Joint fund investing heavily in Russia

The Russia-China Investment Fund, a private equity fund into which each nation has committed $1 billion, will invest up to 70 percent in a broad range of Russian economic sectors.

Two years ago, the Russian Direct Investment Fund partnered with the China Investment Corp to establish the fund. Kirill Dmitriev, the fund's CEO, said during this year's Boao Forum for Asia - a meeting for Asian governments, business and academic leaders - that there are more than 20 investment opportunities in Russia, requiring at least $10 billion in funds, under government review.

The Russia-China Investment Fund is expected to raise more capital in the near future and invest more than the initial pot of $2 billion by working with large Chinese private and State-owned enterprises on joint investments.