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...region-specific) of between US$30bn and US$40bn.
Meanwhile, in Russia, where there are few dedicated international private equity firms of note, the government has amassed more than US$150bn of capital, some of which could be invested in the management companies of private equity funds.
Four years ago, President Vladimir Putin's economic adviser, Andrei Illarioniov, saw how successful Norway's sovereign wealth fund, the Norwegian oil fund, had been, and launched Russia's stabilisation fund to take advantage of surplus oil revenues, while also shielding the country's economy from its dependence on volatile oil prices.
The fund would, according to the Russian government, absorb excessive liquidity and reduce inflationary pressure, with the aim of avoiding a repeat of the 1998 rouble crisis, when global recession hit those countries dependent on the export of raw materials such as oil most severely.
The fund accumulates revenues from export duties on oil as well as taxes on oil mining operations. By the end of 2007, the fund's reserves stood almost untouched at US$150.9bn with an annual return of about 11% in dollar terms. According to one report, the total size of the pot in early January was US$156.81bn.
Given its size, there is intense debate both within and outside Russia on how the capital of what is...
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Russian tables., March 01, 2008
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