<p>With reference to the activity of the Kama Innovation Cluster "Innokam", the paper considers some issues of the integration of project management mechanisms into the investment strategy of the cluster structures. Such a strategy implemented by Innocam's structures in the context of open innovation encompasses a set of innovative projects, including the creation of engineering centers for the development of flexible production systems, the design of high technologies, new generation robotic complexes, etc. The study describes some features of an innovative cluster functioning in the environment of open innovations, which is characterized by a high level of uncertainty. The article introduces the business model of the strategic partnership of "Innokam" structures, which is focused on the environment of open innovations. Tools for strategic analysis<br />have been developed, the results of which are used by Innokam structures when creating<br />an array of input data necessary for the design of a project ma nagement strategy. The research explores the mechanism and principles of the development of the project management strategy in relation to the investment activities of the Innocam structures. Taking into account the specifics of the functioning of these structures, the scenario planning methodology has been modernized and a tool for selecting the best variant of the project management strategy has been proposed. The paper includes proposals on the construction of a multi-level management system, taking into account the specific features of Innokam’s investment activities. With respect<br />to each level of management, criteria are given for assessing the effectiveness of the system. The research has justified the use of controlling that fulfills the role of feedback in the management system, which allows one to evaluate the effectiveness of the project strategy implemented by Innocam's structures</p>