UFG invests private equity cash

New fund backs Russian businesses.

The private equity arm of Russian investment company UFG Asset Management has wasted no time in putting to work the US$225mn it recently raised for its latest fund. 

UFG Private Equity has committed some US$100mn in internet, entertainment and telecom businesses from the fund it closed in June.

It has so far backed Russian search engine Yandex, cinema chain Rising Star Media, telecom services provider Russian Towers and broadband company Enforta.

Investors in UFG Private Equity Fund II include the European Bank for Reconstruction and Development.