Pursuits
Russian Oil Billionaires' Next Big Investment - American Health Care
- Fridman’s LetterOne to invest $3 billion in health care
- ‘We cannot hold all our assets in Russia. It’s too risky.’
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Mikhail Fridman cashed out of his Russian oil venture near the top of the market and moved to London to build an empire in calmer climes. Then Brexit struck, reinforcing his determination to keep heading west.
With Britain’s decision to leave the European Union and sanctions over Ukraine muddying the investment waters from Moscow to Glasgow, Fridman and his three fellow Alfa Group billionaires are looking across the Atlantic and see a clear stream of profit in ever-higher spending on health care. With two Washington insiders in tow to help navigate the terrain, the Russians are preparing to invest as much as $3 billion in the industry over three years, starting in the U.S., where it accounts for almost a fifth of the economy.