The RDIF or Russian Direct Investment Fund and Mubadala Development Co. have partnered to initiate a $2 billion co-investment pool in an attempt to penetrate the growing Russian market. Both institutions are equally committing $1 billion worth of investments. Mubadala's share is to be invested on a deal-by-deal basis while parts of the capital fund will be put as automatic co-investment on deals made by the Russian Direct Investment Fund.  The announcement was made in St. Petersburg, Russa.

Mubadala is owned by the local government of Abu Dhabi. The company focuses on the aerospace, semiconductors, oil and gas, renewables, metals and mining, healthcare, real estate and infrastructure, and info tech services.

Chief Executive Officer of the RDIF Kirill Dmitriev said, "We are delighted to be forming this unique partnership with Mubadala, particularly as there are many synergies between both companies. Mubadala's experience and track record in multiple industry sectors will enable significant value creation in our co-investments, and will increase foreign direct investment from Abu Dhabi into Russia. We value our cooperation with partners and the new joint venture will be another major step in strengthening our business collaboration."