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Dragon Capital

Private equity

Kyiv · Seed · 16 people tracked

Not to be confused with Dragon Capital (Venture capital · Fremont, US)

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Investment thesis

Dragon Capital has invested in Ukrainian enterprises since 2001, deploying both its own capital and funds from international partners. Its private equity track record spans leading manufacturers, service providers, and landmark residential and commercial real estate projects in Ukraine. The firm also dominates the Ukrainian debt market through debt capital markets advisory and fixed-income trading, and provides investment banking services such as M&A, IPOs, and private placements. It offers macroeconomic and industry research coverage on Ukraine.

Source: firm website, verified Sep 27, 2026.

Stage
Seed
HQ
Kyiv, UA
Instruments
Equity · Debt
Founded
2000
Tracked investments
1

Team · 16 people

from the firm's website & curated
Tomáš Fiala

Founder of Dragon Capital, which he established in 2000.

Andriy Nosok· Managing Director, Head of Private Equity

Andriy Nosok joined Dragon Capital in November 2007 and works on deal origination and the development of portfolio companies. He began his career in 2003 in investment banking, working on M&A projects across financial services, construction materials, real estate, and chemicals, and from 2005 focused on private equity in mining, production, and service sectors. He holds a master's degree in International Economics from KROK University (Kiev, Ukraine) and a bachelor's degree in Business Economics from Hogeschool NOVI (the Netherlands).

Eugene Baranov· Managing Director, Head of Infrastructure

Joined Dragon Capital in 2005 and leads infrastructure deal sourcing and portfolio company management, with experience across energy, real estate, retail, machine building, FMCG, e-commerce, financial and media sectors. Since 2025 he leads the Amber Dragon Infrastructure Fund I team on Dragon Capital's side, and previously served as CEO of Ukrainian DIY retailer Nova Linia.

Fedir Bagnenko· Managing Director, Fixed Income Trading

Fedir Bagnenko joined Dragon Capital's investment banking team as an analyst in 2006 covering consumer, retail and real estate, later moving to sales & trading and since 2012 working as a fixed income trader on Ukrainian sovereign and corporate bonds. He graduated with honors from Kherson National Technical University in International Economics and studied finance at Emory University.

Ivo Suchy· Managing Director, Head of Financial Markets and Treasury, Protector of the Fiala Family Trust

Ivo Suchy joined Dragon Capital in December 2010 and leads Financial Markets and Treasury, with over 25 years of trading experience in Ukrainian and international markets. He previously worked as an equity trader at ING Barings Prague, in fixed income at Credit Suisse First Boston, and as a fixed income and FX derivatives trader at ING Bank. He also serves as Protector of the Fiala Family Trust and holds a Master's degree from the University of Economics in Prague.

Kostiantyn Kucherenko· Managing Director, Fixed Income Sales

A senior fixed income sales professional at Dragon Capital serving international institutional clients in Eurobonds and domestic fixed income. He joined the firm in 2010 from Phoenix Capital and previously worked as a legal adviser at Concorde Capital, holding law degrees from Taras Shevchenko National University of Kyiv and University of Hamburg.

Oleksandr Ublinskykh· Managing Director, Sales and Tradingin

Managing Director at Dragon Capital overseeing a team that trades equities and derivatives, and responsible for bank relationships and trading. Previously worked at Troika Dialog Ltd.; holds a Finance degree from Kyiv-Mohyla Academy and an MBA from the Kyiv School of Economics.

Volodymyr Tymochko· Managing Director, Head of Real Estate, Director of Dragon Capital Investments Limitedin

Joined Dragon Capital in 2007, where he originates investment opportunities and manages a portfolio of 25 commercial properties across Ukraine including shopping malls, business centers and logistics facilities. Previously an Associate Director for Consulting and Investment Services at Colliers International, with over 20 years in Ukrainian real estate.

Shawna Sharkey· Managing Directorin
Brian Best· Head of Brokeragein

Brian Best leads Dragon Capital's Investment Banking Department, joining in 2006 after running his own corporate finance firm, Rubicon Capital. He has over 25 years of experience in investment banking and private equity, previously serving as a director at a major Ukrainian PE fund and spending three years at Lehman Brothers.

Iryna Rymlyanskaya· Head of Own Account Trading
Oleksandr Fedorov· General Manager of Dragon Capital (Cyprus) Limitedin

Joined Dragon Capital in 2010 as an investment advisor before becoming Head of Risk Management in 2012 and CEO of Dragon Capital (Cyprus) Limited since 2013, where he leads international operations and partner relationships. He holds a Master's degree in International Financial Management from Kyiv National Economic University and has over 15 years of experience in international financial markets.

Olena Bilan· Chief Economist / Head of Researchin

Olena Bilan has over 20 years of experience in macroeconomic analysis and forecasting. She joined Dragon Capital in 2006 as an economist and fixed-income analyst, became Chief Economist in 2009, and since 2022 has led the firm's research department covering macro, sectoral, and corporate research. Before Dragon Capital she worked at the think tank IER and the investment fund SigmaBleyzer, and she holds a master's degree in International Economics from the EERC program at the University of Kyiv-Mohyla Academy and a degree in Computer Science from the National Technical University of Ukraine "Kyiv Polytechnic Institute".

Olga Biloblovska· Head of Communicationsin

Communications professional who joined Dragon Capital in 2007 and has led its marketing and communications department since 2014, overseeing media relations, corporate brand, PR strategy, and the company's corporate social responsibility and charitable initiatives. She previously worked at a business travel agency and holds a degree with honors from Nizhyn State University named after Mykola Gogol.

Svitlana Rusakova
Kate Orr· Head of Marketing and Communicationsin

A CPA who leads DIA's early-stage investment strategy with a focus on Revenue Cycle Management and FinTech companies in the dental industry. She has served on the board of DentalBee and as board observer for SJC Bio and Cloud Dentistry, and previously worked in fund administration and public accounting at PwC.

Founder mafia

2 people who came through Dragon Capital went on to found or lead other companies.

What they invest in

from 1 of 1 portfolio companies

Developer Tools ×1Marketing Tech ×1SaaS ×1

HQs:Austria×1

Investments · 1 tracked

founders shown can be your intro path
Storyblokstoryblok.comin𝕏

Storyblok develops a headless content management system (CMS) that helps developer and marketing teams build and manage digital content and experiences.

Developer ToolsMarketing TechSaaS

Dominik Angerer(Founder)inAlexander Feiglstorfer

Co-investors3VCAtlantic Bridge VenturesBrighton Park Capitalfirstminute capitalFounders FactoryFounders Factory NY+4 more

Frequently asked questions

What stage does Dragon Capital invest at?
Dragon Capital invests at the Seed stage.
What sectors does Dragon Capital focus on?
Dragon Capital focuses on Advanced Manufacturing, Fintech, PropTech.
Where is Dragon Capital located?
Dragon Capital is headquartered in Kyiv, UA.
Who does Dragon Capital co-invest with?
Dragon Capital most often shares deals with Atlantic Bridge Ventures, Brighton Park Capital, firstminute capital, among 8 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Brian Best (Dragon Capital) Interviewed on CNBC Europe

DragonCapitalUkraine · Brian Best

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