Moscow has emerged as a premier hub for private equity firms, attracting global investors with its dynamic economic landscape. Baring Vostok Capital Partners, Russia Partners, and Elbrus Capital represent the city’s robust investment ecosystem, leveraging local market expertise and international connections. These firms target high-growth sectors like technology, consumer goods, and financial services, driving innovation across Russia and the CIS. For professionals seeking to explore this vibrant investment community, visit alexejpikovsky.com/community.
Baring Vostok Capital Partners
Investment Style: Baring Vostok Capital Partners focuses on private equity investments in companies operating in Russia and the Commonwealth of Independent States (CIS). Their investment strategy targets growth sectors such as consumer goods, financial services, TMT (technology, media, and telecommunications), and natural resources.
Portfolio Companies: Their portfolio includes OZON (e-commerce), Kaspi.kz (financial technology), and Viasat (telecommunications).
Founding Date: 1994
Number of Investment Professionals: Over 30
Assets Under Management: Approximately $3.7 billion
Key Investment Professionals and Contributions:
- Michael Calvey, Co-Founder and Senior Partner: Calvey has been instrumental in shaping the firm’s investment strategy and fostering key relationships in the Russian market.
- Eliseev Maxim, Partner: Focuses on investments in the TMT and consumer sectors, with extensive experience in business development and strategy.
- Alexander Khloponin, Partner: Specializes in investment in financial services and industrial sectors.
Recent Exits:
- Exiting its stake in Kaspi.kz through a public offering on the London Stock Exchange.
- Sale of shares in OZON through an IPO on NASDAQ.
Recent Acquisitions:
- Invested in various fintech startups in Russia, expanding their financial services portfolio.
- Acquired a stake in a leading Russian digital marketing company to enhance its TMT portfolio.
Office Locations:
- Moscow (Headquarters): 1st Tverskaya-Yamskaya Street, 21, Moscow
- Additional Offices: Almaty, Cyprus, Tashkent
Website: www.bvcp.ru
Quote: “Our commitment is to develop and support businesses that drive economic growth and innovation in the CIS region.” – Michael Calvey, Co-Founder and Senior Partner
Russia Partners
Investment Style: Russia Partners is focused on private equity investments in mid-sized and growth companies across Russia and the CIS, emphasizing consumer services, media, and telecommunications sectors. They aim to provide capital and strategic guidance to enhance market positioning and growth.
Portfolio Companies: Includes EDIN (electronic document interchange in Russia), Acronis (cyber protection), and Russian Towers (cellular tower infrastructure).
Founding Date: 1991
Number of Investment Professionals: Over 20
Assets Under Management: Approximately $1 billion
Key Investment Professionals and Contributions:
- Michael Madden, Founder and Managing Partner: Drives the firm’s strategic direction and growth, with a focus on media and technology investments.
- Alexei Beltyukov, Managing Director: Specializes in consumer and telecommunications sectors, facilitating cross-border expansions.
Recent Exits:
- Exited its investment in Yandex, a leading Russian online services provider, through a secondary offering.
- Sold its stake in HeadHunter Group through a public market offering on NASDAQ.
Recent Acquisitions:
- Invested in a major Russian online education platform to capitalize on the growing edtech sector.
- Acquisition of a stake in a healthcare technology company focused on telemedicine in Russia.
Office Locations:
- Moscow (Headquarters): Moscow-City Business Center, Moscow
- Additional Offices: New York
Website: www.russiapartners.com
Quote: “We aim to foster innovation and growth in the Russian market by partnering with visionary entrepreneurs.” – Michael Madden, Founder and Managing Partner
Elbrus Capital
Investment Style: Elbrus Capital focuses on private equity investments in fast-growing companies in Russia and the CIS. Their primary sectors include financial services, consumer products, business services, and healthcare. They seek to enhance the operational efficiency and strategic growth of their portfolio companies.
Portfolio Companies: Includes VSK Insurance (insurance services), Familia (off-price retail chain), and UNA (healthcare services).
Founding Date: 2007
Number of Investment Professionals: Over 15
Assets Under Management: Approximately $1.5 billion
Key Investment Professionals and Contributions:
- Dmitri Krukov, Managing Partner: Leads investment strategy focusing on value creation through operational improvements and strategic partnerships.
- Sergei Shcherbakov, Partner: Specializes in consumer and healthcare investments, providing deep industry insights.
Recent Exits:
- Exited investment in VSK Insurance through a strategic sale to a major industry player.
- Sale of interests in Familia through a private transaction to international investors.
Recent Acquisitions:
- Acquired a stake in a leading Russian logistics company to enhance business services offerings.
- Invested in a Russian fintech startup to expand its presence in the financial services sector.
Office Locations:
- Moscow (Headquarters): 17 Tverskaya Street, Moscow
Website: www.elbruscapital.com
Quote: “Our approach is to unlock the full potential of businesses by leveraging our industry expertise and strategic insights.” – Dmitri Krukov, Managing Partner
Da Vinci Capital
Investment Style: Da Vinci Capital focuses on private equity and venture capital investments in high-growth companies in Russia and Eastern Europe. They target sectors such as financial services, IT, and transportation, aiming to drive growth through strategic and operational improvements.
Portfolio Companies: Includes Softline (IT solutions), Globaltruck (logistics), and ITI Group (investment services).
Founding Date: 2007
Number of Investment Professionals: Over 20
Assets Under Management: Approximately $400 million
Key Investment Professionals and Contributions:
- Oleg Jelezko, Managing Partner: Leads the firm’s investment strategy with a focus on tech and financial services.
- Denis Peganov, Partner: Specializes in IT and logistics sectors, driving growth through technology adoption and innovation.
Recent Exits:
- Exited Softline through a public offering on the London Stock Exchange.
- Sold stake in Globaltruck to a strategic industry player.
Recent Acquisitions:
- Invested in a major Eastern European fintech company to expand its financial services footprint.
- Acquired a significant stake in a transportation technology firm to drive logistics innovation.
Office Locations:
- Moscow (Headquarters): 12 Krasnopresnenskaya Embankment, Moscow
- Additional Offices: London
Website: www.dvcap.com
Quote: “We are committed to creating value by transforming businesses with innovative solutions and strategic guidance.” – Oleg Jelezko, Managing Partner
VTB Capital Investment Management
Investment Style: VTB Capital Investment Management specializes in private equity and venture capital investments across various sectors, including real estate, infrastructure, and financial services. Their approach is focused on leveraging their extensive market knowledge and global reach to create value for their portfolio companies.
Portfolio Companies: Includes Lenta (retail chain), R-Pharm (pharmaceuticals), and Moscow Exchange (financial services).
Founding Date: 2008
Number of Investment Professionals: Over 40
Assets Under Management: Approximately $5 billion
Key Investment Professionals and Contributions:
- Alexei Yakovitsky, Global CEO: Oversees the firm’s overall strategy and operations, ensuring alignment with market opportunities.
- Vladimir Potapov, Head of Private Equity: Leads the private equity division, focusing on strategic investments and value creation.
Recent Exits:
- Sold shares in Lenta through a secondary public offering.
- Exited investment in Moscow Exchange through a strategic sale to institutional investors.
Recent Acquisitions:
- Acquired a stake in a leading logistics infrastructure company to strengthen its real estate portfolio.
- Invested in a fintech startup specializing in digital banking solutions.
Office Locations:
- Moscow (Headquarters): 12 Presnenskaya Embankment, Moscow
- Additional Offices: London, New York, Singapore
Website: www.vtbcapital-im.com
Quote: “Our deep understanding of the local market combined with our global expertise enables us to identify and capitalize on lucrative investment opportunities.” – Alexei Yakovitsky, Global CEO
RTP Global
Investment Style: RTP Global is an early-stage venture capital firm focused on technology investments worldwide. They invest in disruptive technology companies in sectors such as marketplaces, fintech, SaaS, and digital health.
Portfolio Companies: Includes Datadog (IT monitoring), Cred (fintech), and Curbside (location-based commerce).
Founding Date: 2000
Number of Investment Professionals: Over 15
Assets Under Management: Approximately $750 million
Key Investment Professionals and Contributions:
- Leonid Boguslavsky, Founder and General Partner: Focuses on identifying and nurturing promising tech startups, leveraging his extensive experience and global network.
- Kirill Mazur, Partner: Specializes in fintech and SaaS investments, driving growth through strategic partnerships.
Recent Exits:
- Exited Datadog through its IPO on NASDAQ.
- Sold its stake in Cred to a strategic acquirer in the fintech industry.
Recent Acquisitions:
- Invested in a leading European health-tech startup to expand its digital health portfolio.
- Acquired a stake in a fintech company focusing on blockchain technology.
Office Locations:
- Moscow (Headquarters): 11 Gogolevsky Boulevard, Moscow
- Additional Offices: New York, London, Bangalore
Website: www.rtp.vc
Quote: “We invest in visionaries who are creating transformative technologies that shape the future.” – Leonid Boguslavsky, Founder and General Partner
UFG Private Equity
Investment Style: UFG Private Equity focuses on growth-stage investments in Russia and the CIS, with a primary focus on consumer goods, services, and financial sectors. They aim to partner with entrepreneurs to drive value creation through operational improvements and strategic guidance.
Portfolio Companies: Includes Greenhouse (agriculture), B2B-Center (e-procurement), and Technonicol (building materials).
Founding Date: 2004
Number of Investment Professionals: Over 10
Assets Under Management: Approximately $600 million
Key Investment Professionals and Contributions:
- Charles Ryan, Co-Founder and Partner: Brings extensive experience in the Russian market, focusing on strategic development and value creation.
- Alexey Ostapov, Partner: Specializes in industrial and consumer investments, leveraging deep industry knowledge.
Recent Exits:
- Exited Greenhouse through a strategic sale to an industry leader.
- Sold its stake in Technonicol to international investors.
Recent Acquisitions:
- Invested in a major Russian e-commerce platform to enhance its consumer offerings.
- Acquired a stake in a fintech company focused on digital payment solutions.
Office Locations:
- Moscow (Headquarters): 4 Romanov Pereulok, Moscow
- Additional Offices: London
Website: www.ufgpe.com
Quote: “Our goal is to be the partner of choice for entrepreneurs looking to scale their businesses in the Russian market.” – Charles Ryan, Co-Founder and Partner
RDIF (Russian Direct Investment Fund)
Investment Style: RDIF is a sovereign wealth fund focused on equity investments in leading and promising Russian companies across various sectors. They aim to co-invest with leading international investors, leveraging capital and expertise for mutual benefit.
Portfolio Companies: Includes Gazprombank (banking), Rostelecom (telecommunications), and Sibur (petrochemicals).
Founding Date: 2011
Number of Investment Professionals: Over 50
Assets Under Management: Approximately $10 billion
Key Investment Professionals and Contributions:
- Kirill Dmitriev, CEO: Leads RDIF’s strategic investment initiatives, focusing on fostering international partnerships.
- Alexander Ivanov, Managing Director: Specializes in infrastructure and energy investments, enhancing strategic projects.
Recent Exits:
- Exited investment in Sibur through a public offering, partnering with international investors for strategic expansion.
- Sold a stake in Rostelecom to enhance technological development and market reach.
Recent Acquisitions:
- Acquired a stake in a leading logistics company to enhance its infrastructure portfolio.
- Invested in a digital healthcare company to expand its technology-driven services.
Office Locations:
- Moscow (Headquarters): 9 Presnenskaya Embankment, Moscow
Website: www.rdif.ru
Quote: “RDIF is committed to attracting and supporting strategic investments that drive economic growth and innovation.” – Kirill Dmitriev, CEO
Almaz Capital
Investment Style: Almaz Capital is a venture capital firm focusing on early and growth-stage technology companies in Eastern Europe and the United States. They invest in sectors such as SaaS, cloud computing, and cybersecurity, with a focus on companies with strong international potential.
Portfolio Companies: Includes Acronis (cyber protection), StarWind Software (virtualization), and Yandex (online services).
Founding Date: 2008
Number of Investment Professionals: Over 10
Assets Under Management: Approximately $300 million
Key Investment Professionals and Contributions:
- Alexander Galitsky, Co-Founder and Managing Partner: Focuses on technology investments with a strong international growth trajectory.
- Charles Ryan, Partner: Specializes in cross-border investments, leveraging his experience in both Eastern Europe and the US.
Recent Exits:
- Exited Acronis through a strategic sale to a global technology leader.
- Sold its stake in StarWind Software to an international acquirer.
Recent Acquisitions:
- Invested in a US-based AI company to enhance its technology portfolio.
- Acquired a stake in a European cybersecurity firm to expand its security solutions offerings.
Office Locations:
- Moscow (Headquarters): 10 Leninsky Prospekt, Moscow
- Additional Offices: Silicon Valley, Berlin
Website: www.almazcapital.com
Quote: “Our mission is to connect Eastern European entrepreneurs with global markets, fostering innovation and growth.” – Alexander Galitsky, Co-Founder and Managing Partner
Conclusion
Moscow’s private equity landscape continues to evolve, reflecting the complex economic dynamics of Russia’s financial sector. As global markets shift, these firms demonstrate remarkable adaptability and resilience. The intricate interplay between local regulations, international capital flows, and strategic decision-making shapes their ongoing trajectory.
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