Fridman enlisted a substantial advisory board of industry players to help him get the job done.
The PVE fund's board will include Lastminute.com co-founder Brent Hoberman, Irish telecoms entrepreneur Denis O'Brien, former Google payments executive Osama Bedier, ex-Skype executive Russ Shaw and Sir Julian Horn-Smith, one of the original members of the management team at Vodafone.
The board has been brought together to aid acquisitions in the technology sector in order to augment an already-substantial portfolio of telecoms businesses.
L1Technology Chief executive Alexey Reznikovich told FT he believed that the "old fashioned" telecoms industry needed a root-and-branch overhaul to make money for investors.
Another investment vehicle of Mikhail Fridman’s LetterOne Group, L1 Energy, ran into a spat with the UK government last month over its purchase of 12 North Sea oil and gas fields from the German utility company RWE.
The UK government had concerns that the production at these fields could stop if the West imposes more sanctions on Russia over Ukraine.
The company has hired financial advisers to help look at a variety of options for the fields and is now looking to sell the gas fields.
Previously, L1 Energy threatened to sue the UK Department of Energy and Climate Change over its pressure to force it to sell the oil and gas assets.
