Indie GO has launched the Indie GO Fund II, a venture capital fund with a target size of 5 ₽ billion. The fund aims to scale Russian game studios and publishers, preparing them for IPOs or strategic acquisitions. A major financial institution has contributed 1 ₽ billion, representing 20% of the total capital, while the gaming holding company Hobby World has joined as a key partner.
The fund employs a hybrid investment model, combining equity stakes and convertible loans with project-based financing. This approach is designed to provide investors with capital growth while accelerating returns through cash flow prior to an IPO. The portfolio will include 20–25 companies ranging from Pre-Seed to Series B stages, with an average investment ticket of 200 ₽ million per project.
The fund is structured as an investment partnership, with Vladimir Varenik serving as managing partner and Mikhail Akulov joining as a partner. The investment period is set for three years, with a total fund lifespan of eight years. The first capital calls are scheduled for the fourth quarter of 2026, and the fund targets an internal rate of return (IRR) of 30–35%.
The initiative aligns with the Moscow Exchange's plans to create a dedicated segment for video game companies. Indie GO intends to leverage its experience from previous funds and partnerships, including the 'Video Game Factory' program, to support studios in reaching global markets. The first distributions to investors are expected to begin in 2029.
