A private equity company wants to cut ties with Russian oligarch backers, with help from US investment firms Apollo and Jefferies, a report says

• 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, Bloomberg reported.

Pamplona Capital Management has sought help from American financial services and investment firm Jefferies to help distance itself from Russian oligarch connections, people with knowledge of the matter told Bloomberg.

In addition, the private equity company has held initial discussions with investment giant Apollo Global Management, some of the sources told Bloomberg. The two companies didn't speak about a structure for a deal in the talks, which were deemed provisional, one person familiar with the matter, who requested anonymity, told Bloomberg.

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 froze out 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 Ukraine war. Three of the firm's board members also stepped down, despite not being sanctioned, LetterOne told Insider at the time.

Pamplona oversees nearly $3 billion of LetterOne's money, a LetterOne spokesman previously told Bloomberg.

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, have cut ties with Russia, 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.