SovereignWealthFunds.comRussian Direct Investment Fund (RDIF)
RDIF: what it invests in
Geography Mainly domestic
RDIF: how big it is, and on what basis
In US dollars: about USD 10.0B. Fund states the figure in US dollars
RDIF: what it publishes
Published 1 · Partly 4 · Not published 5
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. RDIF is Russia's sovereign co-investment fund, set up in 2011 to bring direct investment into the Russian economy alongside foreign and domestic partners. It reports USD 10 billion of reserve capital and RUB 2.3 trillion invested and committed with partners, most of it partner money. It works through joint platforms with sovereign investors in China, the Gulf, Japan and Southeast Asia. S3 S4 S1
Key points
- RUB 2.3 trillion invested and committed with partners, of which over RUB 1.9 trillion came from co-investors, partners and banks. S3
- Reserve capital under management of USD 10 billion, per its own review. S4
- Joint platforms with sovereign partners from China, the UAE, Saudi Arabia, Qatar, Kuwait, Japan, Italy, France and Indonesia. S1
- Investments are made mainly inside Russia, across six themes from quality of life to technology. S5 S1
- In 2018 it reported 25 new projects worth over RUB 350 billion. S4
- Kirill Dmitriev has led the fund since 2011 and was reappointed for five years in September 2026. S6 S7
Interesting facts
- Its automatic co-investment mechanism lets partners join every deal; Kuwait started it with USD 500 million and later doubled to USD 1 billion. S1
- It helped finance the first railway bridge between Russia and China. S1
- Its partner network reportedly brought over USD 40 billion of foreign capital into Russia. S1
Mandate and goals
Co-invest with leading investors to bring capital, technology and talent into the Russian economy, while earning a return on invested capital. S3
How it invests
| Industries | Healthcare and life sciences, Infrastructure and utilities, Transport and logistics, Energy: oil and gas, Consumer and retail, Technology, Mining and metals, Agriculture and food security S1 |
|---|---|
| Asset classes | Private equity, Infrastructure, Public equities S5 |
| Stages | Growth, Buyout, Infrastructure, Public markets, Venture S5 S1 |
| Geography | Mainly domestic. Predominantly in Russia S5 |
| Direct / through funds / co-invest | Yes / Yes / Yes S5 |
| Ticket size | Deal sizes per project are described on the Invest with us page; no fixed range is published here. S5 |
| External managers | Not published S1 |
| Co-investment programme | Automatic co-investment mechanism and bilateral platforms S1 |
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | RDIF-Danantara investment fund. Agreed at the St Petersburg International Economic Forum in June 2025. S1 | Joint venture or partnership | Multi-sector | Not stated | EUR 2B |
| 2015 | Russia-Saudi Investment Fund. Agreement to invest together in Russian projects. S1 | Joint venture or partnership | Multi-sector | Not stated | Not published |
| 2012 | Russia-China Investment Fund. First bilateral platform, set up in June 2012. S1 | Joint venture or partnership | Multi-sector | Growth | USD 2B |
| Not published | RDIF-Mubadala co-investment fund. Fund for opportunities in Russia. S1 | Joint venture or partnership | Multi-sector | Not stated | USD 2B |
| Not published | Russia-Japan Investment Fund. Each partner pledged USD 500M to joint deals. S1 | Joint venture or partnership | Multi-sector | Not stated | USD 500M each |
| Not published | Russian-Italian investment platform. Backs trade and investment links between Italy and Russia. S1 | Joint venture or partnership | Multi-sector | Not stated | EUR 1B |
| Not published | Automatic co-investment mechanism. KIA joins all RDIF deals; started at USD 500M. S1 | Co-investment | Multi-sector | Not stated | USD 1B |
| Not published | Pulkovo Airport. St Petersburg airport, in the infrastructure portfolio. S1 | Co-investment | Transport and logistics | Infrastructure | Not published |
| Not published | Moscow Exchange. Stake held in the national exchange. S1 | Co-investment | Financial services | Public markets | Not published |
| Not published | Russian Helicopters. Listed under import substitution and exports. S1 | Co-investment | Industrials and manufacturing | Growth | Not published |
| Not published | Russia-China railway bridge. First rail bridge across the border with China. S1 | Co-investment | Transport and logistics | Infrastructure | Not published |
| Not published | Detsky Mir. Children's goods retailer, in the quality of life theme. S1 | Co-investment | Consumer and retail | Growth | Not published |
| Not published | Geropharm. Pharmaceutical producer, in the quality of life theme. S1 | Co-investment | Healthcare and life sciences | Growth | Not published |
| Not published | Ust-Luga Marine Terminal. Baltic port terminal in the export theme. S1 | Co-investment | Transport and logistics | Infrastructure | Not published |
| Not published | Vladivostok International Airport. Regional development holding. S1 | Co-investment | Transport and logistics | Infrastructure | Not published |
Case studies
Russia-China Investment Fund S1
- What: RDIF and China Investment Corporation set up a joint USD 2B fund.
- When: 2012
- Size: USD 2B
- Why: To channel Chinese capital into Russian projects and trade links.
- Outcome: Became a model for later sovereign platforms, including a separate venture fund with Tus-Holdings.
Automatic co-investment with Kuwait S1
- What: Kuwait Investment Authority committed to join every RDIF deal.
- When: Ongoing
- Size: USD 500M, later USD 1B
- Why: Gives RDIF a ready co-investor and the partner steady deal flow.
- Outcome: KIA doubled its commitment to USD 1B.
Euro fund with Danantara S1
- What: RDIF and Indonesia's sovereign fund agreed a joint investment fund.
- When: 2025
- Size: EUR 2B
- Why: To extend partnerships into Southeast Asia.
- Outcome: Signed at the June 2025 St Petersburg forum.
Investment process
A management company runs the fund under a Supervisory Board that includes government representatives; an International Advisory Board gives outside views. S1
| Committee | Role |
|---|---|
| Supervisory Board | Oversees the fund; includes government representatives S1 |
| International Advisory Board | Advises the fund S1 |
- A co-investor brings or joins a project. S3
- RDIF assesses it against objectives, horizon, size and exit. S5
- Approval under the management company and boards. S1
- Partners on platforms invest alongside. S1
How to approach: The fund describes its investment terms on its Invest with us page. S5
Size and returns
- Headline size: USD 10B (Committed or authorised capital, as of 2018) S4
- In US dollars: about USD 10.0B. Fund states the figure in US dollars
- Invested and committed with partners (cumulative): RUB 2.3T (Committed or authorised capital) S3
- Returns: the fund does not publish a return figure.
- Size over time (RUB trillion): 2023 (invested and committed) 2.1, 2026 (invested and committed) 2.3 S1 S3
Leadership
| Name | Title | Since |
|---|---|---|
| Kirill Dmitriev | Chief Executive Officer; Special Envoy of the President for Investment and Economic Cooperation S6 | 2011 |
Governance and transparency
- Legal basis: Federal Law on the Russian Direct Investment Fund (signed 2 June 2016) S1
- Oversight: Supervisory Board with government representatives S1
- CEO term renewed for five years by presidential decree in September 2026. S7 S8
Transparency score: 3.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2011-06 | Fund founded. S1 |
| 2012-06 | Russia-China Investment Fund set up with CIC. S1 |
| 2015 | Agreement with Saudi Arabia's PIF. S1 |
| 2016-06-02 | Federal law makes it the sovereign wealth fund. S1 |
| 2018 | 25 projects worth over RUB 350B in the year. S4 |
| 2023-06 | Over RUB 2.1T invested with partners. S1 |
| 2025-06 | EUR 2B fund agreed with Danantara. S1 |
| 2026-09-28 | CEO reappointed for five years. S7 |
For family offices
RDIF works mainly through bilateral platforms with sovereign and state investors. Readers should check the rules that apply in their own jurisdiction. S1
- Joint funds and automatic co-investment with sovereign partners. S1
Reports
Common questions
What is RDIF?
The Russian Direct Investment Fund, a state co-investment fund set up in 2011. S1
Who leads RDIF?
Kirill Dmitriev, CEO since 2011, reappointed for five years in September 2026. S6 S7
How big is RDIF?
USD 10 billion of reserve capital, and RUB 2.3 trillion invested and committed with partners; the bases differ. S4 S3
Who are its partners?
Sovereign and state investors including CIC, Mubadala, PIF, KIA, Qatar Holding, JBIC and Danantara. S1
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Sources
Disclaimer
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