Cosmos VC
A hybrid PE + VC fund investing in mature science-driven businesses and early-stage technology companies
EVGENY KUZNETSOV
Managing Partner, Cosmos VC
Partner, CEO at Orbita Capital Partners
Fund mission
Cosmos VC backs companies whose technologies and expertise underpin the future space economy. Priority is given to cluster residents and partners delivering contracts under Russia’s national “Space” project. A key investment criterion is dual-use potential: near-term applicability on Earth and long-term upside in space—building a more resilient fund model and reducing classic space-startup risk.
Investment model
Private Equity
80% of fund capitalAcquiring mature businesses with a significant stake to develop the company and exit later.
- —Typical ticket: $6–8M
- —Number of companies: 10–12
Venture Capital
20% of fund capitalInvesting in young technology companies at early stages with high scaling potential.
- —Typical ticket: $1M
- —Number of companies: 10
Target investors
Private family offices
Technology corporations
Major banks
Approach and focus areas
Emergent approach
- —Invest in companies building blocks of the future space economy.
- —Focus on synergy across portfolio projects.
- —Create new opportunities by connecting portfolio companies.
Investment criteria
- —Current commercial use on Earth.
- —Potential for space applications.
- —Synergy with the existing portfolio.
- —Technology scalability.
Priority areas
- —New materials and coatings.
- —Power systems and storage.
- —Robotics and autonomous systems.
- —Biotechnology for space applications.
Fund formation
Fund structure
- —Limited partnership with GP (manager) and LPs.
- —Investor admission/exit and profit distribution governed by agreement.
- —Planned fund jurisdiction: UAE / Hong Kong.
Investment process
- —Investment committee decisions within 7 days.
- —IC composition: GP, LPs and independent experts.
- —Funnel: 500+ screened → 100 analysed → 35 to IC → 20+ investments.
- —Stages: sourcing → analysis → term sheet → due diligence → IC.
Role of the fund
- —Access to technology trends, startups and M&A opportunities.
- —Lower risk and flexible budget load.
- —Main capital calls in the first five years.
- —Higher corporate valuation and innovation profile.
Roadmap
Capital raise, investment process design, team build-out
Active deployment phase, 20+ deals
Hands-on support to scale portfolio companies
Realising the portfolio via M&A with strategics or IPOs
Launch
Capital raise, investment process design, team build-out
Investing
Active deployment phase, 20+ deals
Development
Hands-on support to scale portfolio companies
Exits
Realising the portfolio via M&A with strategics or IPOs
Drivers of market growth in Russia
Technology
- —Rapid AI development and applications with potential use in space.
- —Advances in ICT, fast data transfer, neural networks and machine learning.
- —New materials and propulsion approaches that lower production cost.
- —Ecology and biology forming a basis for partially closed ecosystems in orbit and on planetary surfaces.
Economics
- —Funds and institutions able to pool private capital for large, complex missions.
- —Space as mainstream business: telecom, Earth observation, tourism, launch insurance.
- —Higher space-tech valuations driven by private players and strong multiples.
- —Relaunch of the space cluster and a shift to a public–private model for space technology in Russia.
Growth outlook
SpaceTech
~3× by 2030Demand for global connectivity, LEO constellations, defence, science and environmental monitoring.
Satellite communications
up to ~5× by 2030Accelerating demand for global connectivity and larger satellite fleets.
In-orbit manufacturing
~10× by 2030Microgravity research and new materials development.
Space travel
~3× by 2030Lower trip cost, more private players and stronger competition.
Space medicine
up to ~5× by 2030New technologies to produce rare substances in microgravity.
AI-driven solutions
~3× by 2030Growing data volumes requiring processing and process automation.
«Ex astris, scientia»