MOSCOW, August 24 - RAPSI. Alexander Galitsky and Peter Lukyanov, founders of Almaz Capital Partners investment fund and partial owners of Yandex and Parallels have agreed to settle their conflict out of court, Gazeta.Ru reports, based on sources close to the businessmen.

The settlement agreement has been signed and will be presented in September. Galitsky will keep the Almaz trademark and Lukyanov will forgo the litigation procedures and his involvement in the companies in exchange for "appropriate financial remuneration".

The sources have not given any further details of the agreement, but two have said that it involves the distribution of proceeds from Almaz Capital Russia Fund I transactions.

Almaz Capital Partners was established by Galitsky and Lukyanov in 2008. They then invested in technology companies in Russia and former Soviet Union countries. The fund is registered in Cayman Islands and has offices in Moscow and San Francisco. It runs the Almaz Capital Russia Fund I. Its capital was $75 million.

Last January Almaz sold Skype a bloc of shares in Qik for $150 million. Qik holds the rights to a videoconferencing service for mobile gadgets. Almaz also has shares in Yandex online search engine.

Almaz Capital Partners' investment portfolio includes Parallels, a supplier of cloud computing solutions, Flirtic online dating site, Altergeo geo-location service and Apollo, a social network developer.

The conflict broke out in 2011 after Galitsky decided to set up another fund, Almaz II, without involving Lukyanov.

According to Vedomosti daily, Lukyanov thought it infringed his rights to the Almaz trademark and sued his partner in California for $30 million. The court reused to review the case as the Almaz Capital Partners' agreement stipulates that all disputes must be resolved under Cayman Islands jurisdiction.

One source said the agreement is only in regard to Almaz I and does not allow for Lukyanov's involvement in the Almaz II fund.