Troika team spins out as parent withdraws anchor commitment

The former CIO of Troika Capital Partners is setting up an independent operation along with three other senior Troika dealmakers.

Giedrius Pukas, the former executive director and chief investment officer of Troika Capital Partners, and three other senior members of Troika’s team have launched Quadro Capital Partners.

Troika Capital Partners – the captive private equity arm of Russian investment bank Troika Dialog – begun raising its third fund last year before the global financial crisis escalated in the third quarter of 2008. According to a document from the European Bank for Reconstruction and Development, it was targeting commitments of $850 million.

Giedrius Pukas

In March this year, however, parent company Troika Dialog withdrew its anchor commitment to the new fund. Troika’s fundraising plans are currently on hold.

Also in March, Troika Dialog sold a 33 percent stake in itself to South Africa-based emerging markets bank Standard Bank.  As part of the deal, Standard Bank’s Moscow-based direct investment team will merge with Troika’s team.

A spokesperson for Troika Dialog confirmed both the withdrawal of the bank’s commitment to Fund III and the senior departures, adding that they had been initiated by the bank “as a result of a semi-annual performance review of staff”.
 
Pukas, however, told PEO that he and his colleagues had resigned entirely under their own initiative as a result of differing views on the future development of the business.

Pukas is joined at Quadro by former Troika managing director Vladimir P Kozlov and directors Vladimir N Kozlov and Nikolay Sergeev. Another Troika director, Valery Doronin, left at the same time to join the investment arm of Russian banking group VTB.

Pukas joined Troika in May 2004, having previously been investment director at Alfa Capital Partners, the private equity arm of Russian conglomerate Alfa Group. Prior to his time at Alfa, he ran the Russian investment activity of Swiss fund management company Finartis Capital.

In April this year PEO revealed that two other Russian private equity firms – UFG Private Equity and Delta Private Equity Partners – had moved into the same offices and were considering a merger. Both firms, like Troika, have been fundraising during difficult economic conditions.