The Funds’ first investment in telecommunications was made in 1994 in FGI Wireless (which eventually became today’s Vimpelcom, one of Russia’s largest mobile telephony operators). The company was a pioneer in cellular network development in Russia. Since 1994, Baring Vostok funds have invested over $850 million in 30 companies in the internet, software, media, and telecommunications sector.
Gallery Media Group

Gallery Media Group

Second-largest outdoor advertising operator in Russia and Ukraine
Moscow, Russia
Year of initial investments:
Large minority stake

Gallery has 32 branches in Russia and 14 branches in Ukraine. It controls 8.4% of the Russian market (which is the sixth-largest market in the world) and 11.8% of the Ukrainian market.

Gallery was established in 1994. The first representative offices were opened in Ekaterinburg, Chelyabinsk, Perm, Irkutsk and Kazan. The investments made by Baring Vostok Private Equity Fund III in 2005 were intended to help Gallery consolidate other outdoor advertising market assets.

Development and restructuring stages:

  • In 2005, the company purchased 26 outdoor advertising operators in Russia and Ukraine. By 2008 the company had become the second-largest market player, with a turnover exceeding $200 million.
  • The company actively raised debt to implement its growth strategy. Gallery was the first Russian company to issue high-yield bonds abroad.
  • From 2008, the company focused on integrating the assets acquired, and increasing the quality of its services. Contracts with municipal authorities were increased from one to five years.
  • In 2009, due to the global economic crisis, revenues dropped by 51% in dollar terms, and Gallery was forced to restructure its liabilities. As a result of restructuring, the company’s total debt was reduced by 3.5 times.
  • Revenues in 2011 were up 23%, reaching $164 million. EBITDA was up 26% compared to 2010, and cash reached $48 million at year end 2011.

Other projects


07 November 2016

CFT in TOP-3 in CNews Analytics Rating.

CNews Analytics agency has published its annual review ”IT in Banks and Insurance Companies”, which includes a rating of major bank IT suppliers. The rating was based on the results of the activity of market participants in 2015. Center of Financial Technologies was second in the rating of Russia’s major IT developers.
13 September 2012 has been acknowledged the fastest Russian federal internet provider.

According to Net Index , telecom operator is the fastest federal internet provider in Russia. The average internet speed that provides to its Subscribers in 42 cities of presence amounts to 35 Mbit/sec., which is more than two times higher than the average internet speed in Russia (about 16 Mbit/sec.).

22 August 2012 offers a new format for services consumption – the HD.

Telecom services operator launches new bundled offers in all the 42 cities of presence, comprising the basic telecom services – high-speed internet, cable and HD TV, and telephony. The key characteristics of the bundles are the utmost speed of internet access (up to 100 Mbit/sec around the clock) and the highest number of HD channels in the basic TV package among digital TV operators (23 channels), which enables the company’s Subscribers to consume high-quality HD content in the most convenient manner – with the help of a TV set or in the internet from any video-supporting mobile device.
31 July 2012

Yandex Announces Second Quarter 2012 Financial Results.

MOSCOW AND THE HAGUE, July 31, 2012, Yandex (NASDAQ: YNDX), the leading internet company in Russia operating the country’s most popular search engine and most visited website, today announced its unaudited financial results for the quarter ended June 30, 2012.