RUSNANO Management Company

Since 2020, Sergey Kulikov has chaired the Executive Board, succeeding Anatoly Chubais. The management company operates under a board structure with investment committees that approve individual project companies. Historically, Chubais maintained close involvement in major portfolio decisions, but the post-2020 restructuring centralized authority under Kulikov and a reconstituted management board reporting to the Russian government.

The Russian Federation owns 100% of JSC RUSNANO, the parent company, through the Federal Agency for State Property Management. RUSNANO Management Company serves as the asset management arm that executes the investment mandate. Unlike a sovereign wealth fund that holds passive public-market positions, RUSNANO historically structured individual limited liability companies for each project, reflecting a state-directed venture capital model.

The Russian Audit Chamber disclosed in 2024 that RUSNANO's debt obligations exceeded the value of its assets, with net losses recorded in multiple consecutive reporting periods. The Russian government has debated restructuring options, including potential debt guarantees or a merger with another state entity. International sanctions imposed after 2022 have further complicated asset sales and cross-border co-investor relationships.

RUSNANO invests from seed-stage technology transfer projects through to growth equity and pre-IPO rounds. Its core model involves co-investing alongside venture and corporate partners in project companies that require significant capital expenditure — often $20M to $100M per project — for pilot production and factory-scale buildout in nanotechnology and advanced materials.

Historically yes, through RUSNANO USA in Menlo Park and a Paris subsidiary, the firm held positions in Selecta Biosciences, NuPGA, and other US startups. Sanctions and deteriorating Russia-West relations since 2014 and especially 2022 have forced the divestment or write-down of many international assets, and the current status of most cross-border holdings is opaque.