The leading independent investment banking advisor in the Russian market

With industry experience since 1998, including the largest landmark deals in key sectors of the economy, we provide top-tier services in supporting mergers and acquisitions, capital raising, as well as strategic consulting services on focused business capitalization

Toliman (TLM) Capital Mission

To help clients navigate the investment banking landscape with confidence

«Today, Russian companies and their owners increasingly require first-class advisory services to pursue strategic growth through consolidation, secure capital for expansion, and navigate critical decisions around partial or full exits.»
Managers
ROMAN NIKONOROV
CEO, MANAGING PARTNER
SERGEY ZAKHAROV, CFA, PhD
MANAGING PARTNER

Our Values

Professionalism

We deliver services on par with leading investment banks, drawing on many years of experience in transaction execution and strategic advisory

  • Deep understanding of the market and business processes
  • Knowledge of global best practices and their adaptation to the Russian market
  • High standards of quality and professional ethics
  • Extensive experience in investment banking
  • Strong understanding of the specifics and needs of Russian businesses

Results-Driven Approach

Our objective is to achieve our clients’ specific goals

  • Clearly defined objectives and key success metrics for each project
  • Continuous progress monitoring and strategy adjustments when required
  • Application of best practices and innovative solutions to achieve objectives
  • Comprehensive risk management throughout the project lifecycle
  • Commitment to exceeding client expectations

Trust and Respect

We value our clients’ trust, fully recognizing how sensitive transaction-related matters can be

  • Integrity and transparency in all aspects of business relationships
  • Confidentiality and protection of clients’ interests
  • Open and clear communication throughout the engagement
  • Respect for each client’s views and needs
  • Building long-term partnership relationships

Uniqueness

Every client is unique, which is why we develop a tailored strategy for each specific transaction

  • In-depth analysis of business specifics and market conditions
  • Development of customized solutions for specific objectives
  • Flexibility in approach and readiness for non-standard solutions
  • Consideration of industry characteristics and regional specifics
  • Experience in unique projects and emerging market segments
1

Professionalism

ROMAN NIKONOROV
«Fundamental transaction insight significantly enhances the probability of success»
ROMAN NIKONOROV
CEO, MANAGING PARTNER
2

Orientation on Results

SERGEY ZAKHAROV, CFA, PhD
«At every stage and in every aspect of a transaction, the client’s ultimate goal remains at the forefront»
3

Trust and Respect

KIRILL BILIUSHOV, CFA
«The best results are achieved through collaboration»

Why Us

Experience across all phases of the market cycle, with dozens of completed transactions - including some of the largest in the market totaling over $25 billion - enables the delivery of solutions in which every task is handled with meticulous attention to detail and the client’s best interests.

First-class Experience

With 20 years in the market, our team has successfully closed dozens of M&A deals and facilitated capital market placements totaling over $25 billion

Market Adaptability

Over twenty years of operating across different market cycles has enabled the creation of transaction structures tailored to prevailing market conditions

Extensive Network

Thanks to our long-standing presence in the market, we have established reliable connections with leading financial institutions: banks, private equity funds, institutional investors, major family offices, and private investors

Deep Transaction Expertise
  • A profound grasp of the principles and mechanics of capital markets
  • This expertise becomes especially crucial in complex or atypical transactions, where precision at every stage of the deal is required
Client-Centric approach
  • Careful planning and attention to every step of the transaction
  • Essential for clients undertaking rare or first-time transactions, where trust, transparency, and open dialogue are paramount
Dedication to values
  • A genuine love and respect for the work, honoring clients’ trust, time, and resources
  • Working in full partnership with clients on every project
  • Endorsed by clients, with a commitment to not just meet, but exceed expectations

We contribute to improving investment culture in Russia both through interaction with the largest business communities and through team participation in educational programs at leading academic institutions

Our Company - TLM Capital