Russian venture capitalists at Elbrus Capital announced the raising of an initial $260m for their third VC fund since 2007 – Elbrus Capital Fund III, Firrma.ru reported.

By the end of next year the Russian venture firm expects to raise a total of $600m for the new fund. The money is purportedly coming from a wide range of international institutional investors, including Middle Eastern sovereign funds, European organizations, a number of private and family funds, and other financial entities.

Elbrus Capital launched its initial funds back in 2007 and 2014, having managed a total of $874m in investor money.