Investment approach

CapMan Russia provides equity financing for Russian growth companies. We are a leading private equity manager in Russia and have operated in the market since 1995. Our investment focus is on fast-growing non-strategic sectors that benefit from Russia’s expanding middle class. We partner with strong management teams and help our portfolio companies to grow into domestic champions and expand internationally.

What do we do?

  • Invest in non strategic sectors tapping into Russia’s fast-growing middle class
  • Help companies grow from regional players into domestic champions
  • Support international expansion

Where do we invest?

  • Small and mid-sized enterprises operating in Russia
  • Almost all sectors that benefit from the rise of the Russian middle class. We have invested in areas such as consumer goods and services, business services, healthcare and telecoms. We do not invest in real estate or natural resources
  • Companies with a typical turnover of €5–100 million
  • Companies with a typical enterprise value of €5–50 million
  • Equity investments of €5–25 million

What do we look for?

  • Clear growth potential organically or through acquisitions in Russia or internationally
  • Investment opportunities in provincial growth centres
  • Professional, entrepreneurially minded management teams committed to Western-style management practices

How do we create value?

  • We have a clear value creation roadmap for all our portfolio companies
  • We cooperate closely with companies’ management teams and key employees to achieve their performance targets
  • We take advantage of our strong networks across Russia to help our portfolio companies expand their business, either organically or through add-on acquisitions
  • We implement IFRS accounting and high standards of corporate governance and transparency in all our portfolio companies
  • Whenever possible, we utilise the knowledge and experience of CapMan’s extensive network of industry advisors

Our strengths

  • Extensive experience of the Russian private equity market
  • Networks across Russia’s provinces leading to a high proportion of regional investments
  • Strong track record over 17 years

CapMan Russia in figures

  • 41 investments and 29 exits since 1996
  • Previous fund (2003) generated 4.6x gross