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FENUL
FENUL LLC was established in 2016 as the private investment vehicle for Nikolay Storonsky, the co-founder and CEO of Revolut.
FENUL
FENUL LLC was established in 2016 as the private investment vehicle for Nikolay Storonsky, the co-founder and CEO of Revolut. The office's funding base is tied to Storonsky's equity in Revolut, a London-based fintech platform that achieved a $33 billion valuation in its 2021 Series E round. Storonsky, a former equities and credit trader at Lehman Brothers and Credit Suisse, brought his systematic trading discipline into the family-office structure, which operates without a formal CIO — Storonsky himself directs allocation decisions. The firm's mandate spans three principal areas: a concentrated portfolio of public equities, systematic algorithmic trading in liquid markets, and direct venture investments. Storonsky's execution of the algorithmic book is a distinguishing feature — a rare case of a billionaire founder personally coding and running systematic strategies. On the venture side, the office has written early-stage checks into companies adjacent to Storonsky's fintech expertise. Confirmed positions include a seed investment in Ritual, a decentralized AI infrastructure startup (per TechCrunch, 2023), and participation in rounds for the embedded-finance platform Weavr alongside Tiger Global (per Sifted, 2022). Geographic focus extends from London and the broader UK market into Continental Europe and select US tech hubs. The exact scale of FENUL's deployment remains undisclosed. Nicolay Storonsky sold an estimated $200 million to $300 million in Revolut shares during a 2022 secondary transaction (per the Financial Times, 2022), providing at least partial visibility into the office's liquidity base. The office operates from Moscow, with deal-level activity concentrated in London, reflecting Storonsky's dual operational footprint. No dedicated team size has been reported; the lean structure correlates with Storonsky's known preference for automation and direct oversight. In 2023, Storonsky registered a UK entity, Vault Investments Limited, with a stated objective of trading in securities and providing investment services (per Companies House, 2023). The office's structural differentiator is the first-principle integration of a founder-operated systematic hedge fund with early-stage venture under a single-family umbrella. Rather than defaulting to external wealth managers, Storonsky built algorithmic infrastructure internally, making FENUL less an outsourced allocator and more an extension of the founder's own investment psychology — a posture that aligns the office with technology-native, operator-controlled family offices like those of the Collison brothers or Xavier Niel.
General information
Firm type
Single Family Office
Year founded
2016
AUM
Undisclosed
Location
Region
Europe
Country
Russia
City
Moscow
Corporate office
Moscow, Russia
Principals
Nikolay Storonsky
Beneficiary
Sector focus
Frequently asked questions
Where does FENUL's underlying wealth come from?
The wealth originates from Nikolay Storonsky's co-founding stake in Revolut, the digital banking and payments platform. Revolut raised capital at a $33 billion valuation in July 2021 and has held secondary share sales, including one in 2022 where Storonsky sold an estimated $200–$300 million of his personal stake (per the Financial Times, 2022).
Who makes the investment decisions at FENUL?
Nikolay Storonsky personally directs allocation decisions. The office has not disclosed a formal CIO or dedicated investment committee. Storonsky, a former trader at Lehman Brothers and Credit Suisse, also runs the systematic algorithmic trading strategies within the office himself, a detail he has confirmed in public interviews.
Does FENUL commit to external funds, or does it only do direct investments?
The office's known activity is entirely direct — in public equities, algorithmic trading, and early-stage venture rounds. There is no public record of FENUL making fund commitments. On the venture side, it has participated as a direct co-investor in rounds led by other VCs, such as its investment in Weavr alongside Tiger Global (per Sifted, 2022).
What types of venture investments does FENUL target?
FENUL's venture activity skews toward fintech infrastructure and AI, consistent with Storonsky's operating background. Known positions span embedded finance (Weavr), decentralized AI infrastructure (Ritual, per TechCrunch, 2023), and early-stage software platforms. The office has shown no tendency toward consumer apps, hardware, or life sciences.
How is FENUL structured in relation to Vault Investments Limited?
Vault Investments Limited is a UK entity incorporated by Nikolay Storonsky in December 2023, with a stated purpose of trading in securities and providing investment services (per Companies House, 2023). It is understood to be a parallel or complementary investment vehicle to FENUL LLC, likely created to house UK- and Europe-facing trading activity alongside the existing Moscow-based office.
Does FENUL manage capital for anyone besides Nikolay Storonsky?
No. FENUL LLC is exclusively the private investment vehicle for Nikolay Storonsky's personal wealth. There is no public record of it operating as a multi-family office, taking outside capital, or managing a foundation's endowment.
What is Storonsky's known posture on co-investment alongside external investors?
Storonsky has demonstrated willingness to co-invest alongside external venture GPs, as in the case of Weavr's round with Tiger Global. However, AUM is undisclosed and the office does not publicly solicit co-investment partnerships; allocators would need an existing relationship or a direct introduction to the founder for access.
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