Renaissance Investment Management, the emerging markets funds arm of the Moscow-based financial group, has launched a fund dedicated to Russian infrastructure that aims to gain returns of as much as 40% by taking advantage of a boom in construction projects including the 2014 Winter Olympics.

Sergey Bubnov, the company's head of alternatives, said: "Infrastructure is currently one of Russia's most promising growth stories. There is an urgent need for investment following 15 years of under-investment, especially with the large construction projects needed for the 2014 Winter Olympic Games and the 2012 Asia-Pacific Economic Cooperation Forum."