UFG Private Equity

UFG Private Equity invests in fast-growing companies in Russia and CIS countries,
focusing on Healthcare, BPO (Business Processes Outsourcing), Telecom
& Technology, and Consumer Staples & Retail. The three UFG Private Equity funds
have a total of $712 million of investments and commitments.
UFG Private Equity also offers co-investment opportunities on larger deals.


Russian Towers
The first and largest independent telecommunication tower operator in Russia
Leading SaaS-solutions for B2B/B2G integration, digitalization of retail, electronic document interchange (EDI), e-invoicing in Russia/CIS
Masha & the Bear
Global licensing business based on Masha & the Bear cartoon
OBL Pharm
Russia’s fast-growing and innovative pharma manufacturer (fully exited in 2018)
One of Russia’s largest diagnostic laboratory chains
One of the Russia’s leading snacks and confectionary producers
Logistics for pharma
One of the largest cinema chains in Russia
Rising Star Media Cinema
Cinema multiplexes under the name Kinostar de Lux (was acquired by Cinema Park in 2011)
One of the largest Internet companies in Europe operating Russia’s most popular search engine (fully exited in 2014)
Investment Criteria
UFG Private Equity seeks potential targets that comply with the following criteria:

We back exceptional management teams in businesses where there is a major opportunity to create strategic value for shareholders.

In all transactions UFG Private Equity seeks partnerships with people who have a successful previous track record in managing their companies and proved themselves as competent and honest managers committed to improving their businesses and creating value.

UFG Private Equity aims to achieve a situation where existing owners and managers retain a significant ongoing stake in the business.


Our focus is not limited to specific industry sectors but priority is given to Healthcare, Telecom & Technology, Consumer Staples & Retail, and Business Processes Outsourcing (BPO). We have extensive experience of profitably investing in each of these sectors.


UFG Private Equity invests in companies across Russia and the CIS. Our particular focus is on Russia.


UFG Private Equity target investment universe is mid-sized businesses with revenues generally between $20 and $400 million. In addition, in situations when UFG acts as a lead investor syndicating larger size «platform» deals we can also invest in companies with revenues up to $1 billion.


Expected equity investment per transaction is $15 to $50 million. UFG Private Equity can also work with co-investors on larger size deals and has a successful track record of syndicating equity deals up to $100-150 million.


UFG Private Equity will typically either acquire a sufficient level of ownership in portfolio companies, whether on its own or with other investors, or ensure there are legal mechanisms in place to enable it to exert significant influence on strategic matters and key operating decisions so as to generate significant post-investment value.

We will also consider minority stakes provided that we are comfortable with the ownership structure of the company and the shareholder protection mechanism.


We will generally not consider early stage companies. UFG’s strong preference is on «cash-in» deals and growth capital, however, we also consider buy-outs in high-growth sectors and companies with consistent revenues and competitive edge.


We have no set holding period as the specific timing is often influenced by external factors. As a rule of thumb, we expect the average investment period for our deals to be three to five years. However, significantly longer or shorter periods are possible, depending on specific circumstances.

In order to maximize economic returns to our limited partners when making the decision to exit an investment, we carefully consider the current value of the portfolio company, the price that can be realized upon exit, as well as the future potential of the investment.


Dominic Reed
Dominic Reed

Dominic Reed joined UFG Private Equity in 2007. Mr. Reed has extensive operational and investment experience, having worked in Russia and CIS countries since 1997.

Prior to arriving in Russia, he worked at NYNEX CableComms in the UK in both operational and corporate development roles.

He holds an MA in English Literature from Cambridge University and an MBA from the London Business School.

Arthur Akopyan
Arthur Akopyan

Arthur Akopyan joined UFG Private Equity in 2012. He has operational and corporate finance experience in telecoms, media, and IT services, having worked in those segments since 1997.

Prior to joining UFG, Mr. Akopyan was the Managing Partner at the NGI venture capital fund. From 2008, he performed restructuring work for several Russian financial holding companies with the main focus on telecommunications and IT.

In 2007–2008, Arthur served as the CFO of Rambler Media (at the time, the first Russian Internet company with a listing on AIM, a sub-market of the London Stock Exchange).

Prior to Rambler, he served as the CFO of Synterra (2005–2007), a leading fiber backbone and fixed-line operator, and the CFO of PeterStar (2001–2005), an alternative telecom operator in St. Petersburg.

Arthur graduated from the Sochi State University (1995) and is qualified accountant with AICPA (2001).

Ivan Litvintsev
Ivan Litvintsev

Ivan Litvintsev has been with UFG Private Equity from the date of its inception (in 2005). Mr. Litvintsev has extensive hands-on investment experience in monitoring and oversight of several portfolio companies, as well as sourcing and analysis of new investment opportunities.

Mr. Litvintsev graduated from the Russian State University for the Humanities with a PhD in Economics.

Yulia Lukianova
Yulia Lukianova
Investment Director

Yulia Lukianova joined UFG in January 2014 as the Investment Director. Ms. Lukianova is responsible for monitoring and oversight of UFG’s current portfolio investments, as well as analysis of new investment opportunities.

Prior to UFG Yulia held the position of senior associate at the Goldman Sachs Special Situations Group, the bank’s principal investment arm in Moscow, where she participated in providing equity and debt capital to mid-market private companies in Russia and CIS countries. During her tenure, Ms. Lukianova was involved in different stages of the investment processes, from due diligence, deal structuring, and closing, to the full cycle of portfolio management and exit from portfolio companies. Prior to Goldman Sachs, in 2007–2010, Yulia held an analyst position at J.P. Morgan in London, where she worked in the M&A department, covering real estate companies in EMEA and providing advisory services on private equity placement. In 2006–2007, Ms. Lukianova was an analyst in the Corporate Finance department of Deloitte & Touche in Moscow.

She graduated with honors from the Moscow State University with a BA in Economics.

Olga Yakobson
Olga Yakobson
Investment Director

Olga Yakobson joined UFG Private Equity from Delta Private Equity Partners (DPEP) in 2009. While at DPEP, Ms. Yakobson worked as an investment information manager, managing the investment information flows to and from DPEP and its portfolio companies, and was responsible for the quarterly reporting on the portfolio companies.

Ms. Yakobson holds a diploma in Financial Management from the State University of Management (Moscow).

Alexander Ladygin
Alexander Ladygin
Investment Director

Alexander Ladygin joined UFG Private Equity in 2017. Mr. Ladygin is responsible for oversight of several portfolio companies as well as sourcing and analysis of new investment opportunities.

Prior to UFG, he worked at the international boutique investment bank Goetzpartners in Germany and Russia, where he specialized in M&A and capital raise domestic and cross-border transactions. Prior to that, he held various positions at the private equity division of Gazprombank and at VTB.

He graduated with honors from the Moscow State Institute of International Relations (MGIMO University) with Master’s degree in International Banking and Bachelor's degree in International Economics.

Fedor Myagkov
Fedor Myagkov
Investment analyst

Fedor Myagkov joined the UFG Private Equity team in 2020. He is responsible for oversight of several portfolio companies as well sourcing and analyzing new investment opportunities. His primary focus is on healthcare, entertainment, and emerging technologies.

Prior to UFG, Fedor co-founded a start-up that developed a working system which utilized motion sensors and machine learning to assist patients in doing at-home physical rehabilitation exercises correctly.

Fedor graduated with honors from Dartmouth College, where he obtained a bachelor’s degree in computer science modified with economics. He was also on the Russian national alpine ski team where he achieved a top 15 world junior ranking in four different events, and became a Russian national champion.

Ilga Dostova
Ilga Dostova

Ilga Dostova joined UFG Private Equity in 2013.

Her prior experience includes an internship with another private equity fund and research within international project Global Entrepreneurship Monitor.

Ms. Dostova graduated from the Higher School of Economics (Moscow) and obtained her Master’s degree in Financial Economics from ICEF, a program offered by the Higher School of Economics in partnership with the London School of Economics.

Mikhail Gruzintsev
Mikhail Gruzintsev
Chief Counsel

Mikhail Gruzintsev joined UFG in 2008. He is responsible for legal support for investment transactions and, if required, provides legal assistance to portfolio companies.

From 2002 to 2008, he worked for the prominent Russian law firms Padva & Partners, Rappoport & Partners, and Pepeliaev, Goltsblat & Partners, specializing in corporate law and M&A.

Mr. Gruzintsev graduated with honors from the Moscow State Law Academy (MGUA), where he completed both his undergraduate degree (2002) and his graduate studies (2005).

Adrian Parkinson
Adrian Parkinson

Adrian Parkinson joined UFG in 2009 after the integration of Delta Private Equity Partners (DPEP) with UFG Private Equity.

At DPEP, he served as the Chief Operating Officer and Chief Financial Officer. Prior to that, in 1989-1997 Mr. Parkinson worked at PricewaterhouseCoopers (PwC), moving to Russia in 1995 as a manager specializing in financial services. Mr. Parkinson is a Fellow of the Institute of Chartered Accountants in England and Wales.

He graduated with Honors from Loughborough University, England, majoring in Accounting and Financial Management.

Tatiana Stepus
Tatiana Stepus
Financial Manager

Prior to joining UFG in 2007, Ms. Stepus worked in the finance, accounting, and controlling departments of a subsidiary of BP. As a finance specialist at UFG, she provides support to UFG’s investment team in structuring new investments, overseeing portfolio companies, and preparing reports to the Limited Partners.

She graduated with honors from the Plekhanov Russian University of Economics.

Robert Sasson
Robert Sasson
Senior Advisor

Robert Sasson joined the UFG Private Equity team in 2009. Mr. Sasson has worked in the Russian investment market since 1991.

Prior to UFG Private Equity, from 2005 to 2008, he worked with a leading U.S. hedge fund on private equity transactions in Russia and Ukraine. From 1993, Mr. Sasson served as the Head of the St. Petersburg office of the European Bank of Reconstruction and Development, where his responsibilities included building a $1.5 billion portfolio of successful debt and equity transactions.

Mr. Sasson holds a degree in Russian Studies and International Government from the University of Exeter.