The Portfolio
A book of operating businesses across the Caucasus region.
Current assets
Held and actively managedMagticom
- Sector
- Telecommunications
- Geography
- Georgia
The country's principal mobile and fibre network, serving millions of subscribers across consumer, enterprise and public-sector segments.
Rustavi Steel
- Sector
- Steel - Seamless Pipes production
- Geography
- Georgia
A vertically integrated steel producer supplying rolled products including seamless pipes to the domestic construction market and export customers globally, including to the USA.
Hunnewell Cement
- Sector
- Building Materials
- Geography
- Georgia
Georgia's largest cement platform, acquired from HeidelbergCement, supplying the majority of the country's infrastructure and residential construction demand.
Exited assets
Realised investments, no longer heldLiberty Bank
- Sector
- Banking
- Geography
- Georgia
A nationwide retail and commercial bank with one of the deepest branch footprints in the country and a leading position in pension and social payments.
Benahavis Hills
- Sector
- Real Estate
- Geography
- Spain
The remaining building rights at Benahavis Hills were sold in 2026 to a large European real estate fund, realising a substantial increase on the initial investment.
Direct Investment