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Pensions savings to be invested in innovation

0 14 August 2014

 

Dmitry Medvedev has ordered the Russian Central Bank, the Ministry of Economic Development and the Ministry of Finance to prepare a proposal for the investment of pension savings in high technology and venture projects for 1st November. Part of the savings from the Non-Governmental Pension Fund will be invested in shares in venture funds, as well as in tech companies.

The expert council plans to allow investment of up to 1% of both pension savings and reserves. According to the document, this is expected amount to around $1 billion, which is comparable to the total investment in the venture market for 2013.

This system, whereby a portion of state funds are invested in the venture market, is a feature of several countries. In the USA 7% of pension funds are put into direct investment venture funds. However, the expert council, led by Dmitry Medvedev, did note the risk of this kind of investment in Russia, owing to the relative lack of high quality innovative projects.

Source: RusBase.vc

Top image via Shutterstock

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