Goldman Sachs began to share Russian business with management

The share of Goldman Sachs in HeadHunter decreased to 5.9%, at the same time the company could withdraw from other Russian assets. Their buyer, according to RBC sources,

The fact that Goldman Sachs restructured its assets in RUSSIA was told to RBC by two sources in the investment market. According to one of them, the asset portfolio was bought out by the top management of an American bank — Maxim Klimov, managing DIRECTOR of the Goldman Sachs European Special Situational Group, and Anton Schreider, managing director of Goldman Sachs in Russia, the deal took place last year. “The deal could have been cash, but at a big discount. After the start of the military operation in Ukraine, Goldman Sachs was ready to withdraw from Russian assets, regardless of losses, ”the source says. He noted that until February 2022, Goldman Sachs was a more active investor in the Russian market than, for example, Baring Vostok. Moreover, the bank invested its own funds, and did not collect various investors in funds, RBC's interlocutor adds.

The long-term HEAD of Goldman Sachs in Russia will leave the bank Finance

Information about changes in the structure of Russian assets of Goldman Sachs is also reflected in a number of public documents. For example, in the HeadHunter materials filed with the US Securities and Exchange Commission ( SEC), it is said that a new structure has appeared among its shareholders - Broomfield International Limited. From the company's shareholder structure on its website, as of January 18, it followed that Broomfield owns 2.9% of HeadHunter (at the time of publication of the material, January 30, this company was no longer in the shareholder structure). At the same time, the share of Goldman Sachs decreased from 8.7% to 5.9%.

Broomfield International Limited was first mentioned in HeadHunter documents in November 2022, but there is no further information about it. However, the same company in December became the owner of more than 6.57 million, or 9.4%, shares of Cian, follows from a document filed by the latter with the SEC. It states that Broomfield International Limited was registered in the Seychelles. According to the LEI Register service, this happened in August 2022.

As of February 14, 2022 (latest available data), entities affiliated with Goldman Sachs owned 10.1% of the company.

At the same time, Maxim Klimov and Anton Schrader registered Broomfield Proprietary Investments Ltd, consonant with Broomfield International Limited, in November 2022 in Dubai, follows from the information on the website of the Dubai International Financial Center (DIFC).

Goldman Sachs will leave Russia Finance

Read on RBC Pro Findir's salary according to the formula: check if you are overpaying "Broken" genes: how to know for sure your predisposition to cancer Restaurateur Alexander Rappoport: "I just can't feel Peter" "Gallery of failures": 8 worst APPLE, Nike products ,Amazon

Both Klimov and Schrader served on the board of directors of UK-registered IXcellerate Limited a few years ago, in which Goldman Sachs had a 51% stake at the beginning of 2022. RBC's source in the data center market said that since November last year, IXcellerate employees in conversations with colleagues began to say that the company is now owned by "Russian individuals".

Representatives of the London office of Goldman Sachs, HeadHunter and Cian declined to comment. Also received by Elbrus Capital (one of the shareholders of HeadHunter and Cian). RBC sent a request to Anton Schrader and IXcellerate. It was not possible to contact Maxim Klimov.

How assets were restructured by Baring Vostok

Previously, the restructuring of Russian assets under a similar scheme was carried out by the investment group Baring Vostok, founded by Michael Calvey. Its main assets were divided between two new management companies - Baring Private Equity and Vostok Investments. The latter, chaired by Elena Ivashentseva (previously a senior partner at Baring Vostok), took over companies whose main business is concentrated in Russia, in particular: Ozon, Solofarm, Skyeng, Vkusvill, Familia, and others. Baring Private Equity, which is also managed by Michael Calvey, owns investments in such international companies as Kaspi.kz, BlaBlaCar, Kolesa.kz.

How Goldman Sachs left Russia

Goldman Sachs said back in mid-March last year that it plans to end operations in Russia due to regulatory and licensing requirements. It was the first major American investment bank to make such a decision. At the same time, the bank reported that it would continue to carry out operations for trading in debt obligations of companies associated with Russia. Goldman Sachs still retains its banking license.

In early March, the bank also moved part of its staff from Moscow to Dubai and reduced the share of Russian securities in its international equity fund from $1.7 billion to $222 million. In November last year, Timothy, a longtime top manager at Goldman Sachs in Moscow, left his position Talkington.

Ivana Tavrina's Kismet Owns Over 20% HeadHunter Technology & Media

Goldman Sachs owns a stake in HeadHunter through UK-registered ELQ Investors VIII Ltd. In 2021, the company's revenue more than doubled compared to the previous year and amounted to $474 million, follows from information in the British register of legal entities. In a report for 2021 (published in August 2022), ELQ Investors VIII Ltd indicated that at the date of signing the document, the company and its related structures recorded a loss of $ 226.8 million due to the Russian invasion of Ukraine, subsequent sanctions from sides of Western countries and the reaction of the Russian authorities to them.

Based on the HeadHunter quotes on the Moscow Exchange by the close on Friday, January 27, the cost of a 2.9% share is 2 billion rubles. ($28 million at the current exchange rate). In mid-January, Ivan Tavrin's Kismet Capital Group entered HeadHunter's capital. It subsequently notified the SEC that HeadHunter paid $174.2 million for the 22.68% stake. Based on this estimate, the cost of 2.9% could be $22.3 million.

According to the results of trading on January 27, Cian's securities on the Moscow Exchange cost 413.4 rubles. a piece. Based on this, the value of the share received by Broomfield International Limited is 2.7 billion rubles. ($38.4 million).

According to Alexey Zamesov, head of special projects at RU-CENTER, in January 2022, IXcellerate could be valued at $370-420 million, that is, $100-110 thousand per rack (they house equipment in data centers). After the February events, namely the shortage of equipment and difficulties with its delivery, the price has not decreased, he suggested.