About company

Zubr Capital is the first company managing private equity funds in the Republic of Belarus. The company was established by the top-management of Atlant-M Holding in 2009. Atlant-M Holding is a group formed by 28 portfolio companies, which operate in Russia, Belarus and Ukraine, with a total annual turnover more than $1 billion.

Zubr Capital Invests in different sectors of Belarusian economy including telecommunications, IT, retail, durable goods, innovative technologies

Zubr Capital manages two funds: SMH (launched in 2010) and Zubr Capital Fund I (launched in 2016). Oleg Khusaenov is the Chief Executive Officer of Zubr Capital.

Zubr Capital Investment Company raised funds of such institutional investors and companies as European Bank of Reconstruction and Development, Dutch Development Fund (FMO).

  • European Bank
  • Fmo


Improve the world around us with our investment and managerial activities

Regional focus

Republic of Belarus.

Key dates

Zubr Capital was established
2014, February
Zubr Capital invested in SoftClub
2015, March
Exit from MTBank
2016, March
Exit from Atlant Telecom
2016, August
Launching fund Zubr Capital Fund I at the size 50 mln USD
2017, April
Zubr Capital invested in online hypermarket 21vek.by
2017, April
Zubr Capital invested in autoclassifide av.by
2017, May
Zubr Capital invested in Uniflex (flexible packaging)
2017, December
Zubr Capital invested in Softline (IT)
2018, January
Second Closing Zubr Capital Fund I at the size 90 mln USD
2018, April
Zubr Capital invested in Targetprocess (IT).
August, 2019
Zubr Capital has attracted investments in MEDIACUBE
September, 2019
Zubr Capital invest in Mila Group
January, 2020
Zubr Capital invest in Myfin Group
July, 2020
Zubr Capital has attracted investment in Realt.by

The Company’s Sphere of interest includes

  • Buyout of private and state-owned companies and their subsequent development
  • Contribution of growth capital to small and medium enterprises by means of their share capital increase

Zubr Capital contribution

  • Providing growth capital and assisting in fundraising for operational and investment activities of  portfolio companies
  • Planning a development strategy for portfolio companies
  • Engineering of key business processes
  • Establishing financial management and managerial accounting systems
  • Organizing systems of HR development, training and management (including the use of resources of the Institute of Business Technologies in Minsk)
  • Structuring business in order to increase its value and raise its attractiveness for strategic investors or for IPO.

One of the strongest points of Zubr Capital is its back office. We work efficiently in the fields of strategic planning, financial modeling, HR policy development, corporate culture building as well as business process automation in order to achieve the highest labor efficiency. These technologies were developed in Atlant-M, then successfully tested in MTBank, implemented in Atlant Telecom, and now are being evaluated in Atlant Consult. These technologies work perfectly, and this is the reason why we always achieve the goals we set. We do not need to reinvent the wheel every time. We understand business development as an accurate and comprehensive use of technologies we have already developed by ourselves and tested in our business practice. Our knowledge, experience and technologies serve as our guarantee.

Oleg Khusaenov