Tethys Investments


Investment Criteria

Tethys Investments strives to invest in a cross-section of businesses which typically exhibit the following attributes:

  • High returns on internally invested capital
  • Sound business strategies
  • Strong market position
  • Export oriented and FX earning
  • Talented and experienced management teams
  • Alignment of interests
  • Attractive prospects for organic or acquisition-based growth
  • Revenue of $5 million for the two prior years and up to $50 million (lower – to – middle – markets)
  • Gross margins in excess of 25% minimum for the two prior years.
  • EBITDA margins in excess of 10% for the two prior years.

The minimum equity investment of Tethys Investments in frontier markets of Eurasia is US$5 million.


Tethys Investments aspires to raise funds and manage capital of the international financial institutions (IFIs), funds of funds, diversified financial holdings and family offices with interest in dynamic frontier markets in Eurasia. We cater to investors who look for high risk-adjusted return and long-term value while delivering positive socio-economic impact in countries where we invest. We are looking for partners in creating or making great companies, which unleash the positive power of market economy.

Portfolio Support

Tethys Investments has an experienced and Western-educated team to support our investees with

  • Enhancing corporate governance
  • Strategy development and execution
  • Optimization of capital structure
  • Optimization of operations
  • Recruitment and development of next-generation company leadership
  • Developing management systems
  • Fund raising
  • Exit strategy planning and portfolio management.

We are not operators and seek to partner with or recruit the best-in-class management teams who can operate semi-independently. As partners, we maintain a long-term perspective and exercise the highest degree of integrity, as our reputation is paramount.

Investment Strategy

Tethys Investments focuses on lower-middle-markets and undertakes growth and distressed-assets investing in Eurasia. We don't invest in industries and companies where we don't know the mechanics and potential of value creation. We consider debt and equity capital options for identified great-value investments. Our investment decision making framework in Eurasia is based on 4 key tenets: (1) regional and country specialization, (2) industry expertise, & (3) rigorous due diligence including quantitative investment analysis & (4) field intensive qualitative analysis.

We seek investment opportunities that result in stronger companies that employ the best people in the industry and region, are socially responsible, and deliver strong returns over the long-term. Whenever our analysis demonstrates viable exit options within 5-10 year term, Tethys Investments can invest in greenfield projects.

Tethys Investments plans to co-invest with other Funds and IFIs to provide adequate capital, resources and global access to portfolio companies. We welcome co-investment opportunities in a wider range of industries and deal types provided our partner co-investor brings value-added industry expertise and relationships. In partnership with other like-minded and value-added investors, Tethys will consider growth capital and special situation opportunities.

We aspire to help companies improve their strategic position by expanding into new markets, growing productivity and strengthening their organizations. To this end we provide hands-on strategic and operations support.

Tethys aspires to produce long lasting positive impact in countries we invest. We believe that impact oriented long-term investments also generate the highest risk-adjusted return to investors and communities.

Investment strategy of Tethys for the North America region is mainly focused on early and seed stage VC Funds or startups. Tethys Investments plans to use its established network and expertise in the Greater Boston area, MIT, Harvard and other start-up centers in the US to connect our investors with the great start-ups of the future. In this channel, we deploy our resources through established VC Funds, leading startup accelerators, experienced Angel Investors and the best crowdfunding platforms in the USA.

Investment Process

After identifying an attractive opportunity, our investment process involves working with managements or co-investors to ensure full alignment of collective interests and structure a deal that produces long-term great value for all stakeholders. We endeavor to engineer smart, conservative and effective capital structure that enables the company to execute its revival and growth strategy in full. With fast-track investment decision process, we have the ability to be flexible, move quickly.

Investment Types

Tethys Investments consider the following deal types for equity investments:

  • Minority investments into established companies seeking capital for expansion and/or to increase operational efficiency.
  • Majority or minority investments into new business ventures (greenfield). Tethys Investments can recruit the management team or team-up with established entrepreneurs in industries related to their business expertise.
  • Co-investments, for minority positions, alongside strategic investors such as IFIs, established funds, and corporations.
  • Minority or majority positions in distressed-assets subject to results of rigorous macroeconomic, political, industrial and project analysis;
  • In exceptional cases, buyouts, if a highly unique opportunity exists and a qualified management team has been identified.

Tethys Investments consider the following deal types for debt investments:

  • Tethys will consider debt investments for companies which come with strong management teams and track record of efficient deployment of capital. Tethys' makes debt investments using senior secured loan structure. Our loan instruments require conservatively structured collateral and cash flow covenants. Tethys Investments may also consider convertible debt instruments and bridge loans. All loan recipients are subject to Tethys Investments' decision making framework and rigorous due diligence.