In October 2018, the RCIF became trilateral with Public Investment Fund, the sovereign wealth fund of Saudi Arabia, contributing US$500 million to the RCIF, raising total capital to US$2.5 billion.
[1] The RCIF was founded to pursue investment opportunities in Russia, members of the Commonwealth of Independent States, and investments in China with a close connection to Russia including China–Russia border infrastructure projects and Chinese firms trading with Russia in technology and services.
[citation needed] In 2017, China Development Bank, a Chinese policy bank and the Russian Direct Investment Fund announced plans to establish a China-Russia RMB Investment Cooperation Fund.
The goal behind the fund was to make investments of 68 billion yuan in Russian and Chinese projects including the Belt and Road Initiative and to help simplify investments in the Chinese and Russian currencies in the other country.
[3] In 2018, during Russian President Vladimir Putin's visit to Beijing, Russia-China Investment Fund (RCIF) and China Chengtong Holdings Group announced agreement to establish a US$1 billion "industrial investment fund".