OREANDA-NEWS. December 02, 2009. The restructuring of Renaissance Private Equity Fund I., L.P. (the “Fund”), has been successfully completed by Renaissance Group and the Fund’s investment team. As a result of this restructuring Renaissance Private Equity now manages a USD 324 million fund to be deployed in Russia and other CIS markets.

The restructuring allowed investors in the Fund to modify their commitments to reflect the post-crisis environment, their liquidity positions and capital allocation priorities. Renaissance Group remains the single largest investor in the Fund. In addition, the investment team has also made a substantial commitment to the Fund. The restructuring was approved by super majority vote of investors unaffiliated with Renaissance Group and the investment team.

Earlier this year, the Renaissance Private Equity management team spun out of Renaissance Group. The investment team continues to work with the support and in partnership with Renaissance Group. Renaissance Group representatives take part in the investment decisions by participating in the investment committee of the Fund.

Stephen Jennings, CEO of Renaissance Group, commented: “I am very pleased that we have successfully completed the Fund’s restructuring. Attractive private equity investment opportunities abound in Russia today, and I am confident that the Fund’s first-rate management team will identify and invest in assets that will bring attractive returns. Renaissance Group remains the Fund’s largest investor and we will continue to robustly support the investment team in all their activities.”

Dmitri Krukov, Managing Partner of Renaissance Private Equity, commented: “The fundamental strength of the Russian economy combined with the impact of the economic crisis and lack of equity capital presents a unique opportunity for private equity investments. Our independent team with the continuing Renaissance Group relationship now has significant firepower available to capitalize on this opportunity.”