Kathryn Parsons
Decoded
Surendra Patawari
Gemini Corporation NV

Makar Paseniuk

Kyiv, UA

Founding Partner

ICU

Makar Paseniuk

Biography

Makar Paseniuk is Founding Partner and Head of the Investment Committee at ICU. He has over two decades’ experience in corporate finance in both local and international markets and is one of the leading investment managers in Central and Eastern Europe.

In his role as Founding Partner at ICU, Makar has led the development of a leading independent asset management, corporate advisory and private equity in Ukraine. Makar has played a pivotal role in building a US$500 million business and completing over US$5 billion transactions in M&A, equity & debt capital markets and debt restructuring.

Makar played a key role in the listing of Industrial Dairy Company on the Warsaw Stock Exchange in May 2011, despite the economic crisis in Ukraine at that time. Some of the landmark transactions that Makar and his team worked on include the takeover of Allseeds Group, the private placement of shares of Telecom operator Data Group; the placement of bonds of banks Credit Agricole, ProCredit Bank, Swedbank; the debt restructuring of industrial enterprises - Azovmash, Donetskstal and Mriya agroholdings

Other notable transactions he has worked on include a restructuring of Ukraine’s external debt of over 2 and a half billion US$ (2000), the first Ukrainian initial public offering on London’ AIM stock exchange (XXI Century Holdings, 2005), the first Ukrainian initial public offering on Warsaw Stock Exchange (Astarta, 2006), the initial public offering of Kernel shares on the Warsaw Stock Exchange in 2007 that won ‘The Best IPO in the CEE region.

Previously, Makar was Managing Director and Head of Corporate Finance at ING where he worked for over a decade in Ukraine and London. He is a CFA Institute Charter Holder and graduated from the International Christian University with a BS in Business Admin

Makar Paseniuk’s Newsfeed

Euro Money
Makar Paseniuk: ICU leads in Ukraine

“I was lucky enough to be part of most of the landmark transactions in Ukraine, including the first sovereign bond issue, the debut Eurobonds of most of the larger corporates and the first international IPO from Ukraine,” says Paseniuk. The latter was a £68 million listing of real estate developer XXI Century on London’s small-cap AIM market, which took place in December 2005. A flurry of IPOs of followed over the next three years, mainly from Ukraine’s big agricultural and commodity firms. 

Euro Money
CEE home team advantage: The rise of the local investment banks

Makar Paseniuk, head of investment banking at ICU, says: “The financial crisis worked out well for us because most of the foreign-owned banks stopped dealing in Ukrainian securities at that point and we were able to pick up most of the business that was left by ING as well as other banks, like Citi and Deutsche Bank.” 

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Makar Paseniuk’s Background

Founding Partner
2009 - Present
Kyiv, UA
ICU is an independent asset management, and investment advisory firm specialising in the emerging markets of Central and Eastern Europe. Founded in 2009 by senior investment professionals from ING, ICU is Ukraine's leading asset manager with over $500m in AUM. The group's current strategy includes significant allocations to venture capital, alternative energy and distressed debt
Managing Director & Head of Corporate Finance
1998 - Jul 2009
Kyiv, UA
Makar started working as an equity analyst when he joined ING in 1998, mainly covering the energy sector. He quickly rose to become the head securities management in Kyiv. From 2003 to 2006, Makar worked in the corporate finance department in London where he supervised customer transactions from the CEE region. In 2006, he moved back to Kyiv as MD of ING Bank Ukraine and Head of Corporate Finance.

Other Business Interests

Strategic Partner
2017 - Present
Kyiv, UA
Created by Kyiv School of Economics, ICU, Visa and VoxUkraine, the Centre for Excellence in Economic Journalism aims to raise the level of economic literacy among Ukrainian journalists and editors of economic publications
CFA Institute logo CFA Institute logo
CFA Institute
Sponsor
2017 - Present
ICU are the main sponsors of the CFA Institute Research Challenge in Ukraine, an annual competition that promotes best practices in equity research among the next generation of analysts in Ukraine.
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Media

Media Appearance
Sep 2018 - Present
Odesa, UA
Makar's speech during the panel, 'Will Politics Prevent Progress' with speakers from Goldman Sachs, World Bank Group, National Investment Council and Country Manager for Ukraine, IFC.
Media Appearance
Nov 2017 - Present
Odesa, UA
Makar discusses the issue of talking about the price of the billion that we can borrow, and goes on to say that we should be talking about de-levaraging and how to raise equity for the country.
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Makar Paseniuk’s Education

Executive Leadership Development
2018 - 2019
Master of International Economics
2015 - 2017
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