A state-backed private equity fund launched by the Kremlin two years ago has partnered with the Japan Bank for International Cooperation to create a Russian-Japanese investment platform, in the latest push by the Russian government to entice overseas investors to invest in the country.

The Russian Direct Investment Fund, a $10bn vehicle set up in June 2011 to allow foreign investors to co-invest alongside it in Russian companies, has entered into a joint agreement with Russian development bank Vnesheconombank and JBIC for a new $1bn investment platform.