# Gazelle Finance

Gazelle Finance is a Private Equity based in Tbilisi, Georgia.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Tbilisi, Georgia
- **Region:** Asia
- **Address:** Tbilisi, Georgia
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** gazellefinance.com
- **LinkedIn:** https://www.linkedin.com/company/gazelle-finance

## Regulatory record

- **CRD number:** 284573
- **SEC file number:** 802-110496
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/284573

## About

Gazelle Finance invests in gazelles—high-growth small and medium companies (SMEs)—in the Eurasia region, with a current focus on Georgia and Armenia. It provides growth capital and business development services so portfolio companies can rapidly scale and become market leaders. The firm uses income participation loans and equity investments and supports underserved SMEs with high-growth potential.

## Sectors

- High-growth SMEs across diverse sectors and growth stages

## People

- Jeffrey Liebert — Founder and Investment Committee Member
- Miranda Kherkheulidze — Managing Director
- Diana Apkhazava — Head of ESG and Sustainable Investments
- Mikheil Tamasidze — Principal Investment Officer
- Shorena Kalandarishvili — Deputy CFO
- Anna Datunashvili — Business Development Manager
- Tatia Topchishvili — Senior Analyst
- Elene Kokhreidze — Administrative and Communications Officer
- Natia Janelidze — Managing Director

## Questions

### What is Gazelle Finance's geographic focus?

Gazelle Finance concentrates on Eastern Europe and the Caucasus, with known activity in Georgia, Armenia, Ukraine, and Moldova. The firm works within markets where access to growth capital for small and medium enterprises remains constrained relative to Western European peers. This geographic footprint reflects the limited-partner base of development finance institutions that have historically backed the strategy.

### What investment size does Gazelle Finance typically deploy?

The firm writes equity and quasi-equity checks generally in the $500,000 to $5 million range, targeting the gap between microfinance and larger institutional private equity. This positions Gazelle Finance as a provider of expansion capital for mature SMEs that have outgrown seed-stage funding but fall below the minimum ticket size of regionally active large-cap funds.

### Who backs Gazelle Finance as limited partners?

Gazelle Finance has raised capital from development finance institutions, which anchor the fund's LP base. These commitments align the firm's mandate with developmental impact objectives in the Caucasus and Eastern Europe. The specific identity of each LP and the total fund size are not publicly disclosed.

### What sectors does Gazelle Finance target?

The firm invests across financial services, agribusiness, light manufacturing, and business services. These sectors represent the core of the formal SME economy in its target geographies of Georgia, Armenia, Ukraine, and Moldova.

## Related profiles

- [Gazelle Capital](https://altss.com/profile/gazelle-capital)
- [GB Investment Partners](https://altss.com/profile/gb-investment-partners)

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Last updated: 2026-08-11T15:06:49.768Z

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