Governance
Institutional
Architecture
The decision-making architecture behind every acquisition — designed so that a sophisticated investor can see there is an actual institutional process behind this platform.
01
Board of Directors
The holding is governed by its Board of Directors, chaired by Spas G. Kostov, founder and Chairman of the Supervisory Board. The Board carries ultimate responsibility for strategy, capital allocation, and the stewardship of the companies we own.
02
Investment Committee
Every acquisition is reviewed by the Investment Committee — led by the Chief Investment Officer, Dr. Helena Voss — against documented criteria: business quality, valuation discipline, transformation potential, and capital adequacy. No acquisition proceeds without committee approval.
03
Risk Management
Risk is assessed at acquisition — market, operational, currency, and regulatory — and monitored throughout ownership through structured portfolio review, with Board oversight of concentration, leverage, and liquidity.
04
Legal & Compliance
Every transaction is executed with local counsel in each jurisdiction. Where activities fall within regulated markets, they are undertaken only under appropriate authorisations and with compliant structures.
05
Investment Process
Origination → Screening → Management Access → Due Diligence → Structuring → Acquisition → Transformation → Exit. Each stage is gated by documented criteria and committee oversight — there is an institutional process behind every decision.
06
Conflict Management
As a permanent-capital holding, we invest our own capital alongside our partners and do not manage third-party funds. Conflicts of interest are managed through Board-level oversight and disclosure to counterparties.
07
Responsible Investment
We invest as long-term owners. Governance quality, workforce stability, environmental responsibility, and operational sustainability are part of how value is created — not external considerations.
Investment Process
Origination → Screening → Investment Committee → Exit
Every investment passes through eight gated stages — each governed by documented criteria and committee oversight. There is an institutional process behind every decision, and a named body accountable at each gate.
01
Origination
Proprietary opportunities surfaced through local networks.
02
Screening
Evaluated against documented investment criteria.
03
Investment Committee
No acquisition proceeds without committee approval.
04
Due Diligence
Local diligence — legal, financial, operational, regulatory.
05
Investment
Capital committed as a principal under committee terms.
06
Governance
Boards, controls, and reporting discipline installed.
07
Value Creation
Operational transformation and international market access.
08
Exit
Realisation on the merits of the business, when the case for holding ends.
Investment Committee — Terms of Reference
Mandate
Approves every acquisition and divestiture against documented criteria: business quality, valuation discipline, transformation potential, and capital adequacy.
Composition
Chaired by the Chief Investment Officer, Dr. Helena Voss, with the Chief Executive Officer and the Chairman. External counsel and specialists are engaged per jurisdiction.
Approval Gates
No capital is committed without documented committee approval. A single decision body — accountable to the Board, on the record.
Conflicts
We invest our own capital and manage no third-party funds — no fee stack, no misaligned incentives. Conflicts are managed through Board oversight and disclosure to counterparties.
Risk Framework
Market, operational, currency, and regulatory risk assessed at acquisition and monitored throughout ownership through structured portfolio review.
Record & Auditability
Every decision, and the criteria applied to it, is documented — so that partners and counterparties can examine the process behind any position.
The People Behind the Process
Governance is exercised by people. Meet the Board and executive leadership responsible for every decision described above.
Leadership & Board