VEB is considering participation in the creation of a large company in the field of cybersecurity
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“The government has issued an order, which the market has already called the “right to risk”: we now have the right to form a portfolio and be responsible for the result of the portfolio as a whole, and not for individual transactions. This decision has been made,” Shuvalov said, quoted by the Kremlin press service.
According to the head of VEB, the absence of such a decision “slowed down” the state corporation in making investment decisions. Now there is a tool to “invest in the creation of high-tech holdings and operate with the best players.” including now in VEB are considering one of the projects to create a large company in the field of cybersecurity.
In February, the Ministry of Economic Development proposed remove the restriction on investment by the state corporation VEB.RF into high-risk tech start-ups by giving it the so-called right to risk. It was planned to allocate 50 billion rubles for the new portfolio investment program. from the capital of VEB, which is approximately 30% of all venture investments in Russia in 2021.
The authors of the initiative noted that the volume of venture investments in Russia in 2021 amounted to only 0.15% of GDP, compared with 1.2% in the US, China and the UK. Such a lag limits competition in the technology sector of the economy, making development in the Russian Federation unattractive for innovative companies.
Alexey Miroshnichenko, First Deputy Chairman of VEB, explained that the proposed approach involves the establishment of a portfolio approach to assessing the break-even of projects within the established investment limit. It also provides for taking into account “an average expected return as it could be estimated at the time of the investment” and not just the actual return on investment.
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