DST Seeks New Tech Fund Investment Totalling $1 billion

Russian investment fund Digital Sky Technologies is planning on starting a tech fund worth USD 1 bln. With high profile companies like Facebook, Twitter and Airbnb, among others, already in its portfolio, the DST Global III fund will target late-stage development companies already valued at over USD 500 mln. Investors in the fund will receive stakes in global social network leader Facebook; USD 50 mln worth of Facebook shares have already been earmarked towards this fund. Early bird investors are slated to get their Facebook shares at a 12 percent discount, as well as pay a reduced fund management fee. To show the company’s performance in perspective, DST Global I, the fund company’s first initiative, has already shown in excess four times in terms of return on capital invested, while DST Global II invested a total USD 792 mln into 10 companies as of 2011.