This large sector covers the production and sale of consumer goods, as well as various consumer services including electronic commerce and health care. Since 1996, Baring Vostok funds have invested over $400 million in 13 companies from this sector.
Moscow, Russia
Year of initial investments:
Minority stake

The Papa John’s restaurant chain is represented by PJ Western, master-franchisee in Russia, CIS and Central Europe. As of March 2018, in the territory of Russia, CIS and Poland there are 151 restaurants, 87 of which belong to the chain in Russia, 51 open on franchise in Irkutsk, Krasnoyarsk, Angarsk, Kemerovo, Tomsk, Tumen, Krasnodar, Tver, Vladimir, Novosibirsk, Kazan, Samara, Togliatti, Sochi, Ekaterinburg and Obninsk.

The first Papa John’s restaurant in Russia was launched in December 2003. By the start of 2018, PJ Western staff comprised of more than 2,000 employees. The company also has its own car park for delivery services. Papa John’s is among the top three pizza delivery outlets in Russia and 75% of orders are received online – the highest index among all 45 countries where the chain operates.

Other projects


19 February 2019

Media Statement.

Elena Ivashentseva, Senior Partner at Baring Vostok Capital Partners, took part in a session of the Russian Union of Industrialists and Entrepreneurs’ International Council for Cooperation and Investment. The ad hoc session of the committee was chaired by Alexander Shokhin to discuss the arrest of Michael Calvey and his colleagues.
18 February 2019

Press statement.

In light of recent events, Baring Vostok Capital Partners (BVCP) announces that it continues to conduct business as usual, and that Senior Partner Elena Ivashentseva and Co-Founder Alexei Kalinin have jointly taken on the responsibilities of leading BVCP.
17 February 2019

Press statement.

Baring Vostok Capital Partners comments on inaccurate media reports.
16 February 2019

Press statement on outcome of court hearing.

Yesterday the Moscow Bassmaniy Court extended its hearing to decide on pre-trial restrictions for Michael Calvey, while leaving him under detention for an additional 72 hours.
15 February 2019


Baring Vostok believes that the detention of its employees and the charges that have been brought are a result of a conflict with shareholders of Vostochniy Bank.
15 February 2019


Yesterday, four Baring Vostok employees, including Michael Calvey, were detained by authorities in Moscow.
27 June 2018

S&P Affirms Etalon Key Operating Subsidiary at B+.

ETALON GROUP PLC, one of Russia’s largest and longest-established development and construction companies, announces that Standard & Poor’s has affirmed the long term global scale credit rating of Etalon Group subsidiary Etalon LenSpetsSMU at B+ with a stable outlook.
26 March 2018

Papa John's restaurant chain attracts new investors.

PJ Western, master-franchisee of Papa John's international in Russia, the CIS and Central Europe, announces a deal with the Baring Vostok investment fund to increase its total number of restaurants to 450 by December 2020.