russia’s sovereign fund RDIF has “increased by several times” its investment in Hyperloop One, the Californian startup which aims to commercialize next-gen transportation technologies.
The transaction — which was part of Hyperloop One’s latest round of funding last month — was revealed on Saturday at the APEC summit in Lima by the fund’s CEO Kirill Dmitriev.
Dmitriev presented Dubai port operator DP World, which led the round, as the RFID’s “strategic partner in the Middle East.”
The Russian fund had already contributed an undisclosed amount to Hyperloop One’s previous round in April 2016. Another Russian investor at that time was Dagestani businessman Ziyavudin Magomedov, through his fund Caspian VC Partners (CVC).
“The RDIF pays great attention to the development of transport infrastructure, including the technological advances that will shape the future of the transport industry. Our investment in Hyperloop One’s project will facilitate the arrival of cutting-edge technologies in Russia. The RDIF and its international partners will provide support to the project not only in Russia but also in Middle Eastern and Asian markets,” said Dmitriev in June, commenting on his fund’s initial investment in Hyperloop One.
The Lima summit came as an opportunity for Dmitriev to make other announcements about projects conducted or planned jointly with partners from APEC countries — including the USA.
Thus, in a sign of a possible thaw under the Trump presidency, Dmitriev said that his fund is “currently consulting with US partners regarding ways to restore and develop cooperation,” and that “new joint projects with US investors” were under consideration.
Partners from across the Pacific
Dmitriev also emphasized his fund’s cooperation with Chinese partners. The Russia-China Investment Fund (RCIF), which is backed by the RDIF and China Investment Corporation, is working “actively,” he said.
Dmitriev added that “a leading financial conglomerate in China” had joined the fund as third co-investor.
Meanwhile, the Russia-China Venture Fund, another recent creature of the RFID together with a Chinese partner, will announce its first transactions “in the coming months,” Dmitriev said.
The RDIF is also considering the creation of a joint Russia-Japan Venture Fund, “due to the high interest of Japanese investors in joint high tech projects.”
As well, the Russian sovereign fund is developing investment partnerships with players from Singapore, Thailand and Vietnam.
“We see great potential within the Asia-Pacific region [and] have a growing number of projects. We are moving towards the creation of partnerships combining multiple funds from several countries,” Dmitriev stated.
According to him, the fund’s current investment projects in Russia with participation from APEC partners account for more than $5 billion.
“In the course of the next year, we are planning to implement more than 20 additional joint projects in Russia,” the RDIF head stated.
