diamond 4

Investment company specialising
in emerging european markets
and green energy since 2003


Our History

Spring Group started in 2003 with Halcyon Power Investment Company, a closed end vehicle making private equity investments in companies related to power utilities in Russia. Why Russia? Because it is a beautiful country undergoing massive transition. The reform of Russia’s power utility sector was the biggest sector restructuring ever to be carried out anywhere in the world. At least $200bn of companies and assets all restructured, much of it privatized.

The power sector reform was completed (or at least halted) in 2008. We then expanded in different directions. Listed equities are managed by Spring Capital, which still concentrates on Russia and the surrounding region. Private equity is managed by Spring Energy Ventures. Spring Energy Ventures concentrates on energy transition, including renewable power, power storage, energy efficiency, distributed energy, district heating, grid flexibility and other related areas. Spring EV maintains a strong knowledge base in Russia but concentrates in Western Europe. We are particularly interested in technologies and activities which are developed in Western Europe and have applications in emerging markets. Although Europe is important, the future of the world depends on what happens in emerging markets. 

Members of our team continue to explore investment themes particularly related to transition. In 2017, we launched investments in crypto assets, as decentralized ledger has the potential to dramatically change the ways in which we transact with each other. The technology is still very early and few, if any, of the existing assets are likely to survive but the technology will affect our future and we will remain engaged. We have invested in property since 2010 in both Western and Eastern Europe. 


Our Business lines

Equity asset manager
for listed equities
in Eastern Europe

Private Equity and
venture capital in
energy transition

Simoleon Long-term Value Fund

Decentralised ledger-based
technologies and assets

Spring Property

Real estate investments
in Limassol, London, Moscow and Tallinn


Our team.

Carefully selected over the years
David Herne

Founder & CEO

Natalia Chernyshova

CEO, Spring Capital

Ilya Brodsky

Director, Asset-Focused Strategies

Irina Marina

Director, Property Investments

Daniel Wolfe

CEO, Simoleon LTVL

Mark Lennon

Head of Compliance, Spring Capital

Dominic Hood

COO, Spring Capital

Alexey Klaptsov

Portfolio manager, Spring Capital

Gregory Vovk

Director, IT

Elena Krylovetskaya

Manager, Simoleon LTVL

Natalia Merenkova


Yana Starovoytova

Head of Investor Relations


Years in business


Investment professionals


Assets under management


Our mission

We are building a better world. The old saying is ‘charity begins at home.’ Similarly, to build a good world we have built a good company. This is a place where we are honest with ourselves, with colleagues and with clients. We treat each other with respect. We are driven by the following.

Investor returns

One of the beautiful aspects of financial markets is that we can measure our results


Sustainable progress

We intend to be around in 100 years. We would rather grow slowly and sustainably than burn brightly and disappear. There is a role for such ‘bright burners’ but that is not us. Similarly, we are working to ensure that the glaciers and forests and other places we love will be around in 100 years.



We love to learn. About trees, about brain function, about cultures, new languages, new games, new technologies. It might be directly relevant to our work or might not. It is all fascinating.


Gratitude to our colleagues

It is a privilege to work with high quality people.


A note from the founder

My job is identifying talented people and helping them to succeed. My happiest moments at work are when we achieve something. As a team. Success in our business is measured in money so earning is necessary but it is not sufficient. A real achievement requires intention – accomplishing a task we set, rather than just getting lucky. We respect the importance of luck and are deeply grateful for all it has brought us. But the joy of achievement is greatest when it is intentional. When a client entrusts us with money and we succeed in our set task, it brings a deep joy.

I also find joy in nature. Walking, running, swimming or just being. Especially in mountains.  I passionately hope that the nature and climate of our world will not change catastrophically and will do what I can to prevent it.

David Herne

Founder, SPRING


Why Us?

Our foremost goal is to create value for clients through deep market knowledge and impeccable service

Unrivalled experience on the modern Russian market since its very inception  and 20+ years involvement in energy investments


Our corporate structure includes Specialised Research (UK) Limited, a London-based investment manager regulated by the Financial Conduct Authority


We maintain intimate knowledge of portfolio companies through own research and regular company meetings — over 200 every year


Our years of experience on the market have allowed us to get acquainted with decision makers, allowing us to better understand corporate governance risks


We are not trying to time the market or beat the index in a particular timeframe. Through a rigorous bottom-up investment process we select the best companies for long-term outperformance.


Many of clients have remained with us since the first fund was launched in 2004. We never locked a fund, never gated a fund. Never abandoned a fund which was underwater. In any situation we sincerely put clients’ interests first.


Get in Touch

Please contact us if you need any further information
Moscow Office

Empire Tower, 47th Floor, 6 bld.2,
Presnenskaya emb., Moscow,
123112, Russia P.O. Box 23
Tel: +7 495 783 67 80
E-mail: ir@sprin-g.com

London Office

154-160 Fleet Street London,
EC4A 2DQ United Kingdom
Tel: +44 20 8670 8309
Specialised Research (UK) Limited is authorised and regulated by the Financial Conduct Authority