Renaissance Capital

Renaissance Capital is an investment bank established in Russia in 1995 and focused on emerging and frontier markets. Its business combines investment banking, securities trading, capital-markets execution, research and financing. The firm has historically been particularly associated with Russia, the Commonwealth of Independent States, Africa and other markets where access to international capital, local-currency financing and specialist market knowledge are important. Its stated operating footprint has included offices or business operations in Moscow, London, New York, Lagos, Nairobi, Cape Town, Cairo and Nicosia. The bank was created by a group of founding partners that included Stephen Jennings, Boris Jordan, Leonid Rozhetskin, Anton Kudryashov and Richard Deitz. During its early development, it became one of the more prominent independent investment banks serving Russian companies and investors. Its activities expanded from securities trading and Russian equity-market work into equity and debt capital markets, mergers and acquisitions, derivatives, foreign exchange, fixed income and prime brokerage. The firm also developed research and financing capabilities intended to support clients across several developing markets rather than concentrating solely on a single national exchange. Renaissance Capital became involved in a number of landmark Russian and international transactions. These included the 1996 Beeline offering on the New York Stock Exchange, described by the firm as the first initial public offering from Russia, and major offerings for Rosneft, VTB, RUSAL and ALROSA. It also worked on transactions in Georgia, Kazakhstan, Belarus, Nigeria, Uganda, Rwanda and other African and frontier markets. Examples included local- and foreign-currency bond issues, equity offerings, rights issues, private placements and additional-tier-one capital transactions. This cross-border orientation became a central part of the bank's positioning. Ownership changed materially during the global financial crisis. In September 2008, ONEXIM Group entered a strategic partnership with Renaissance and acquired a 50 percent stake less one share through a new-equity transaction reported at $500 million. ONEXIM later increased its holding, and the acquisition of the remaining interests was completed in 2013 after regulatory approvals. Renaissance Capital consequently became part of the investment portfolio of ONEXIM Group, the Russian investment holding company associated with Mikhail Prokhorov. The investment bank was distinct from Renaissance Credit, a consumer-finance business in which ONEXIM also acquired an indirect interest. The firm's African expansion began with operations in Lagos and Nairobi in 2007. It later developed a broader African network, including Johannesburg, Cape Town and Cairo. Lagos served as a base for West African activity, while Nairobi supported work in East Africa. Renaissance Capital has reported involvement in transactions in Nigeria, Kenya, South Africa, Ethiopia, Uganda, Rwanda, Tanzania, Egypt and Zambia. In Kazakhstan, it became a trading member of the Astana International Exchange in 2019. Its product range includes equity and debt capital markets, mergers and acquisitions advice, equity and equity-derivatives sales and trading, fixed income, foreign exchange and derivatives, commodities-related products, repo and other financing, prime brokerage and institutional research. The bank has also operated an algorithmic-trading unit within its derivatives business. Renaissance Capital's identity is therefore that of a specialist cross-border investment bank serving issuers, institutional investors, governments, financial institutions and corporate clients in markets that can be less covered by global banks. Publicly available reference material does not establish a complete current executive roster, detailed current ownership percentages or a comprehensive post-2021 financial profile.

Renaissance Capital was founded in Russia in 1995 by a group of partners including Stephen Jennings, Boris Jordan, Leonid Rozhetskin, Anton Kudryashov and Richard Deitz. The firm developed as an independent investment bank serving Russian securities markets and international investors. Its early work helped establish a platform spanning equity issuance, trading, research and corporate finance. The bank later broadened its capabilities into debt capital markets, mergers and acquisitions, derivatives, foreign exchange, fixed income and financing. The institution's early Russian-market profile was reinforced by a series of high-profile transactions. In 1996, it acted on the Beeline offering on the New York Stock Exchange, which reference material describes as the first Russian IPO. It subsequently participated in major offerings involving Rosneft, VTB, RUSAL and ALROSA. These transactions connected Russian issuers with international exchanges and investors and helped define Renaissance Capital's role as a cross-border specialist. Renaissance Capital expanded geographically as it developed a broader emerging- and frontier-market strategy. It established operations in Lagos and Nairobi in 2007 and later added or developed offices in Johannesburg, Cape Town and Cairo. Lagos became a hub for West African activity and Nairobi a base for East African work. The bank has cited transactions in Nigeria, Kenya, South Africa, Ethiopia, Uganda, Rwanda, Tanzania, Egypt and Zambia. Its work in these markets included corporate and sovereign-related financing, local-currency and international bonds, IPOs, rights issues, private placements and bank-capital transactions. Ownership changed during the 2008 financial crisis. On 22 September 2008, ONEXIM Group agreed to acquire a 50 percent stake less one share through a new-equity investment reported at $500 million. ONEXIM later acquired further interests. In 2010, Renaissance Capital bought Barnard Jacobs Mellet Securities, a South African brokerage, strengthening its regional securities presence. In November 2012, ONEXIM agreed to acquire the remaining interests in Renaissance Capital; the transaction was completed in April 2013 after regulatory approvals. Renaissance Capital thereafter operated within ONEXIM Group, which was associated with Mikhail Prokhorov. The bank continued to build its frontier-market network during the 2010s. It announced a Cairo office in 2017, focused on investment banking, financing and research, and received an Egyptian licence later that year. In 2019, it became a trading member of the Astana International Exchange in Kazakhstan. Its reported office network has included Moscow, London, New York, Lagos, Nairobi, Cape Town, Cairo and Nicosia. By the period covered by the available reference material, Renaissance Capital's services included equity and debt capital markets, mergers and acquisitions, equity and equity-derivatives trading, fixed income, foreign exchange and related derivatives, commodities products, prime brokerage, research, repo and financing. It also developed algorithmic trading within its derivatives operation. The firm's distinguishing proposition was a combination of local knowledge, institutional research, execution and financing across markets that are often less served by large universal banks. Available sources do not provide enough information to document a complete current management team, current financial condition or changes to the business after the cited 2021 reporting period.

1. 2019Trading membership of Astana International Exchange

   Renaissance Capital becomes a trading member of Kazakhstan's Astana International Exchange.

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2. 2017Cairo office and Egyptian expansion

   The firm announces a Cairo office for investment banking, financing and research and receives an Egyptian operating licence later in the year.

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3. 2013Full-ownership transaction is completed

   The ONEXIM acquisition is completed, placing Renaissance Capital fully within the ONEXIM Group structure.

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4. 2012ONEXIM agrees to full ownership

   ONEXIM Group acquires additional interests in Renaissance Capital, with completion following regulatory approvals in 2013.

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5. 2010South African brokerage acquisition

   Renaissance Capital acquires Barnard Jacobs Mellet Securities, expanding its South African brokerage activities.

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6. 2008ONEXIM Group acquires a strategic stake

   ONEXIM Group purchases 50 percent less one share through a reported $500 million new-equity transaction.

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7. 2007African presence begins

   The firm establishes operations in Lagos and Nairobi, creating bases for West and East African activity.

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8. 2004Expansion of derivatives leadership

   Oleg Zhelezko takes control of the bank's derivatives-trading direction at the invitation of Stephen Jennings.

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9. 1996Beeline IPO on the New York Stock Exchange

   Renaissance Capital acts as organiser of a $127.4 million Beeline offering, described in the reference material as the first IPO from Russia.

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10. 1995Renaissance Capital is established

    A group of founding partners establishes the Russian investment bank.

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A specialist investment bank for Russia, emerging markets and frontier markets, combining local-market access with cross-border capital-markets, advisory, trading and financing capabilities.

• Equity capital marketsInvestment banking

  Advisory and execution for IPOs, follow-on offerings, rights issues and private placements. Renaissance Capital has worked on Russian and frontier-market equity transactions, including offerings for Beeline, Rosneft, VTB, RUSAL and ALROSA, as well as African and Central Asian issuers.

• Debt capital marketsInvestment banking

  Origination and distribution of domestic and international bonds, including corporate bonds, eurobonds, local-currency issues and bank-capital securities. Referenced transactions span Georgia, Kazakhstan, Belarus, Nigeria, Africa Finance Corporation, Gazprom and Georgian banking groups.

• Mergers and acquisitions advisoryAdvisory

  Corporate-finance advice for acquisitions, disposals, strategic transactions and cross-border combinations, with an emphasis on emerging-market companies and investors.

• Sales and tradingMarkets

  Institutional execution and market-making across equities, fixed income, foreign exchange, derivatives and commodities-related products. The firm has also operated an algorithmic-trading unit within its derivatives business.

• Prime brokerage and financingInstitutional services

  Financing, repo and prime-brokerage services intended to support institutional trading, securities borrowing and other market activities.

• ResearchResearch

  Institutional research covering selected Russian, emerging-market and frontier-market economies, companies and financial instruments. Research supports the bank's advisory, capital-markets and trading activities.

• 2019Membership of Astana International ExchangeStrategy

  Renaissance Capital continued developing access to Central Asian capital markets.

  What changed. The firm became a trading member of the Astana International Exchange in Kazakhstan.

  Aftermath. The membership expanded the bank's direct market access in Kazakhstan.

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• 2017Expansion into EgyptStrategy

  The bank sought to broaden its African investment-banking, financing and research coverage.

  What changed. Renaissance Capital announced a Cairo office and later obtained a licence to operate in Egypt.

  Aftermath. Cairo became part of the firm's African office network.

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• 2012ONEXIM Group pursues full ownershipM&A

  ONEXIM Group increased its commitment to Renaissance Capital after becoming a strategic shareholder in 2008.

  What changed. ONEXIM acquired additional stakes, resulting in full ownership of the investment bank; regulatory completion followed in April 2013.

  Aftermath. Renaissance Capital became an ONEXIM Group-controlled investment bank.

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• 2010Acquisition of Barnard Jacobs Mellet SecuritiesM&A

  Renaissance Capital was expanding its African and emerging-market securities platform.

  What changed. The bank acquired the South African brokerage Barnard Jacobs Mellet Securities Ltd.

  Aftermath. The transaction strengthened Renaissance Capital's presence in South African brokerage and capital markets.

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• 2008Strategic partnership with ONEXIM GroupM&A

  Renaissance Capital sought additional capital and strategic support during a period of severe international financial-market stress.

  What changed. ONEXIM Group acquired 50 percent less one share through a reported $500 million new-equity transaction.

  Aftermath. The deal established ONEXIM as a major shareholder and eventually led to its full ownership of the investment bank.

  Reported investment for a 50 percent less one share stake. $500 million (September 2008)

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• 2019Renaissance Capital joins the Astana International Exchange

  The bank became a trading member of Kazakhstan's Astana International Exchange, extending its access to the country's capital market.

  Other
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• 2017Renaissance Capital announces Cairo expansion

  The firm announced a Cairo office focused on investment banking, financing and research and obtained an Egyptian operating licence later that year.

  Other
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• 2012ONEXIM Group moves to full ownership of Renaissance Capital

  ONEXIM Group acquired additional interests in the investment bank; the transaction was completed in 2013 following regulatory approvals.

  M&A
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• 2010Renaissance Capital acquires South African brokerage

  The bank acquired Barnard Jacobs Mellet Securities, expanding its South African securities-market presence.

  M&A
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• 2008ONEXIM Group enters strategic partnership with Renaissance Capital

  ONEXIM Group acquired a 50 percent stake less one share in Renaissance Capital through a new-equity transaction reported at $500 million.

  M&A
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1. Renaissance Capital
2. Renaissance Capital official website