Private equity firm Pamplona is looking to cut ties with Russian oligarch backers, per Bloomberg.- Pamplona wants to replace its biggest backer; an
investment firm that froze out two Russian cofounders.
Private equity firm Pamplona is turning to US investment companies to help cut ties with Russian oligarch backers, $4 reported.
Pamplona Capital Management has sought help from American financial services and investment firm
In addition, the private equity company has held initial discussions with investment giant
Some of the sources told Bloomberg that it's part of Pamplona's effort to replace its largest backer, LetterOne, a London-based $22 billion investment firm.
LetterOne $4 two of its cofounders, Mikhail Fridman and Petr Aven, in early March after they were sanctioned by the UK and EU over their close ties to the Kremlin in the midst of the
Pamplona oversees nearly $3 billion of LetterOne's money, a LetterOne spokesman previously told $4.
Pamplona, Jefferies, Apollo, and LetterOne didn't immediately respond to Insider's request for comment made outside of normal working hours.
Hundreds of companies all over the world, including financial firms and banks, $4 following its invasion of Ukraine in late February. Many private equity firms have since steered clear from deals that involve Russian firms and individuals because of the war, Bloomberg reported.