Milner’s success with DST Global is helping him finance the purchase of a $75 million home in California.
Billionaires Alisher Usmanov and Yury Milner, who control 10 percent of Facebook through DST Global, started a second fund to invest in Internet companies, three people with knowledge of the matter said.
The investors registered DST Global 2 and expect to complete the first round of fundraising in the summer, said the people, who declined to be identified until the project becomes fully operational.
DST Global 2 acquired a stake in Groupon during the coupon web site's latest sale of new shares, the people said. The fund may also buy 5 percent of online music site Spotify for $50 million, Vedomosti reported Tuesday.
Leonid Solovyov, a spokesman for Milner, and an Usmanov aide who asked not to be identified, declined to comment.