Georgian Co-Investment Fund
 | This article needs additional citations for verification. (October 2023) |
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| Company type | Private Equity Fund |
|---|---|
| Industry | Energy, Infrastructure, Hospitality, Real Estate, Agriculture Logistics, Manufacturing |
| Founded | 2013 |
| Headquarters | , |
Key people | Tsotne Ebralidze, CEO George Bachiashvili, Head of Advisory Committee |
| Total assets | $6bn USD |
| Website | gcfund |
The Georgian Co-Investment Fund (GCF) is a private equity fund. Established in 2013, the Fund invests across sectors and industries which significantly contribute to the development of the Georgian economy.[1]
History
[edit]The fund was established in 2013.[1]
In 2016, GCF announced that it would be launching eight large-scale investment projects in Georgia. The projects are worth $574 million and include: Hotel Shekvetili, Hotel at Erekle II Square, Hotel at Erekle II Square, Hotel Freedom Square, Hotel Sololaki, Hotel Ganmukhuri, the Magnolia recreational complex, and the Tabori project.[2]
In 2019, Mr. Bachiashvili became the Head of the Advisory Committee, and Mr. Ebralidze became the CEO of Georgian Co-Investment Fund. MR. Ebralidze served over five years as a Managing Director of Hospitality and Real Estate Sector of Georgian Co-Investment Fund.[citation needed]
In 2023, Bachiashvili was charged with misappropriation of cryptocurrency and alleged money laundering. Bachiashvili invested in mining of Bitcoin cryptocurrency in the summer of 2015 using money “personally raised” by him. The mining services were provided by a foreign firm to an enterprise owned by Bachiashvili under a one-year contract valued at $6.3 million, including a $5 million share by the investor. The operation generated 24,661.85 bitcoins throughout a year, resulting in the profit of 8,253.13 bitcoins, which were appropriated by Bachiashvili in 2017 and with only $536,900 paid to the investors as their share of the profit. The amount of appropriated bitcoins equalled over $39 million.[3][4]
References
[edit]- ^ a b Luke Goldsmith (2013-10-07). "Georgia's prime minister and the $6bn private equity fund". Financial Times.
- ^ "Georgia welcomes 8 new projects worth $574m". Agenda. May 6, 2016. Retrieved October 8, 2023.
- ^ "Prosecutor's Office charges former Co-Investment Fund head for cryptocurrency misappropriation, money laundering". Agenda. July 6, 2023. Retrieved October 8, 2023.
- ^ Emily Tonelli (July 6, 2023). "$39M BTC Scandal Sends Georgian Billionaire to Court". Crypto Briefing. Retrieved October 8, 2023.