A joint investment vehicle set up by Chinese and Russian sovereign wealth funds announced three deals on May 20 in Shanghai that see it diversify into the service sectors of the two countries.

Nearly seven months after its $200-million deal to acquire a 42-percent stake in Russia's second largest forestry company, the Russian-China Investment Fund (RCIF) is eyeing opportunities to expand its investment into sectors such as logistics, healthcare and tourism, according to Kirill Dmitriev, co-CEO of RCIF.

In addition, it will pursue projects in agriculture, energy and natural resources.

Under the new deal, RCIF will partner with a Russian development fund to commit $400 million in both equity and debt for the construction of a cross-border railway bridge, the first to span across China's border with Russia over Heilongjiang River, also known as Amur River in Russia.

The fund also joined Hopu Investment Management Co., a private equity firm in China, in a deal to invest an undisclosed amount into Global Logistics Property, which operates logistic infrastructures in China, Japan and Brazil.

Dmitriev said the motive behind the deal is to acquire expertise in logistics management, which will be useful when Russia develops its own logistics projects in the future.