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Makar Paseniuk

Founding Partner


Kyiv, UA

Makar Paseniuk
Katie Partridge
Saphira Group
Michele Pearce
Covington & Burling LLP

Makar Paseniuk’s Biography

Makar Paseniuk is Founding Partner 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

Bumpy recovery ahead for Ukraine says Makar Paseniuk, co-founder of ICU

Makar Paseniuk, co-Founder of ICU, is mentioned in an article by Varisty regarding Ukraine's road to recovery following coronavirus. Makar said “Unfortunately, jobs lost during the first several months of the pandemic are unlikely to be fully recouped in 2021.”

"Stay safe and stay alert as we think the crisis is not over yet", Makar Paseniuk, ICU

How are businesses in emerging markets leading during the pandemic? We speak to Makar Paseniuk, co-founder of ICU, the independent asset management firm specializing in Central and Eastern Europe, to see how his company is facing the challenges posed by the pandemic.

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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.

Makar Paseniuk’s Gallery

Other Business Interests

Kyiv School of Economics
Co-Chairman of the Board of Directors
2019 - Present
Kyiv, UA
The graduate school of economics and management in Ukraine was founded in 1996 by the EERC and the Eurasia Foundation. The university offers master's programs in Business and Financial Economics, Economic Analysis. It has an agreement with the University of Houston in the United States which permits it to grant graduates an MA in economics in their name as well.
Centre for Excellence in Economic Journalism
Co-Founder & 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
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American Chamber of Commerce in Ukraine: ICU
May 2020
Kyiv, UA
Founding Partner of ICU, Makar Paseniuk talks to Andy Hunder, President of AmCham Ukraine regarding leadership during a time of crisis and how to adapt to the new environment.
ICU: Makar Paseniuk
Feb 2020
Kyiv, UA
In an interview with Yuri Bender, Editor-in-chief at Professional Wealth Management, Makar Paseniuk, Founding Partner of ICU discusses investment opportunities in Ukraine and says “investors in emerging markets are beginning to see Ukraine as an interesting macro-economic story.”
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Awards & Endorsements

Euromoney Private Banking and Wealth Management Survey
Winner 2021
Kyiv, UA
In the 2021 Euromoney Private Banking and Wealth Management Survey, ICU was recognised as Ukraine's leading Capital Markets and Advisory firm. In addition, ICU was awarded 3rd place in the Private Banking Services category.
Global Banking & Finance Awards
Winner 2020 & 2021
ICU was voted the Best Securities Brokerage in Ukraine, Asset Management Company of the Year and the Best CSR Company in Ukraine by the Global Banking & Finance Awards 2020. In 2021, ICU was recognised as the Best Trading Platform and Asset Management.
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Makar Paseniuk’s Education

Stanford Graduate School of Business
Executive Leadership Development
2018 - 2019
Kyiv National Economic Univesity
Master of International Economics
2015 - 2017
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