Service · Private capital

Private debt and equity in Georgia and the Caucasus

Capital markets in the region are shallow, so most financing happens privately. We connect companies and families that need capital with investors who want exposure to the region, and structure the deal for both sides.

The market

The Georgian Stock Exchange is the country's only organised securities market, and trading is thin. Growth capital therefore comes mainly from banks, private lenders, family offices and development finance institutions. The EBRD alone has invested close to EUR 6 billion in Georgia across more than 300 projects, most of it in the private sector. The state-owned Development Fund of Georgia (formerly the Partnership Fund) co-invests in strategic sectors.

For companies and families raising capital

• Senior and mezzanine loans from private lenders
• Equity and minority stakes
• Refinancing of existing debt, including debt held abroad
• Bridge financing for acquisitions and developments

Recent mandates include refinancing EUR 15m of UK and EU debt for a client from Kazakhstan, and raising USD 1.5m from an EU-based investor for serviced apartments in Tbilisi.

For investors

• Deal sourcing through our network in Georgia, Armenia, Azerbaijan and Kazakhstan
• Due diligence on the company, its owners and its assets
• Structuring: SPVs, security packages and escrow arrangements
• Monitoring after closing, and managing the exit

Investor protections

Georgia's Law on Promotion and Guarantees of Investment Activity gives foreign investors treatment no less favourable than Georgian investors. Expropriation requires a law and a court decision with compensation at market value, and after-tax profits can be repatriated without limit. In Kazakhstan, the Astana International Financial Centre (AIFC) has a common-law court and an international arbitration centre, which many cross-border contracts use.

Typical structures

• Secured loans with mortgages or share pledges
• Convertible loans
• Minority equity with a shareholders' agreement
• Co-investment through a special purpose vehicle

How we work

Every mandate follows the same four steps: a first call, an NDA, a written mandate, then execution through to closing. We are paid through a retainer and a success fee, agreed in writing before work starts.

Frequently asked questions

What is the minimum ticket size?

Most of our mandates start at USD 500,000.

Which law governs the deal documents?

Local security is usually taken under Georgian law. Cross-border deals often use English-law or AIFC-law documents with international arbitration.

Do you hold investor or borrower funds?

No. Client money never passes through our accounts. Where needed, funds are held in escrow with a bank or notary until the agreed conditions are met.

Do you only work in Georgia?

No. We work across Georgia, Armenia, Azerbaijan and Kazakhstan, and deals often involve investors or lenders in the UK, the EU and the UAE.

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Information current as of September 2026. It is general information, not legal or tax advice.