The wealth funds of Russia and China will each commit $1 billion in a joint investment fund worth as much as $4 billion, raising additional money from third-party international investors, China Investment Corp. said today.

China Investment Corp.’s Chairman Lou Jiwei and Russian Direct Investment Fund’s Chief Executive Officer Kirill Dmitriev signed a memorandum today “signifying the full launch of the joint fund,” according to the statement posted on the Chinese sovereign wealth fund’s website.

The China-Russia Investment Fund is being set up in the form of a limited partnership and will be run as a “commercial operation”, the statement added.

The joint fund is likely to target transactions in Russian forestry, logistics and agriculture, Dmitriev said in an April interview. As much as 70 percent of the joint fund will be invested in Russia and the Commonwealth of Independent States, Dmitriev said in a statement April 29.