Elbrus Capital

Elbrus Capital is a private equity firm focused on control and minority investments in companies across Russia and the Commonwealth of Independent States. Managing multiple funds, it deploys growth capital into diverse sectors like consumer products, digital technologies, fintech, IT, and media. Its strategy emphasizes active partnership with portfolio companies to drive expansion within targeted regional markets.

Established in Moscow, Russia, in 2007, Elbrus Capital was co-founded by Dmitri Krukov and Rob Thielen. Krukov brought experience as a managing partner at Renaissance; Thielen, founder of Waterland Private Equity Investments, offered private equity expertise. Their insight identified substantial growth opportunities within developing markets of the former Soviet Union.

The firm targets middle-market companies and high-growth startups seeking expansion capital and strategic guidance. Its portfolio spans industries from e-commerce to healthtech and artificial intelligence. Elbrus Capital’s vision is to cultivate enterprises poised for development, contributing to the economic evolution of its focused geographical areas.