As a response to Russia's recovery from the crisis of 1998, Mint Capital was founded in Moscow in 2000 to make private equity investments in entrepreneurial companies in Russia and the CIS.
Prior to founding Mint Capital, the two principals had collectively spent more than 20 years working for reputable Western corporations and financial institutions investing, managing and building businesses in Russia to Western corporate standards. In their last employments Ulf Persson represented Brunswick as the head of Russia's largest private equity fund, and Fredrik Ekman built Oriflame, the Swedish cosmetics company, in Russia & CIS from scratch to a $100 million business.
At a time when it was still challenging to sell the Russian private equity opportunity to the world, the first fund raised $21 million from investors and started investing in 2001. To our knowledge this was one of only two Russian PE funds raised in the first five years after the crisis. The cornerstone investors in Mint I was Boeing and the af Jochnick family, founder of Oriflame. Being one of only handful active investors in those days gave us invaluable insight and strong deal flow. After three years Mint I was fully invested in Russian companies across various sectors, including media, software and contract manufacturing (See Portfolio companies section of the website for more information on the companies Mint I invested in).
Mint II, the second fund which is now fully invested, was launched in 2005, after an inspiring fund raising process. We began marketing in the fall of 2004, straight into a wave of negative news from Beslan and on Khodorkovskiy. Despite this, reflecting a sea change in investor sentiment towards Russia since 2001, we went on to exceed the original target of $100 million. Our solid experience in a young market, and a Russia savvy Nordic core investor constituency combined to generate $130 million.
Mint Capital aims to be the preferred choice to entrepreneurs who have decided to bring in an external investor/partner.
Both funds are closed to new investors.