SPRING’s first PE fund (2004-2011) was established as a closed-end vehicle investing in Russian infrastructure, particularly power utilities. It was Russia’s first sector-focused fund. Investments were made in utilities, companies engaged in communal services, equipment manufactures, geological exploration companies and fuel producers.

The Fund completed 14 private deals with total cash-on-cash return of 5.8x for the period 2004-2011. Proceeds to investors totaled to $195m. The Fund had the authority to re-invest proceeds during the investment period.