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Comprised of clay and limestone companies.


  • VESCO Limited Holding Company (Cyprus).
  • Portfolio companies: VESCO PrJSC, Ogneupornerud PrJSC, Druzhkivka Ore Mining PrJSC, Ruteks Keram LLC (24,9%),  JSC Chasiv Yar Refractory Plant.
  • Holds the leading position among the global producers and exporters of ball clays.


  • Novotroitske Ore Mining PrJSC.
  • The leader of the Ukrainian market in terms of production volume and sales of quality limestone.


Comprised of companies processing waste and the by-products of industrial production: bottom-ash materials (BAM), smelter slags, coke and by-product process waste, rare and industrial gases, coal mine methane. The projects concerned involve the use of this waste and by-products to manufacture high-demand products for the Ukrainian and international markets.

Portfolio companies:

  • Bottom-ash material and smelter slag processing: Recycling Solutions LLC.
  • Production of mineral fertilizers: Ukrainian Mineral Fertilizers LLC.
  • Production of rare and industrial gases: UMG RT Gas LLC.
  • Production of electricity and heat from coal mine methane: Regen LLC.


Comprised of companies producing goods and services for industrial consumers: the production of flux cored wire and brick fuel for metallurgy, the implementation of blasting operations for the mining industry, and the provision of logistics services.

Portfolio companies:

  • Products for metallurgy, logistics services: Industrial Technologies LLC.
  • Blasting work: PVP Kryvbasvybukhprom PJSC.

Investment team