Baring Vostok restructures 2000-vintage fund

The 2000-vintage fund's remaining asset is a large minority stake in the 'Amazon of Russia', having invested $3 million in 2000 and re-invested an unknown amount in 2007.

Baring Vostok Capital Partners is in the process of restructuring its 2000-vintage fund, the sole remaining asset of which is Russia’s leading e-commerce platform,Secondaries Investor has learned.

The Russian private equity firm has hired UBS to run a process to offer liquidity to limited partners in its $205 million Baring Vostok Private Equity Fund, according to three sources familiar with the matter.

The process began in the first quarter. It is understood the sole remaining asset held in the fund is, the largest online market in Russia. The e-commerce platform, often referred to as the ‘Amazon of Russia’, has more than 700,000 unique visitors a day and offers over 3.5 million items across 15 different categories, according to Baring Vostok’s website.

The sole asset will be moved into a new vehicle with new terms. Buyers and LPs wishing to exit the fund have been identified, according to one of the sources. “There’s future growth potential for [] and it’s going to take some time, so some people may not want to stick around for the ride,” one of the sources said.

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