Oleg Tsarkov | Managing Partner

Oleg Tsarkov is a founding Managing Partner at Svarog Capital Advisors. Oleg is in charge of strategic development of the firm. He also supervises the firm’s activities in retail, FMCG and commercial real estate.


Oleg Tsarkov has closed a number of M&A and public markets transactions. From 2000 to 2003, Oleg Tsarkov served as the Head of Investment Banking at Troika Dialog (www.troika.ru). Under the management of Oleg Tsarkov, Troika's investment banking gained a leading position in the Russian mid-cap IB advisory market and was ranked #1 ruble bond underwriter.


From 1996 to 1998, Oleg Tsarkov was the CEO at Creditanstalt Grant, the leading Russian brokerage at the time. While working at Creditanstalt Grant, Oleg was a member of the National Association of Stock Market Participants (NAUFOR), Depository Clearing Company, and the Russian Trade System (RTS).


In 1999, Oleg acquired a Master's degree in international finance markets at ISMA Business School at the University of Reading (U.K.).

Mikhail Stukalo | Partner

Mikhail Stukalo specialises in deals in retail and FMCG sectors. Mikhail represents the Fund on the Board of Directors and Management Boards of Holiday Group (member of the Management Board), Polair (member of the Board of Directors)and AutoPlus (Chairman of the Board).


Prior to joining Svarog Capital Advisors, Mikhail was a Vice President in the investment boutique, SARS Capital, where he executed a number of M&A deals in FMCG and oil & gas industries, including the acquisition of Stepan Razin Brewery by Heineken and the acquisition of oil assets by West Siberian Resources.

Prior to that, Mikhail was a Project Director at the Moscow office of AES Silk Road, where he was responsible for the development of AES strategy in Russia and CIS. He was also an Associate at Troika Dialog, where he was involved in a number of capital market and M&A transactions such as the first CPI-linked bond issue in Russia (Wimm-Bill-Dann) and the first mortgage-backed issue (Moscow Mortgage Agency).

Mikhail received a BA in Economics with honors from the Moscow Institute for International Relations (MGIMO).

Tatiana Fokina | Legal Counsel

Tatiana Fokina joined Svarog Capital Advisors in April 2008. She supervises the legal aspects of acquisitions, exit transactions, and portfolio management.


Before joining Svarog Capital Advisors, Tatiana worked for 7 years at the international law firm Herbert Smith. Her practice extends across a broad range of corporate and finance work and includes M&A, joint ventures, private equity and project finance.

Tatiana received her law degree from Moscow State Law Academy in 2000 and LL.M. degree from Cambridge University in 2001.

Natalia Tsvetkova | Corporate Governance and Financial Officer

Natalia Tsvetkova is the Corporate Governance and Financial Officer of Svarog Capital Advisors. Natalia joined Svarog Capital Advisors in April 2004. She has been involved in structuring and establishment of Svarog Capital Advisors Funds. She is in charge of the Representative Office operations in Russia and supervises corporate and financial administration of the Fund and its portfolio companies. Natalia is responsible for communications with the investors of the Funds.


Natalia received her law degree from Moscow State University (MGU) in 2008 and her MSc of Law and Accounting at the London School of Economics and Political Science in 2012.