Investment Strategy

“Fantasy is not about imagining what things could be,
but about making them happen.”

- Karel Čapek -

Investment Criteria

We employ the following key criteria when making a decision in which companies to invest:


Our team includes veterans of the private equity industry in the region as well as ambitious talented professionals, bonded by the 4i Capital Partner’s investment philosophy of integrity, innovation, intelligence and impact.

The combined experience of the company’s investment team is nearly 50 years of doing deals and developing companies in Ukraine, Belarus and Moldova. The founding partners of 4i Capital Partners have been working together since 2008, having raised the Europe Virgin Fund and having made all of its portfolio investments.

Our experience shows that only active management of investee companies may lead to results. Sitting in the passenger seat of a minority shareholder often does not. We take controlling stakes, as only that assures a balanced relationship with our local partners, commonly founders of the business. Our team members have successful experience in taking management roles in our portfolio companies, if and when needed.



Managing Partner



Managing Partner

“It is difficult, but not impossible, to conduct strictly honest business.”

- Gandhi -

“Imagination is more important than knowledge.”

- Albert Einstein -

“Common sense is not so common”

- Voltaire -

“The purpose of life is to contribute in some way to making things better.”

- Robert Kennedy -


Europe Virgin Fund L.P.

Europe Virgin Fund is a regional private equity fund investing in Ukraine, Moldova and Belarus, with $57 million of committed capital.

The Fund’s limited partners include Dragon Capital, the European Bank for Reconstruction and Development, the Swiss Investment Fund for Emerging Markets and the Black Sea Trade and Development Bank.

The portfolio of Europe Virgin Fund includes controlling stakes in Ukraine’s leading manufacturer of tissue products Ruta, top out-of-home advertising operator Prime Group, niche pharmaceutical manufacturer Sperco Ukraine, leading e-payment service provider Portmone and Ukraine’s largest private security services company Venbest. .

  • Fund Name: Europe Virgin Fund L.P.
  • Fund Type: private equity fund*
  • Fund Size: $57 million
  • Limited Partners: Dragon Capital, EBRD, the Swiss Investment Fund for Emerging Markets (SIFEM), the Black Sea Trade and Development Bank
  • Geographical Focus: Ukraine, Belarus, Moldova
  • Strategy: private sector medium-sized businesses with high growth potential
  • Industry Focus: FMCG, retail, industrial, telecom, media, technology, pharmaceuticals, construction materials and financial services
  • Investment Style: active management
  • Investment Horizon: medium to long-term
  • General Partner: Dragon Private Equity Partners Limited
  • Fund Domicile: Isle of Man
  • Auditor: KPMG

* The Fund is established in the Isle of Man, as a Specialist Fund under the Isle of Man Collective Investment Schemes (Specialist Fund) Regulations 2010 (“the Regulations”). Investments are accepted solely on the basis of the information set out in its offering documentation and may only be accepted from persons who are “Specialist Investors” as defined in the Regulations. The Fund is currently closed to new investors


Submit Your Project

We are interested to hear about your projects and ideas. Please do not hesitate to tell us more about your product or services and why you think it is distinctive in the marketplace. We wish to learn about your story, your background and your strategy going forward. Do not hesitate to share key financials, projections and financing requirements. The more you tell us at, the more likely we are to come back to you with our proposal how we can help you.


We run a small team of investment professionals assisted by a support team in areas such as finance, compliance and administration. Vacancies occasionally occur. If you are interested in being considered, please send us your CV and outline why you think we should get you on board at

Management Talent

We are constantly searching for talented managers, who possess the necessary experience, share our values, have an ambition to outperform and great visions to execute. Please send us your ideas and short bio at

Our Office:

4i Capital Partners
18 Vozdvizhenska
04071 Kyiv Ukraine

T +380 (44) 303 91 11


Sector: Security services
Main Location: Kyiv, Ukraine
Investment Date: May 2015


In May 2015, Europe Virgin Fund acquired a controlling stake in VENBEST Group, the leading private security services market operator in Ukraine. The company offers wide range of security solutions and services to a portfolio of more than 30,000 customers.

The company provides services throughout the territory of Ukraine and offers its customers comprehensive security solutions while taking into account their individual needs. The company’s most popular services include physical security of property and individuals, provision of technical security systems and facilities, as well as patrolling. VENBEST also has its own research and production center, which provides the company with advanced technology in the field of technical security.

VENBEST is focused on further expanding its presence in the corporate segment, servicing clients from small, office-size to the largest banking and retail networks and complex objects. The company is also actively developing the retail security segment, which is a rapidly developing market niche of residential properties and small businesses requiring professional security service.

The company had 2,100 employees as of December 31, 2015.



Sector: E-payments
Main Location: Kyiv, Ukraine
Investment Date: December 2013


In December 2013, Europe Virgin Fund acquired a controlling stake in, the largest independent service of online payments and money transfers in Ukraine.

Pioneering the market since 2002, the company currently serves around 2 million users and over 1,400 organizations, covering a wide range of regular payments (mobile top ups, housing and utilities, TV and Internet, insurance, taxes, bank loans, etc.) and card-to-card money transfers. offers a portfolio of proven IT payment solutions for banking, mobile, e-commerce and service industries.

The founders of and the Fund joined efforts to capitalize on the booming growth of Ukraine’s e-payment and e-commerce markets and to take on regional expansion opportunities.

The company had 45 employees as of December 31, 2015.




Sector: Pharmaceuticals
Main Location: Vinnitsa, Ukraine
Investment Date: November 2012


In November 2012, Europe Virgin Fund acquired a 50% stake in Lux Pharma Participations S.A., a holding company for niche pharmaceutical business principally operating in Ukraine under brand Sperco Ukraine. Established in 1997, the company is one of the top 10 pharmaceutical manufacturers in Ukraine, with a portfolio of 20 generic products.

Sperco Ukraine manufactures and markets lifestyle OTC and Rx pharmaceuticals in therapeutic areas such as cough and cold, women’s health, sedatives, pediatrics, dermatology and antibiotics. The company offers generic alternatives to well-known original pharmaceuticals maintaining European quality standards through own production and quality control facility in Ukraine.

The company has nationwide presence working directly with more than 100 largest market players. Sperco Ukraine is also developing exports to neighboring countries with own representative offices in Moldova and Belarus.

The Fund’s investment, including add-on in January 2016, was primarily used for completing reconstruction of the company’s manufacturing facilities in Vinnitsa in line with GMP standards, developing its product portfolio and expanding distribution network. Latest R&D and technology, high quality control standards and active promotion strategies make Sperco Ukraine one of the fastest developing market players.

The company had 320 employees as of December 31, 2015.





Sector: Media (Out-of-home)
Main Location: Kyiv, Ukraine
Investment Date: October 2011


In October 2011, Europe Virgin Fund acquired a majority stake in Prime Group, the upper-end out-of-home advertising operator in Ukraine. Starting from a number one position in the capital city of Kyiv, Prime Group has grown into a nationwide market leader with over 6,000 advertising faces.

The Fund’s investment was used for a complex balance sheet restructuring and market consolidation through M&A. Following several significant acquisitions Prime Group expanded to all regions of Ukraine and tripled the volume of advertising faces.

The company is focused on offering premium locations and high-end customer service. Prime Group is one of the pioneers of the out-of-home advertising market, enjoying long-lasting relations with main agencies and media buyers. The company maintains high business efficiency with above industry average occupancy rates and earnings per advertising face.

The company had 110 employees as of December 31, 2015.




Sector: Tissue products manufacturing
Main Location: Lutsk, Ukraine
Investment Date: June 2011


In June 2011, Europe Virgin Fund acquired a majority stake in a joint stock company VGP, a leading player in tissue products manufacturing in Ukraine operating under a principal brand Ruta. The company produces a wide range of tissue products, such as napkins, toilet paper, paper towels and hankies, and holds an estimated 15% market share in Ukraine.

VGP has strong positions in export markets, which account for over 50% of total revenues. Ruta is a well-known brand in Belarus, Moldova, Kazakhstan and the Baltic states. VGP also has private label contracts in EU countries.

VGP has one of the widest and most developed distribution networks in Ukraine covering all regions and all major retail chains.

The Fund’s investment, including an add-on in January 2013, was primarily used for reconstruction and significant increase of the company’s production capacities in both major business lines – rolled products and napkins. With a highly versatile production line from Gambini, VGP stands out as the most advanced tissue products manufacturer in Ukraine.

The company had 380 employees as of December 31, 2015.


Sergey Lysov

Sergey has strong and diversified background in finance, restructuring and turnaround, accounting and operational forensics.

Following obtaining BA in economics in 2005 and while continuing on master’s degree he joined KPMG as auditor. After two years of audit and assurance practice Sergey joined KPMG’s corporate finance team to develop valuation and M&A business.

In 2008, he joined Alex and Kamil, who just started to raise the Europe Virgin Fund. Sergey quickly gained his private equity acumen and was instrumental in financial controlling and operational management of several portfolio companies, including interim CFO and CEO positions at Sperco Ukraine for over one and half years.

In 2010 Sergey was granted membership with the Association of Certified Chartered Accountants (UK).


Kamil Goca

Kamil has been doing business in Ukraine for 15 years, half of this time managing the launch and investments of Europe Virgin Fund, jointly with Alex.

He started his career in 1995 at Wood & Co. in Prague, where he worked for five years in various positions in equity research, investment banking and asset management.

In 2000, Kamil moved to Kyiv to help found Dragon Capital, establishing the company’s research and later investment banking departments. In 2007 he became responsible for new projects, strategy and corporate affairs. He led and closed a transaction with Goldman Sachs, which acquired a minority stake in Dragon Capital in December 2007.

Kamil holds Master’s degree in International Relations from the Prague University of Economics.


Alex Munteanu

Alex has been making private equity transactions and overseeing companies in Ukraine, Belarus and Moldova for 20 years. He has worked in the private equity industry since 1997, leading investments of Horizon Capital, Dragon Capital and now at his own firm – 4i Capital Partners.

He previously worked for Credit Lyonnais in Paris, the National Bank of Moldova and the World Bank in Washington DC, where he was a financial consultant in Private Sector Finance and Infrastructure Department responsible for the Middle East, North Africa and Iran.

Alex holds a Master’s degree in Economic Policy Management from Columbia University, New York, and a Master’s degree in Theoretical Physics from Moscow State University. He is President-founder of the Alliance Française of Moldova and Co-Chairman of the Business Advisory Council for Southeastern Europe and Eurasia. He also currently serves on the Board of Governors of Pechersk School International (PSI) in Kyiv, being its Chairperson. Alex is a Knight of Légion d’honneur of France.