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The Russian economy has faced numerous challenges over the last 30 years, from terms-of-trade shocks to international sanctions. But with the disruption comes opportunities as well as challenges. Despite the geopolitics, Russia is a market-based European economy integrating with Asia. Firms are seeking growth capital while equity financing with a longer-term risk appetite is scarce.
Volatility has tended to depress asset prices while the limited access to international capital has, in many cases, incentivized increased operational efficiency and corporate competitiveness. Russian companies have survived by adapting to the new business environment. ​In a number of sectors, including tech, finance, medicare and retail, companies are taking advantage of the disruption to expand market share.
The combination of high barriers to entry, scarce long-term capital, low valuations and an undervalued currency makes Russia a unique investment opportunity for a patient investor.

01
VPE Russia Fund
The Moscow-based team looks to source mid-sized opportunities across all sectors. The Fund aims to be the investment window for international institutional funds to invest into Russia.
VPE Capital endeavours to find companies looking for growth capital with ambitious, experienced management teams wanting to work with international PE funding managed by a team dedicated to the Russian market.
02
Investment Themes
VPE Russia is focused on accessing the best risk-weighted private sector opportunities. The Fund is sector-agnostic and aims to generate a USD return of 15%+ p.a. with a minimum cash-on-cash return of 3X.
03
Renewable Energy

Improving efficiency, high quality contracts with Sovereign backed credits and scalability against a backdrop of falling interest rates makes renewable energy a relatively low-risk growth opportunity in Russia today.

Retail and Logistics

Russia´s retail market has been completely disrupted over the course of the last decade, creating a range of opportunities around logistics and transportation.

Fintech and logistics

Tech companies are finding solutions for logistics companies to more effectively manage cash flows and balance sheets. Russia has a tradition of innovative programmers with a paucity of access to capital at every stage of development.

Agriculture

Russia has tremendous potential across a range of sectors for agriculture and aquaculture. Accessing opportunities has been difficult for international investors, but opportunities with the right risk-return profile do emerge from time to time.

Small Scale Power Generation

The power sector in Russia is dominated by large regulated companies. Opportunities exist to provide energy and heat to niche customers with good credit under long-term contracts at attractive IRRs.

Real Estate

Changes in legislation and the absence of long-term capital has created a window of opportunity when prices are subdued but demand is high.

Our Strategies

Kazakhstan
Private Equity & Infrastructure
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Investment Philosophy

We are a specialist Emerging Market asset manager focused on investing institutional funds to enhance risk weighted return with a focus on the geographies in the CIS region
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