I posted, tongue-in-cheek, Friday about VVP's foray in to the VC market in Russia. I learnt at a late lunch Saturday from an interested Russian businessman that he had gone a step further and told Gref to get a move on and get a fund formed.
The dialogue in itself provides a certain insight in to the running of the government. Notwithstanding some very important questions remain to be answered. Will this be a fund-of-fund effort, using the lessons learnt from the successful Israeli model, or a direct fund emulating the failures of everywhere that tried direct funds (If you want to argue that 3i was a direct government fund I'll concede the point). The latter approach is being pushed by Reiman at the Ministry of Communications and self-enrichment. No further comment required.
The industry here needs to start. I am torn between wanting to see something done and seeing something done badly. I'm with Gref on this one.