Renaissance Capital

Infobox Company
company_name = Renaissance Capital
company_
company_type = Private
foundation = 1995
location = flagicon|Russia Moscow, Russia
key_people = Stephen Jennings, CEO, Renaissance Group
key_people = Alexander Pertsovsky, CEO
key_people = Bob Foresman, Deputy CEO
key_people = Gordon McCulloch, Deputy CEO
key_people = Ruben Aganbegyan, CEO, Russia
key_people = Andrew Cornthwaite, CEO, Nigeria
key_people = Adel Kambar, CEO, Kazakhstan
key_people = Gregory Gurtovoy, CEO, Ukraine
key_people = Neil Harvey, Deputy CEO
industry = Finance and Insurance
products = Investment Banking
revenue =
operating_income =
net_income =
homepage = [http://www.rencap.com www.rencap.com ]

Renaissance Capital is a leading investment banking firm that operates in high-opportunity emerging markets. It is a top-ranked investment bank for M&A, equity and debt capital markets as well as securities sales and trading. Renaissance Capital focuses exclusively on emerging markets, including Russia, the Commonwealth of Independent States (CIS), and sub-Saharan Africa. The company was founded in 1995 by a group of founding partners including Stephen Jennings, who is today CEO of Renaissance Group.

Renaissance Capital is unique in that it has no "home office", but rather its businesses are run from the markets it serves. Specifically, the firm's offices are in Moscow, Kyiv, Almaty, Lagos, Nairobi, Accra, Harare and Lusaka. Renaissance Capital also maintains offices in London, New York, Dubai and Nicosia.

Renaissance Capital is part of Renaissance Group, which also includes investment management, merchant banking and consumer finance businesses. Renaissance Group is a partnership wholly owned by the firm's management.

On September 22, 2008, ONEXIM Group bought a 50% stake in Renaissance Capital for $500million (US) dollars following the issuance of new equity. Renaissance Group will hold 50% plus one share of the voting rights at Renaissance Capital. This transaction is subject to regulatory and other approvals. Renaissance Group's holdings in Renaissance Investment Management, Renaissance Partners and Renaissance Credit remain unchanged.

On September 23, 2008, Fitch a financial rating company has downgraded Renaissance Capital's individual rating to D from C/D and changed the outlook on the bank's long-term issuer default rating to negative from stable. The move comes after Renaissance said Monday that it will sell 50% minus one share in itself to Russia-based Onexim Group in return for an injection of new equity of $500 million. "Fitch views this as a defensive sale at a time of substantial market volatility in Russia and internationally, and when pure investment banks like Renaissance Capital have become increasingly exposed to market sentiment and whim," the ratings agency said. The negative outlook reflects the medium- and longer-term earnings and risk management challenges facing a business that is still very reliant on the markets and investor sentiment towards Russia, Fitch said. The cash injection by Onexim has reduced immediate liquidity risk, but this is likely to be the main area of management focus in the near term.¹ "Reference", Polya Lesova, MartketWatch a Dow Jones Company, September 23, 2008.

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