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Pamplona to liquidate funds linked to Mikhail Fridman's LetterOne

March 24, 2022 at 04:10 pm EDT

LONDON (Reuters) - Buyout firm Pamplona Capital Management said on Thursday it would liquidate every fund where Mikhail Fridman's investment group LetterOne had any interest as it seeks to sever ties with the sanctioned Russian tycoon.

LetterOne is one of Pamplona's limited partners (LP) and was set up almost a decade ago by Fridman and Petr Aven.

The pair stepped down from LetterOne in early March following Russia's invasion of Ukraine but Pamplona decided to part ways with the firm to safeguard its portfolio companies from the fallout of the war.

The buyout firm, which has offices in London and New York, said it would wind down three funds linked to LetterOne, adding the decision had been approved by its board and would be effective on March 25.

"Such a process is irrevocable and will be conducted in accordance with all legal and regulatory mandates as required," Pamplona said in a statement.

It added that the wind down could be executed via the sale of LP interests to third parties as well as through the sale of direct investments.

(Reporting by Pamela Barbaglia in London; Editing by Catherine Evans and Matthew Lewis)

By Pamela Barbaglia

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Mikhail Fridman

Mikhail Maratovich Fridman is a Russian entrepreneur and businessperson who founded Alfa Group, Genesis Philanthropy Group, Alfa-Foto Cooperative and LetterOne Holdings SA and who has been at the helm of 7 different companies. Presently, he holds the position of Chairman for LetterOne Holdings SA and Chairman-Supervisory Board for Alfa Group. He is also Member of Public Chamber of Russian Federation and Member-Management Board at The Russian Union of Industrialists & Entrepreneurs and on the board of 8 other companies. In the past Mr. Fridman held the position of Chairman at Letterone Investment Holdings SARL, Executive Chairman & Chief Executive Officer for RN Holding OJSC, Executive Chairman & Chief Executive Officer at TNK-BP Ltd., Chairman at Alfa Finance Holdings AD, Chairman of Genesis Philanthropy Group and Member-Management Board at Council on Foreign Relations, Inc. He received an undergraduate degree from Moscow Institute of Steel & Alloys.

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Linked companies
Alfa Group Alfa Group Regional BanksFinance Alfa Group operates as a financial-investment conglomerates. Its businesses include financial services, investment, retail trade, water utilities, and mineral water production. The company was founded by Mikhail Maratovich Fridman, German Borisovich Khan, and Alexey Kuzmichev in 1989 and is headquartered in Moscow, Russia.	Founder
Russian Jewish Congress	Founder