In "Rosnano" approved a long-term development program

The state-owned company plans to reduce its share in new funds to 20% by 2020, replacing its own investments with outside financing. Thus, Rosnano intends to gradually move towards the development of nanoindustry with the active involvement of private capital.

According to Vedomosti, the new Rosnano development program has been prepared on the instructions of the government. The company clearly outlined its plans for the development of the domestic nanotechnology sector, intending to maximize the use of outside capital. At the same time, it is planned to form investment funds that will be controlled by the management company Rosnano, but at the same time the board of directors intends to gradually reduce the share of the state-owned company from 50% in 2016 to 20% by 2020.

Time will tell whether the enterprise will succeed in implementing its plans. At the moment, "Rosnano" could not achieve great success. Thus, in a recent report of the Expert Council under the Russian government for evaluating the activities of Russian development institutions, it is reported that the activities of a state-owned company are characterized by "significant investment losses and insufficient operational efficiency." Participants of the Expert Council pay special attention to the ratio of operating costs and the value of assets under the management of Rosnano, which is significantly inferior to foreign investment companies (among the latter, 3i, SilverLake and Mubadala). For example, according to the results of 2014, this indicator of foreign projects averaged about 1.4%, while the domestic state-owned company reached only figures of 3.4%.
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According to experts, such a significant reduction in the share of investments will negatively affect the company's reputation and its attractiveness to potential partners. According to Alexander Galitsky, the managing partner of Almaz Capital Partners, this reform will eventually reduce the influence of Rosnano on managing a joint project - now another company, being the lead investor of the project, will be able to dictate its terms. Another expert, managing partner of the InVenture Partners fund, Sergey Azatyan, is confident that the company will lose the opportunity to participate in the development of small but promising projects that could start cooperation with Rosnano without having managed to receive funding from market investors.

However, the state-owned company strongly disagrees with such statements. According to the representative of Rosnano, the increase in the share of private capital will only confirm the attractiveness of the partnership with the company and the development of the domestic nanoindustry as a whole.