Pamplona Capital Management has said it has started the process of disentangling itself from Russian tycoon Mikhail Fridman’s investment group LetterOne.
The move comes amid growing pressure on companies with connections to the sanctioned Russian oligarch.
Fridman and Petr Aven, who set up LetterOne almost a decade ago, stepped down from the business in early March and no longer control its strategy following EU imposed sanctions followig the Russian invasion of Ukraine.
Pamplona said in a statement: “While Pamplona has received clear guidance that LetterOne is not a sanctioned entity, the ongoing crisis in Ukraine makes such relationships increasingly challenging for our portfolio companies, their management teams, customers, employees, and counterparties throughout Europe and the rest of the world.”
The move will see Pamplona redeeming the limited partnership interests of LetterOne, leaving the firm with no direct or indirect exposure to any Russian capital.
Pamplona added: “Any such redemption will be conducted in an orderly manner and in accordance with every appropriate regulatory and counterparty consent.”
Pamplona, launched in 2005, manages more than $11bn in assets and invests primarily in Europe and North America.
