Amber Capital Armenia manages private equity investments across industries in growth-oriented businesses in Armenia. The investments are made through EU-Armenia SME Fund SCSp, which was founded in 2020 and was the first institutional private equity vehicle focused solely on Armenian businesses. At Amber, we strive to build better businesses not only by bringing capital to Armenian companies but also by partnering with them to introduce best practices in corporate governance and financial management.

Our investment approach is based on a combination of top-down and bottom-up analysis, employing proprietary quantitative analysis complemented by human insights and qualitative factors, such as reputation, abidance to law and ethics, and adherence to Environmental, Social, and Governance (ESG) principles. We proactively engage with our portfolio companies across several pillars of value creation, including optimisation of their balance sheet, implementation of sustainable operational efficiencies, and launching of expansion projects - all with the ultimate goal of transitioning from national players into regional champions.


Amber Capital Armenia is an investment management firm focusing on equity investments in the Republic of Armenia. Our investor base comprises international financial institutions, pension funds, foundations, and private investors. Our mission is to achieve sustainable positive impact and long-term value creation for our portfolio companies, our investors, and ultimately, the Armenian economy. Our investment strategies target Armenia-based growth-oriented businesses across several industries, including renewable energy, information technologies, HORECA, food processing, agriculture, textiles, etc.

Growth Capital

Amber Capital Armenia provides equity capital to companies that have reached a certain size and scale in their lifecycle and require funding to expand into new markets, streamline business operations and optimize their balance sheet. Apart from funding, we bring significant elements of smart money, including our global network, deep financial expertise, and corporate governance knowledge to elevate the portfolio companies to a whole new level of their development.

Disciplined Approach

Our investment approach is based on proprietary financial and market analyses aimed at evaluating risks and identifying unique drivers of value. Based on a combination of fundamental bottom-up and macro top-down approaches, the investment decision also relies on legal, tax, and technical due diligence to comprehensively assess the quantitative and qualitative merits of each investment opportunity. We pride ourselves on high ethical standards and target only those companies where we feel that the management teams share our values.


At Amber Armenia, we see ourselves as proactive and engaged business partners for our portfolio companies, with each party bringing their skillset to maximise value creation. Our involvement includes participation in the Board of Directors, formal and informal communication with company management on an ongoing basis, knowledge sharing of international best practices and standards, the introduction of future exit opportunities, including M&A and IPOs, and many more.


We believe that adherence to Environmental, Social and Governance principles is a prerequisite for sustainable investment returns and mitigating risks. Before investment decision, we conduct a screening of each company’s ESG practices, identify possible gaps and develop an action plan for enhancing the existing practices. Following the investment, we provide a roadmap of complementing the company’s day-to-day operations with our ESG approach, including the adoption of ESG policies and integration of its elements in the companies’ business processes. Being an engaged investor, we work together with each company to entrench responsible practices in its business, creating long-term value for everyone involved.



Anushavan Simonyan

Anushavan joined Amber Capital Armenia in 2019. He previously worked for the UBS as the Head of Investment Banking for Russia and the CIS countries. His working experience in international financial institutions includes also Credit Suisse, Merrill Lynch and ABN AMRO. After graduating from the State Polytechnic University of Armenia, Anushavan continued his studies at Columbia University and INSEAD graduate business school.

Karen Arabyan

Chief Operating Officer
Karen joined Amber Capital Armenia in 2013. He previously worked for several international financial institutions as a consultant, including the European Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank and the KfW. After receiving his Master’s Degree from the State Engineering University of Armenia, Mr. Arabyan continued his education at Said Business School of the University of Oxford, a Master’s degree in Financial Strategy.

Grigor Harutyunyan

Investment Manager
Grigor joined Amber Capital Armenia in 2018. Before relocating to Armenia to work at Amber, he was employed by Ernst & Young LLP in London, focusing on the valuation of equity and fixed income instruments as well as derivatives across a wide range of sectors. Before that, Grigor was engaged with the International Finance Corporation in Armenia, working on improving the investment climate of the country. Grigor has an LLB and LLM from the School of Law at the University of Nottingham. He is a CFA Charterholder and a Chartered Accountant.

Tamara Geghamyan

Investment Analyst
Tamara joined Amber Capital Armenia in 2016. Before joining Amber, Tamara was a member of the Global Metals (ARM) Ltd. team developing a big mining project in Armenia. Her previous experience includes positions in finance at Emporiki Bank (Armenia), now in the structure of AmeriaBank, and the Ministry of Finance of RA. Tamara holds a degree with honors from Yerevan State University dept. of International Economics and an MBA in Finance from Lehigh University, USA.

Arus Khudaverdyan

Junior Analyst
Arus joined Amber Capital Armenia in 2021. She previously worked in the scope of ICT and entrepreneurial ecosystem development programmes implemented by Ernst & Young Baltic UAB, EBRD Armenia, GIZ and others. She received her MBA degree at the American University of Armenia and a Bachelor's degree in Finance at the Armenian State University of Economics.


10 V. Sargsyan st, Piazza Grande Yerevan 0010, Armenia