AYR Capital, KAMA FLOW, and AVF Consulting have launched a debt fund with a target size of 3 billion rubles.

Investment fund AYR Capital, investment company KAMA FLOW, and tech business advisor AVF Consulting have announced the launch of a private debt fund, “Amur Capital.” The fund will provide financing to sustainable mid-sized Russian companies, primarily in the technology sector. The target size of the fund is 3 billion rubles.

The new fund—formed as an investment partnership and combining the expertise of the three founding teams—will offer flexible debt instruments such as mezzanine financing, bridge loans, secured lending, and more. The target borrowers are companies with revenues of at least 100 million rubles and positive EBITDA. The investment strategy aims to combine high return potential with a controlled level of risk, focusing on selective borrower screening, portfolio diversification, and investments in technology and non-cyclical industries with transparent business models.

The General Partners (GPs) have committed 150 million rubles of their own capital into the fund. The target return for outside investors (Limited Partners, LPs) is 26% annually.

"The private debt market is going through a perfect storm: banks are unable to keep up with demand from high-quality yet underfinanced companies. This creates a window of opportunity with an exceptional risk-reward ratio. Our model is resilient—we earn a premium for complexity and speed, are relatively immune to key rate reductions, and maintain a target IRR of around 30%. Demand is strong, the borrowers are leaders in their respective niches, and our fund was created to give both investors and startups access to this unique asset," commented Abdul Abinov, CEO of AYR Capital and Managing Partner of the new fund.

Amur Capital has already begun active investment operations, having closed its first five deals totaling around 300 million rubles. The fund’s initial borrowers include: Smart C, a developer of intelligent traffic systems; Russian engineering and manufacturing company Hospitaltechnik; cosmetics and perfume brand Giardino Magico; commercial real estate investment platform Simple Estate; and express supplier of reagents and chemical materials, Appscience.

"Our portfolio is deliberately diversified by industry and loan type, which creates an additional layer of security for investors. High liquidity not only allows us to seize the best opportunities, but also to effectively manage risks in volatile conditions," added Boris Efimchik, CEO of Amur Capital.

"One of the fund’s core functions is that of a 'translator,' bridging the communication gap that often exists between manufacturers and the banking sector—they simply speak different languages. At the same time, many banks are aware of the need to be involved in the tech sector and are eager to build relevant portfolios. For these reasons, we are seeing strong interest on both sides, which allows us to expand our network of banking partners and increase funding for the development of technology in Russia," said Anton Churekov, Managing Partner of Amur Capital.