# Investment Capital Ukraine

Investment Capital Ukraine is an Asset Manager based in Kyiv, Ukraine.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Kyiv, Ukraine
- **Region:** Europe
- **Address:** Kyiv, Ukraine
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** icu.ua
- **LinkedIn:** https://www.linkedin.com/company/investment-capital-ukraine
- **Wikidata:** Q4200539

## Regulatory record

- **Reports private funds:** No

## About

ICU Group is an independent, multi-strategy asset management, private equity, and investment firm that specialises in emerging and frontier markets worldwide. It is a fund manager and investment company.

## Sectors

- FinTech
- Enterprise Software
- Real Estate
- AgriTech & FoodTech
- Private Credit

## People

- Makar Paseniuk — Managing Partner
- Konstantin Stetsenko — Managing Partner

## Questions

### Who makes investment decisions at ICU?

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.

### What is ICU's role in Ukrainian distressed debt?

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.

### Does ICU have international offices or operations outside Ukraine?

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.

### How has the full-scale invasion affected ICU's operations?

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.

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- [Investment AB Öresund](https://altss.com/profile/investment-ab-resund)
- [Investment Fund for Health in Africa](https://altss.com/profile/investment-fund-for-health-in-africa)

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Last updated: 2026-05-29T21:36:40.935Z

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