Elbrus Capital, a Russian buyout firm spun out of alternative asset manager Renaissance Group in 2009, has held a first close on its maiden independent vehicle after a year on the road.

According to two people familiar with the situation, Elbrus has held a first close - the point at which a firm can begin investing - of $300m for the fund after around a year on the road. The firm has a $500m target for the fund and is expected to hold a second close "in due course", one person added.