Working together since 1995, Fronistas, Levis, Capsaskis and Donoaica built the "Commercial Capital Group" into one of the largest and most successful generalist private equity firms in Emerging Europe, operating from Russia to Cyprus and from Central Europe to Turkey.
In the years that they have been working together, the Principals have originated and managed direct investments in over fifty companies, making investment commitments of over €180 million in aggregate, resulting in a gross multiple in excess of 2.0x and a gross IRR in excess of 70%.
They have also pioneered an approach to investing in the region, aspects of which are discussed in Harvard Business School cases “Commercial Capital” and “Identifying and Realizing Investments in Eastern Europe”.