After a three year investment in Mail.ru Group, Elbrus capital has elected to divest its shares in the Russian Internet company formerly known as Digital Sky Technologies. Earlier this year Digital Sky changed its name to reflect its popular brand Mail.ru, in anticipation of an IPO on the London Stock Exchange. Elbrus Capital first invested in Mail.ru Group in 2007, as one of the fund’s initial investments.
They sold their remaining shares in the IPO and have thus successfully completed the fund’s first exit. While Elbrus capital at one time owned 5% of Mail.ru Group, their stake was less than the 1% at the time of the IPO. Analysts estimate that the Elbrus stake may have netted the fund as much as USD 50 million.
Elbrus Capital (www.elbcp.com)
Elbrus Capital is a private equity firm active in Russia and the CIS, established through a buyout of the former Renaissance Private Equity. The fund looks for investments in growth financing and consolidation with market-leading companies as they emerge from the financial crisis. Elbrus Capital has assets of $324 million currently under management. The firm’s investors are largely institutional investors from around the globe. Elbrus Capital maintains company headquarters in Moscow.