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For international funds

Scale, discount and state-backed regimes

For sovereign funds, family offices, PE and infrastructure investors from friendly jurisdictions: where the ticket sizes are, how co-investment works and which regimes lock in the terms.

Why now

A market priced for fear

Valuation of the stock market
4.2xforward P/E of the MOEX Russia Index (broker estimate)Source: T-Investments, Mar 2026
Regulated investment platforms
106licensed investment platformsSource: Bank of Russia, May 2026
Stock market capitalisation
19.5%of GDP - target 66% by 2030Source: Bank of Russia, Aug 2026
Foreign direct investment
$23Bnet FDI inflow, back in positive territorySource: World Bank WDI, 2025
Who invests now
75%of FDI now comes from friendly countries (25% before)Source: UNCTAD via Izvestia, 2025
Domestic investor base
42.5Mretail investors at Moscow ExchangeSource: Moscow Exchange, Aug 2026
Special economic zones
₽4.46Tinvested by 1,300+ residents of special economic zonesSource: Ministry of Economic Development, 2025
Far East
₽6.8Tinvested in state-backed Far East projectsSource: Kommersant, Aug 2026

Room to grow

The capitalisation gap is a policy target

Russia's national goal is to lift stock market capitalisation to 66% of GDP by 2030 - more than three times today's level. That means a pipeline of listings, pre-IPO rounds and privatised assets.

Stock market capitalisation% of GDP
  • USA224%
  • Saudi Arabia184.7%
  • China79.5%
  • Russia 2030 target66%
  • Russia today19.5%

Source: World Bank WDI 2025; Bank of Russia, Aug 2026

Instruments

How institutional capital enters

  • 01Co-investment

    Alongside Russian development institutions

    Russia's sovereign fund and development institutions have long run co-investment platforms with partners from the Gulf states and China. Joint vehicles share risk and open deal flow.

  • 02SPIC 2.0

    Special investment contracts

    For manufacturing projects: stable conditions for up to 15-20 years, federal profit tax as low as 0% and regional up to 5%. 90 contracts with over ₽2 trillion of investment are in force.

  • 03SEZ

    Special economic zones

    Reduced profit tax, property and land tax holidays and a free customs regime. Residents have invested ₽4.46 trillion so far.

  • 04Far East

    Advanced development zones and the Free Port

    0% profit tax for five years from first profit, simplified procedures and infrastructure support in Primorye, Kamchatka, Yakutia and beyond.

  • 05SAR

    Special administrative regions

    Russky and Oktyabrsky islands host international holding companies with a dedicated tax regime - a route for holding structures relocating their base.

  • 06SZPK

    Agreements on protection of investment

    Agreements under Law 69-FZ fix the key regulatory terms of a project and provide compensation mechanisms if they change.

Process

From first call to closing

  1. 1

    Mandate and screening

    We clarify ticket size, sector, horizon and the investor's jurisdiction - it determines which routes are available.

  2. 2

    Legal route

    Approval requirements, strategic-sector thresholds, currency control and the right vehicle are mapped before any term sheet.

  3. 3

    Introductions

    We introduce you to regional investment agencies, development institutions and licensed market participants - the decision and the deal stay with you and them.

  4. 4

    Structuring and support

    Corporate, tax and governance structuring, then post-deal support in Russia.

Know before you go

What a fund must consider

We treat risk disclosure as a sign of respect for your investment committee.

  • Sanctions exposure

    Your own jurisdiction's rules, your LPs and your banks matter as much as Russian law - including when co-investing with Russian state institutions, some of which are under third-country sanctions. Screening comes first.

  • Capital controls

    Investors from countries on Russia's 'unfriendly' list face special account regimes and approval requirements for many transactions. Investors from other countries have far wider access.

  • Strategic sectors

    Control stakes in strategic companies require prior government approval under Federal Law 57-FZ.

  • Currency and rates

    The rouble is volatile and the key rate is high (14% as of September 2026). Hedging and local-currency returns must be modelled.

Discuss a mandate

Share your fund profile and target ticket. We will explain the relevant regimes and legal route and introduce you to licensed participants.

Talk to our team How to invest