Georgia Capital

What Georgia Capital does

Georgia Capital PLC is an LSE-listed (LSE:CGEO) investment holding company headquartered in Tbilisi, Georgia, with a regional office in London. Incorporated in 2004 and listed on the London Stock Exchange in 2006, the company took its current form following a 2018 demerger of BGEO Group into Bank of Georgia (now Lion Finance Group PLC) and the Georgia Capital investment platform. The company develops, scales, and monetises large-scale businesses in Georgia with a target equity value of at least GEL 300 million, running an efficient holding structure with no management or success fees and only 37 employees at the parent level, overseeing 20,284 employees across portfolio companies.

The portfolio is organised into three tiers. The listed portfolio (47.2% of NAV at GEL 2,383 million as of 31 March 2026) consists solely of Lion Finance Group PLC, a FTSE 100 holding company providing banking and financial services across Georgian and Armenian markets via Bank of Georgia, Galt & Taggart, and Ameriabank. The large private portfolio (41.9%, GEL 2,112 million) comprises retail pharmacy (GPC and Pharmadepot brands, 33.7% organised retail pharmacy market share), healthcare services (seven large/specialty hospitals, 30 regional/community hospitals, 16 polyclinics, and Megalab diagnostics — the largest laboratory in the Caucasus), and insurance (Aldagi for P&C at 34% market share and Imedi L/Ardi for medical insurance at 34% market share). The emerging portfolio (10.9%, GEL 550 million) spans renewable energy, education, auto service, hospitality, wine, and beer/distribution businesses. Georgia Capital has expanded into Armenia via bolt-on acquisitions in retail pharmacy, healthcare, and insurance.

The business model generates returns through three channels: portfolio company dividends and distributions, capital gains from disciplined exits (e.g., the 2026 sale of housing developer m2), and ongoing capital return to shareholders through share buyback and cancellation programmes. Since the 2018 demerger, the company has retired over one-third of its issued share capital and returned US$261 million via repurchases, completing a GEL 700 million capital return programme ahead of schedule in 2026. The shareholder base is approximately 80% institutional, with the largest exposures in the USA (40%) and UK (24%). NAV per share reached GEL 154.82 (£43.34) at 31 March 2026, up 45.1% year-over-year, with an S&P credit rating of BB (Stable) upgraded in June 2026, aligned with the Georgian sovereign rating.

Name

Georgia Capital

Legal name

Georgia Capital PLC

Website

https://georgiacapital.ge

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Georgia Capital PLC is an LSE-listed investment holding company that builds, scales, and monetises large-scale Georgian businesses across banking, pharmacy, healthcare, and insurance, returning capital to shareholders via dividends, exits, and buybacks.

Ownership category

akta.pro rank

Product category

Investment Holding Company

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Finance and Insurance (52)

SIC

Investors, Nec (6799), Investment Advice (6282)

akta.pro primary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

akta.pro secondary industries

Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Corporate Finance & Capital Advisory (BPAHADAB), Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Investment holding company
• Portfolio asset management
• Private equity Georgia
• Institutional equity platform
• Single-country investment vehicle

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Portfolio company dividends and distributions: Georgia Capital generates returns through dividends and distributions from its portfolio companies including Lion Finance Group (16.6% ownership), retail pharmacy (98% ownership), healthcare services (100% ownership), and insurance businesses (11.3% P&C and medical insurance).
2. Capital gains from exits: As investments mature, Georgia Capital realizes proceeds through disciplined exit strategies at attractive prices, including the sale of housing development business m2 to local investors.
3. Share buyback returns: Georgia Capital returns capital to shareholders through share buyback and cancellation programs, having retired over one-third of its issued share capital since demerger.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Georgia Capital PLC is a UK-incorporated holding company that builds and develops large-scale businesses in Georgia, providing public-market investors with exposure to the Georgian economy through a diversified portfolio of equity stakes. Its portfolio spans banking, retail pharmacy, healthcare services, P&C and medical insurance, renewable energy, education, auto services, hospitality, wine, beer, and distribution. The company aims to maximize returns through equity investments and selective exits rather than charging management or success fees.

Product overview

Georgia Capital is an investment platform focused on building and developing large-scale businesses in Georgia with potential equity value of GEL 300 million+. The company operates a diversified portfolio consisting of: (1) Listed Portfolio - Lion Finance Group PLC (FTSE 100 banking/financial services holding); (2) Large Private Portfolio - retail pharmacy (GPC and Pharmadepot brands), healthcare services (hospitals, clinics, diagnostics including Megalab), and insurance (Aldagi P&C, Imedi L and Ardi medical insurance); (3) Emerging Portfolio - renewable energy, education, auto service, hospitality, wine, and beer/distribution. Georgia Capital listed on LSE with approximately 80% institutional shareholder base, targeting investments in capital-light businesses with disciplined exit strategies as investments mature.

Differentiator

Problem solved

Functional benefit

Brands

• GPC: Retail pharmacy brand operated by the pharmacy portfolio company
• Pharmadepot
• Aldagi
• Imedi L
• Ardi

Products and services

• Georgia Capital PLC Investment Platform (LSE:CGEO) Public-equity investment vehicle offering London-listed shareholders diversified access to the Georgian economy through a portfolio of more than ten large-scale businesses across multiple sectors. Aimed at institutional and other equity investors seeking emerging-market growth exposure.
• Lion Finance Group (Banking) Largest banking group in Georgia, providing retail and commercial banking services to Georgian consumers and businesses; held as a key listed portfolio investment.
• Retail Pharmacy Business Largest retail pharmacy chain in Georgia, distributing pharmaceutical and health/wellness products to Georgian consumers through a national network of outlets.
• Healthcare Services Business Healthcare services provider in Georgia offering medical services to patients across the country through clinics and related facilities.
• Property & Casualty Insurance Business Provider of property and casualty insurance products to Georgian individuals and businesses, operating as one of the leading P&C insurers in the Georgian market.
• Medical Insurance Business Provider of private medical/health insurance products to Georgian policyholders, supporting access to private healthcare services across Georgia.
• Renewable Energy Business Operates renewable energy generation assets in Georgia, with project financing supported by sustainability-linked bonds and green bond frameworks.
• Education Business Operates private education services in Georgia, including schools serving Georgian families and students.
• Auto Service Business Provides automotive service and related offerings to Georgian vehicle owners across a network of service centers.
• Hospitality Business Hospitality business operating hotels and related accommodation services in Georgia for domestic and international travelers.
• Wine Business Wine production and sales business leveraging Georgia's indigenous wine industry heritage, supplying domestic and export markets.
• Beer and Distribution Business Beer production and beverage distribution business operating in Georgia, producing beer brands and distributing beverages across the country.

Quantifiable outcome

• 27% year-over-year EBITDA growth in Q1 2026 across portfolio companies
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• AqualiamajorStrategic or Co-development Partner · 1 January 2022Aqualia acquired majority ownership of Georgia Global Utilities in 2022. Spain's Aqualia is a leading water management company providing expertise for utility operations.

Scale indicators14 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Kinnevik: Swedish-listed investment company focused on consumer-facing and growth businesses. Comparable to Georgia Capital in operating a publicly listed holding structure that invests in operating companies and communicates via NAV-style metrics.
• Exor: Dutch-listed holding company controlled by the Agnelli family with diversified operating holdings. Comparable in structure as a long-duration, listed holding vehicle deploying capital across industries with an explicit focus on shareholder value creation.
• LetterOne: Private investment holding company deploying capital across multiple sectors globally. Comparable in diversified holding-company approach with strategic stakes in operating businesses across geographies.
• Investor AB: Swedish-listed investment holding company holding majority stakes in a diversified portfolio of operating businesses across sectors. Most directly comparable to Georgia Capital by virtue of being a publicly traded holding vehicle compounding NAV per share via long-duration ownership and disciplined capital allocation.
• Fairfax Financial Holdings: Canadian-listed financial holding company with diversified operating businesses led by insurance. Comparable investment-vehicle structure with disciplined underwriting, shareholder-friendly capital return, and significant emerging-market exposure.
• Onex Corporation: Canadian-listed private equity and investment management firm. Comparable in deploying capital across operating businesses in financial services and healthcare, with a publicly listed holding structure reporting NAV.
• Remgro: South African-listed investment holding company with diversified operating businesses across financial services, healthcare, and consumer. Directly comparable diversified holding-company model with similar emphasis on long-duration equity ownership and capital-light structures.
• Industrivärden: Swedish-listed investment holding company with concentrated holdings in Nordic industrial and consumer companies. Closely comparable business model of long-duration, capital-disciplined holding of majority operating companies and shareholder-friendly capital return.

Regional players

• Liberty Holdings (now part of Standard Bank): Historically a South African-listed financial services holding company with insurance and asset management businesses in emerging African markets. Comparable as a holding-company vehicle focused on financial services and insurance in emerging markets.

Broad incumbents

• Naspers: South African-listed internet and media conglomerate that has evolved into a global technology investment holding company. Comparable as a publicly listed platform with concentrated portfolio holdings and a track record of disciplined NAV compounding.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/irgcap
• LinkedInlinkedin.com/company/jsc-georgia-capital

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Georgia Capital