This Website uses Cookies to allow better navigation. The site is set up to allow the use of all cookies. If you continue to browse this site, you agree to our use of cookies. For more information about our cookies policies please contact us.
The Russian economy has faced numerous challenges over the last 30 years, from terms-of-trade shocks to international sanctions. But with the disruption come 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.
As the current geopolitical crisis of 2022 is unfolding on an unprecedented scale, we are deliberating over our new Russian strategy, while recalling our experiences in the aftermath of the default of 1998, the Ruble plunge of 2008 and the first round of sanctions in 2014.

In each episode Russian companies have survived by adapting to the new, post-crisis business environment. 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. ​In a number of sectors, including tech, finance, medicare and retail, companies will be 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.

The Moscow-and-Abu Dhabi 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 and other CIS countries.
VPE Capital endeavours to find companies looking for growth capital with ambitious, experienced management teams wanting to work with international PE funding managed by an experienced international team.

Investment Themes
VPE Fund I LP 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.

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.


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.

Investment Philosophy

We are a specialist Emerging Markets asset manager based out of the UAE focused on institutional funds to enhance risk weighted return
Learn more