RVC determined the winner of the selection for managing a fund for high-tech medical projects

According to the results of the open selection, the investment team of Unicorn Capital Partners scored the highest number of points. The fund is being created by RVC together with the Ministry of Industry and Trade of the Russian Federation to invest in high-tech projects in the production of innovative medicines, medical devices and software.

RVC announced an open selection for the search for a managing partner for a venture fund in the pharmaceutical and medical industry in July 2019. In total, three applications were submitted for the open selection. The evaluation of applications from applicants was carried out by a commission with the participation of leading experts from specialized corporations, universities and development institutions and representatives of RVC. The commission evaluated such criteria as the proposal of the main terms of the investment partnership agreement, the proposal on the investment strategy of the fund and its financial model, as well as the list of projects proposed for priority investment. Particular attention was paid to the qualifications and experience of the management team in investing in various segments of the pharmaceutical and medical market. As part of the interview stage, the selection participants made a face-to-face presentation of their proposals and answered questions from the commission. Based on the results of the selection, the Board of Directors of RVC recognized the team of Unicorn Capital Partners as the winner.

The fund will be created in the form of an investment partnership for a period of 10 years, the investment period will be 5 years. RVC's contribution to the capital of the new fund will amount to 4.5 billion rubles. The Fund's technological priorities will be directed to the creation of new drugs and drug delivery systems, the development of high-tech medical devices and software in medicine. The Fund will invest in Russian and foreign projects of early stages A, B, B+ (phases I and II of clinical trials for drugs), seeding stages and at the preclinical stage.

Alexey Basov, Deputy General Director - Investment Director of RVC By creating this venture fund, the state demonstrates its readiness to create repayable financing instruments using market mechanisms for targeted support of the most promising teams, technologies and projects. The winner was a team of professional market players with deep expertise and specialized experience. It is important to note that the management company undertakes to attract private co-investments in the capital of the fund or portfolio companies in an amount not less than that which will be provided by RVC.

Alexey Vinogradov, General Director of Unicorn Capital Partners The state consistently supports high-tech start-ups in the most strategically important areas for the country, which, of course, include medicine and pharmaceuticals. We are grateful to RVC and the selection committee for the high assessment of our application and team. Together with our expert council, we will do our best to ensure the effective investment of the fund's resources in the best innovative projects, and we invite applicants to come to the fund. The importance and complexity of the tasks facing us cannot be overestimated, but we believe that thanks to the financial and organizational support of RVC and the Ministry of Industry and Trade of the Russian Federation, the fund will form a strong innovation portfolio.