Baring Vostok’s funds have also invested in companies operating in other interesting sectors of the economy, such as construction materials, residential real estate development, and others. Since 1996, Baring Vostok funds have invested over $300 million in six companies.
Etalon Group

Etalon Group

One of Russia’s leading residential real estate developers with a focus on St. Petersburg, north-west Russia, and Moscow
Saint Petersburg, Russia
Year of initial investments:

In spring 2011, Etalon shares were listed officially on London Stock Exchange. The company has a land bank with total planned residential space of more than 3.44 million sq.m for St.Petersburg and Moscow.

Etalon Group is a leader in the residential construction sector in the north-west of Russia. The group has built over 160 apartment buildings. The total area already developed exceeds 3.9 million sq.m.

Etalon is focused on large-scale residential complexes, targeting the lower middle class and upper economy class price segments. The Company holds firmly 10% of the market in the St. Petersburg Metropolitan Area and rapidly increasing its share in the Moscow Metropolitan Area.

Development stages:

  • The company implemented effective corporate management, a detailed budgeting and planning system, and a unified IT-system for operating management of business processes.
  • A large network of sales locations was developed which allows approximately 30% of sales to be made in regions of Russia.
  • Previously focused primarily on St.Petersburg, an important strategic decision was taken in 2008-2009 to enter new markets in Moscow and the surrounding region. Etalon acquired projects in Moscow with a total area over 1 million sq.m.
  • In the crisis conditions of 2008 and 2009, the company was among only a few in the sector that was able to fulfil its obligations to creditors and continue its building projects without interruption.
  • The fulfilment of obligations to residential real estate clients earned the respect of consumers. After the crisis, residential real estate sales at the end of 2010 returned to 2007 levels.
  • In 2013, the company delivered 468,000 sq.m of NSA (Net Sellable Area) for the year, an increase of 29% over 2012 and an all-time record for Etalon Group. Consolidated revenue increased 48% year-on-year to RUB 39,921 million.

Other projects


10 January 2018

Etalon Group Delivers 423 ths sqm of NSA in 2017.

ETALON GROUP PLC, one of Russia’s largest and longest-established development and construction companies, announces that it delivered 423 ths sqm of net sellable area at its residential real estate development projects in 2017, in line with the Company’s guidance and construction programme for the year.
12 July 2017

Etalon Group Acquires New Project in Moscow.

ETALON GROUP PUBLIC COMPANY LIMITED, one of Russia’s largest and longest-established development and construction companies, announces it has acquired the rights to a 2.7-hectare land plot in the Central administrative district of Moscow.
13 March 2017

Etalon 2016 Portfolio Value up 33% to USD 1.9 bln.

The updated valuation puts the open market value of Etalon Group’s portfolio at USD 1.9 bln, a 33% year-on-year increase. The open market value per share/GDR grew from USD 4.9 to USD 6.5. The Company’s landbank included 2.82 million sqm of NSA as of 31 December 2016.
02 May 2012 closes $ 75 million fund-raising from Accel Partners and Baring Vostok Private Equity Fund IV to accelerate Russian expansion.

<p>, the largest online classifieds website in Russia, announced today that it has received $75 million in new funding from Baring Vostok Private Equity Fund IV, Accel Partners, and existing investors Kinnevik and Northzone. The new funds will be used to further fuel the company’s strong growth throughout Russia and to continue attracting world-class talent.</p>