Investment Capital Ukraine

Makar Paseniuk and Konstantin Stetsenko serve as Managing Partners and jointly oversee the firm's investment activity. Paseniuk, who previously led ICU's investment banking division, focuses on private equity and special situations, while Stetsenko, a former banker at ING and UkrSibbank, concentrates on debt markets and macro strategy. No additional investment committee members have been publicly named.

ICU operates as an independent asset manager headquartered in Kyiv, with separate divisions for securities trading, private equity, venture capital, real estate, and debt. The firm is not a single-family office, nor is it a subsidiary of a larger financial institution. It was founded in 2006 by the two current Managing Partners and has remained under their control.

Yes, ICU Ventures is the firm's dedicated early-stage and growth equity arm, focused on Ukrainian and regional technology companies. Its portfolio includes FinTech Band, a neobank, and edtech platform Preply. The firm typically invests in seed through Series B rounds, often leading or co-leading alongside international VCs.

ICU built a material portion of its early track record by acquiring and restructuring distressed loan portfolios from Ukrainian banks during the 2014–2016 banking sector clean-up. The firm's private credit and special-situations strategies continue to target corporate restructurings and non-performing loan acquisitions, though specific current positions are not publicly disclosed.

ICU's operations are headquartered in Kyiv, with no confirmed international offices. The firm invests across Central and Eastern Europe selectively, and its LPs include international development finance institutions such as the EBRD, but the team and decision-making remain concentrated in Ukraine.

ICU has maintained its Kyiv operations continuously since February 2022. Unlike several foreign funds that paused Ukrainian activity, the firm continued managing portfolio companies and completed new venture investments in 2023, including a seed round in the defense-tech sector (per Forbes Ukraine, November 2023). The firm has not publicly detailed the invasion's impact on its broader portfolio valuation or fundraising.

ICU raises capital from institutional investors, European development finance institutions (including publicly acknowledged co-investment with the EBRD), family offices, and high-net-worth individuals. The firm does not publicly disclose its limited-partner composition or fund-level returns, which is consistent with the limited transparency typical of Ukrainian private-markets managers.