Russia's first venture capital fund has been launched with assets of 3 billion roubles ($120 million). The VTB Venture Fund, a closed-end mutual fund, has been set up by VTB Asset Management, a subsidiary of state-controlled VTB bank. According to the state company, the fund will invest in rapidly developing companies operating in sectors such as IT, industrial innovations, and nano- and biotechnology. Investment in projects will range from 50 million roubles ($2 million) to 400 million roubles ($16 million). The government is planning to set up eight to 12 venture companies to revitalise the country's industrial base in an effort to diversify away from commodity exports and invest in high-tech projects.