... shape only in the late 2010s to early 2020s. Previously, such closed placements were accessible only to a narrow circle of large funds and wealthy investors. The mass involvement of private individuals required regulatory changes. In 2020, the Central Bank allowed non-qualified investors to participate in pre-IPO after passing a test (with a cap on investment amounts in the hundreds of thousands of rubles). Concurrently, several large financial companies launched specialized platforms for pre-IPO deals,...

... negative. This indicates that growth is now primarily driven by non-resource sectors, rendering the perceptions of Russia as solely a resource-based economy obsolete. Inflation Under Control: Thanks to the measures taken by the government and the Central Bank, inflation has noticeably slowed. As of mid-June, the annual inflation rate decreased to 9.6% (down from double-digit figures earlier). Putin emphasized that the situation is developing better than forecasts, expressing confidence that by the end ...

... wholesale markets. Furthermore, geopolitical tensions — the threat of new trade barriers (such as the aforementioned U.S. tariffs) — intensify concerns about global economic growth. Some financial institutions are revising forecasts: several investment banks predict an average Brent price in Q4 2025 at around mid-$60, which is lower than current figures. However, many market participants believe that a significant price collapse is unlikely, as OPEC+ countries may respond with supply restrictions if ...

... technologies. The Return of Mega-Funds: Big Investors Are Filling the Market with Capital Again Major investment players are triumphantly returning to the venture scene, indicating a renewed appetite for risk. The Japanese conglomerate SoftBank is once again banking on large investments: Masayoshi Son announced the formation of Vision Fund III with a target size of about $40–50 billion, focusing on advanced technologies (with an emphasis on AI and robotics). Sovereign funds from Gulf countries have also ...

... portfolio project. Moreover, a number of well-known startups globally are finding strategic buyers, and deals with nine- and ten-digit price tags are no longer uncommon. The consolidation touches on a variety of sectors—from fintech (for example, large banks acquiring regional neobanks) to corporate software and artificial intelligence. Among recent examples is the acquisition of the email service Superhuman by Grammarly as part of a strategy to create an AI platform for productivity, as well as increased ...