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.


Association of cement producers in the Far East. Fully exited in 2007
Vladivostok, Russia
2001- 2007
Controlling stake
Sale to a strategic partner

The holding company has the leading position as Russia’s leading cement supplier for oil projects in Sakhalin and primary construction projects in Russia’s Far East.

The Funds sold their shares to Park Group from 2004 to 2007.

In the spring of 2000, the First NIS Regional Fund acquired a controlling share (60%) of Spasskcement, which was in a difficult situation due to low demand for cement and ineffective management.

Development stages:

  • In April 2000, Lymex Holdings was established as a partnership of Baring Vostok funds and Park Group, the largest distributor of the Spassky plant.
  • To improve efficiency in 2001 Spasskcement developed and implemented an ISO 9001 quality management system.
  • In 2002, the holding company purchased a controlling share of the Teplozersky cement plant in the Jewish Autonomous Region with a capacity of 870,000 tons of cement per annum. The plants in Spassk-Dalny and Teplozersk started working as a single group.
  • Over ten new cement brands were developed and certified including sulphate-resistant cement and cement for plugging oil wells.
  • The company implemented technologies and management methods allowing transition to manufacturing cement "upon request" according to specific client requirements.

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>