Russian billionaire Mikhail Fridman and his Russian partners have come together to create a private-equity-style group that will invest in technology and telecom companies in the U.S. and Europe, the Financial Times reported. The private-equity fund called LetterOne Technology , will utilise its $16 billion in funds - stretchable up to $25 billion - to buy struggling telecom companies that require fresh infusion of capital or technology companies that make apps or streaming services that could be used by its global mobile operations, the FT quoted L1Technology's Chief Executive Alexey Reznikovich as saying.