Delta Capital, the Russian investment fund launched by the US government, has appointed Pat Cloherty as the firm’s new chief executive officer. She replaces Dave Jones, who held the position since 1998.
Cloherty has served on the board of the US Russia Investment Fund since 1995 and has been its chairman since 1998. She is a former co-chairman, president and general partner of Apax Partners (formerly Patricof & Co) in the US.
“Pat Cloherty has known Russia’s business landscape for many years through her chairmanship of the Fund and its investment committee,” said Jones. “She brings a wealth of experience that will greatly benefit the Fund, its portfolio companies and the Russian business community.”
Delta has invested in excess of $200m in over 30 portfolio companies and has achieved six successful exits since spring 2001, the firm said in a statement.
Delta is thought to be close to announcing a close of its first private equity fund targeting private investors. The Delta Russia Fund LP is looking to raise around $100m
The new fund will follow the remit of the US government-backed investment program, focusing on early-stage and start-up investments in financial services, telecommunications media and technology (TMT) and consumer products and logistics. Since 1995 Delta has invested more than $200m in these sectors, typically making investments of between $5m and $10m. Investments by the firm include backing the Spar supermarket chain’s move into the Russian market and the creation of retail and consumer bank Delta, part of the firm’s broad financial services investment programme.