September 12, 2018 - 12:33 AMT
Russian-Armenian billionaire launches investment fund: media

After the sale of the shares of Magnit - one of Russia's largest food retailers - Russian businessman of Armenian origin Sergey Galitsky (Arutyunyan) has created an investment fund, which has already considered several options for investment in food production, Kommersant reports citing two sources familiar with the matter.

The sources, however, failed to disclose the name of the fund and its size.

According to data from Russia’s Unified State Register of Legal Entities, Galitsky established SN Capital LLC in Krasnodar in June 2018. The main activity of the new company is provision of financial services.

According to one source, the new fund has already hired the staff.

Several food producers in the south of Russia have reportedly been considered for investment, but no projects have so far been selected, says the other source.

Galitsky or his representatives were not available for comment.