Trigon Capital
Trigon Capital is a privately held Estonian investment group founded in 1994, operating UCITS fund management (Trigon New Europe Fund, Trigon Dividend Fund) and principal investments across Central and Eastern Europe, serving retail, institutional, and family office investors with EUR 2 billion+ in client assets.
- Company typePrivate
- Founded1994
- HeadquartersTallinn, Estonia
- Headcount—
- GTM typeB2B and B2C
- OfferingServices
What Trigon Capital does
Trigon Capital Group is a privately held Estonian holding company founded in 1994 by Joakim Helenius, operating two business lines: regulated asset management through its wholly-owned subsidiary AS Trigon Asset Management (a UCITS-approved fund management company supervised by the Estonian Financial Supervision Authority), and principal investments in sustainability-linked industries across Central and Eastern Europe. The asset management franchise manages over EUR 2 billion in client assets across two open-ended UCITS funds — Trigon New Europe Fund (a Luxembourg-domiciled equity fund focused on value companies in 13+ CEE markets, soft-closed in August 2025) and Trigon Dividend Fund (an Estonian-domiciled multi-asset dividend-yield fund launched in 2020 with 1,500+ investors) — plus institutional discretionary mandates with a EUR 50 million minimum. A third fund, Trigon Russia Top Picks Fund, entered liquidation in March 2025 following the 2022 trading suspension triggered by the Russia-Ukraine conflict.
The firm employs a bottom-up, value-oriented investment process with 250+ company visits annually, and is a signatory to the UN Principles for Responsible Investment. Trigon New Europe Fund holds Article 8 SFDR classification (ESG-promoting) since April 2024. Distribution is multi-channel: retail via Swedbank and LHV bank platforms in Estonia, and across 30+ international platforms including Allfunds, Clearstream, FundSettle, and the Swedish Pension Agency in 9+ European countries. Fund administration is outsourced to DZ PRIVATBANK S.A. (transfer agent) and IPConcept (Luxembourg) S.A. (management company), with PwC as auditor.
Revenue is generated primarily through recurring management fees on AUM and performance fees on certain share classes and institutional mandates, though specific revenue figures are not publicly disclosed. The group also manages over EUR 1 billion in principal investment assets and projects under development. Ownership is 34.5% fund managers and 65.5% Trigon Capital, aligning employee and parent interests. The firm has accumulated over 60 international awards in the past 8 years, including the LSEG Lipper Fund Award 2024 for best multi-asset fund in Europe over 3 years.
Trigon Capital firmographics
Firmographics- Name
- Trigon Capital
- Legal name
- AS Trigon Asset Management
- Website
- https://trigoncapital.com
- Company type
- Private
- Founded year
- 1994
- Operating status
- Operating
- Short description
- Trigon Capital is a privately held Estonian investment group founded in 1994, operating UCITS fund management (Trigon New Europe Fund, Trigon Dividend Fund) and principal investments across Central and Eastern Europe, serving retail, institutional, and family office investors with EUR 2 billion+ in client assets.
- Ownership category
- akta.pro rank
Trigon Capital industry classification
Industry- Product category
- Emerging Europe Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Multi-Asset Mutual Funds & UCITS (Balanced/Allocation Funds) (FSAAAJAA)
Keywords
Where Trigon Capital is headquartered
LocationHeadquarters
- HQ city
- Tallinn
- HQ country
- Estonia
- HQ region
- Europe
Offices1 record
Markets served
Trigon Capital business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Infrastructure, Technology or R&D, Others
Revenue model
- UCITS Fund Management Fees: Trigon Asset Management earns management fees from two open-ended UCITS funds: Trigon New Europe Fund (Luxembourg-domiciled, managed by IPConcept) and Trigon Dividend Fund (Estonian-domiciled). Fees are charged as a percentage of AUM and vary by share class.
- Performance Fees: Trigon Dividend Fund operates with a performance fee structure on certain unit classes (C and D units). The E EUR and E USD unit classes introduced in 2026 are specifically designed for investors who do not wish to invest in units subject to a performance fee.
- Institutional Discretionary Mandate Management: Trigon offers discretionary account management services to institutional investors with a minimum mandate size of EUR 50 million, targeting long-term capital appreciation in Emerging Europe. These mandates generate management fees and potentially performance fees.
- Principal Investments: Trigon Capital Group conducts principal investment activities across diverse industries linked to environmental sustainability. They manage over EUR 1 billion in principal assets and projects under development.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Institutional Mandates - minimum EUR 50 million |
| Subscription | Annual | Trigon New Europe Fund - multiple share classes |
| Subscription | Annual | Trigon Dividend Fund - C, D, E EUR, E USD share classes |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
Trigon Capital product offering
Product offeringCore offering
Trigon Capital manages two public UCITS funds — the Trigon New Europe Fund (Central and Eastern European equities) and the Trigon Dividend Fund (global multi-asset dividend strategy) — and also offers discretionary institutional mandates with a minimum size of EUR 50 million. Products are run via an active, bottom-up value investing process leveraging 30+ years of regional research and 250+ company visits per year, distributed across 9+ European countries through bank platforms, transfer agents, and 30+ international fund platforms.
Product overview
Trigon Asset Management is an Emerging Europe-focused independent investment boutique offering two public open-ended UCITS funds and discretionary mandates for institutional investors. The product suite consists of: (1) Trigon New Europe Fund - an equity fund investing in Central and Eastern European value companies across 13+ countries; (2) Trigon Dividend Fund - a multi-asset dividend-focused fund; (3) Trigon Russia Top Picks Fund - in liquidation since 2025; and (4) Institutional Mandates - customized discretionary accounts for large institutional investors (minimum EUR 50 million). The funds are domiciled in Luxembourg (New Europe Fund) and Estonia (Dividend Fund), with shares available in multiple currencies (EUR, USD, GBP) and registered for public distribution across 8+ European countries. Fund administration and transfer agent services are outsourced to DZ PRIVATBANK S.A.
Differentiator
Problem solved
Functional benefit
Brands
- Trigon New Europe Fund: Open-ended UCITS fund focused on long-term capital appreciation through investments in Central and Eastern European equities, managed by Mehis Raud. Fund was launched in 2002 and redomiciled to Luxembourg in 2018.
- Trigon Dividend Fund
- Trigon Russia Top Picks Fund
- Institutional Mandates
Products and services
- Trigon New Europe Fund Actively managed open-ended UCITS equity fund investing in value companies across Central and Eastern European markets (Poland, Hungary, Czech Republic, Romania, Slovenia, Austria, Croatia, Bulgaria, Baltic States, Kazakhstan, Greece, Turkey), excluding Russia. Managed by Mehis Raud (Citywire AA / Sauren 2-star ratings) using bottom-up value investing with 250+ company visits per year. Multiple share classes (A, B, C, D, E, F) in EUR, USD, and GBP. Converted to Article 8 SFDR for ESG promotion in April 2024. Morningstar 4-star rated.
- Trigon Dividend Fund Multi-asset UCITS fund investing in approximately 25-50 companies with high or growing dividend yields, with the ability to invest in convertibles or higher-yielding bonds. Won LSEG Lipper Fund Award 2024 as best multi-asset fund in Europe over 3 years (outperforming 65 competitors). Ranked #1 by Citywire among 800+ global multi-asset funds in 2023. Available in C-share (reinvests dividends), D-share (pays annual dividends), and E EUR/E USD share classes (no performance fee) introduced March 2026. Distributed via Swedbank and LHV in Estonia, plus international platforms. No minimum investment for retail. 1500+ investors.
- Trigon Asset Management Discretionary Mandates Discretionary account management services for institutional investors offering customized long-term exposure to Emerging Europe (including Turkey and Central-Eastern Europe). Sold directly by the Trigon Asset Management sales team to pension funds, insurance companies, and family offices. Minimum mandate size EUR 50 million, with individually negotiated management fees and potentially performance fees under multi-year contracts. Targets long-term capital appreciation in inefficient CEE markets.
Quantifiable outcome
- Trigon New Europe Fund D-share: 972.11% total return since inception (10 April 2002 to August 2026)
- +7 more outcomes
Companies that use Trigon Capital
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles2 records
Trigon Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration16 records
Feature3 records
Trigon Capital partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and major.
- DZ PRIVATBANK S.A.coreDZ PRIVATBANK S.A. (4, rue Thomas Edison, L-1445 Strassen, Luxembourg) serves as the official transfer agent, shareholder register, and depository bank for the Trigon New Europe Fund (Luxembourg-domiciled UCITS). Investors can open registry accounts through DZ PRIVATBANK S.A. or via DVP transactions. All fund trades are settled T+3 through this partnership. This is a core operational partnership essential to fund administration.
- IPConcept (Luxembourg) S.A.coreIPConcept (Luxembourg) S.A. (registration code B 82 183) serves as the Management Company for the Trigon New Europe Fund, a Luxembourg-domiciled UCITS IV FCP structure. IPConcept is responsible for the fund's compliance, administration, and regulatory oversight under CSSC (Commission de Surveillance du Secteur Financier) supervision. This is a core structural partnership enabling the fund's Luxembourg domicile.
- Allfunds International S.A.majorAllfunds International S.A. is one of the platforms through which the Trigon New Europe Fund is available for distribution to investors. Allfunds is one of the largest fund distribution platforms in Europe.
- ClearstreammajorClearstream is an international central securities depository (ICSD) through which Trigon New Europe Fund units can be purchased, enabling global institutional investor access to the fund.
- FundSettlemajorFundSettle is a European fund distribution platform through which Trigon New Europe Fund units can be purchased, providing additional distribution reach to investors across Europe.
- Swedish Pension Agency (Pensions Myndigheten)majorThe Swedish Pension Agency (Pensions Myndigheten) has Trigon New Europe Fund (D-share ISIN: LU1687403102, WKN A2DYM) available for Swedish pension investors, providing institutional-level distribution access.
- PricewaterhouseCoopers (PwC)corePricewaterhouseCoopers serves as the independent auditor for both Trigon New Europe Fund and Trigon Dividend Fund, as well as for AS Trigon Asset Management itself.
- Swedbank AScoreSwedbank AS in Estonia serves as the shareholder register, transfer agent, and distribution channel for Trigon Dividend Fund (Estonian-domiciled UCITS). Retail and business clients of Swedbank can purchase Trigon Dividend Fund C-share (reinvests dividends) and D-share (pays annual dividends) units through their internet banking platforms.
- LHV AScoreLHV AS in Estonia serves as a distribution channel for Trigon Dividend Fund. Both retail and business clients of LHV can purchase Trigon Dividend Fund units through their internet banking platforms, with a minimum investment starting from EUR 100.
- IPConcept (Schweiz) AGmajorIPConcept (Schweiz) AG (Bellerivestrasse 36, Postfach, CH-8008 Zürich) serves as the Swiss representative for Trigon New Europe Fund, providing fund documentation and services to Swiss investors. DZ PRIVATBANK (Schweiz) AG serves as the Swiss paying agent.
- United Nations Principles for Responsible Investment (UN PRI)majorTrigon Asset Management is a signatory to the UN Principles for Responsible Investment, demonstrating commitment to incorporating ESG factors into investment decisions. The Trigon New Europe Fund has been converted to Article 8 of EU Regulation 2019/2088 (SFDR), promoting environmental and social characteristics.
- Estonian Financial Supervision AuthoritycoreAS Trigon Asset Management is a UCITS fund management company approved and subject to supervision by the Estonian Financial Supervision and Resolution Authority (Finantsinspektsioon). License number 4.1-1/3 dated 15.01.2007.
Scale indicators8 records
Recent moves9 records
Expansion highlights5 records
Trigon Capital competitors and assessment
Company assessmentBroad incumbents
- Schroders: Global asset manager with broad emerging Europe and frontier market equity capabilities within a much larger multi-asset platform. Competes for the same institutional CEE allocations but at significantly larger scale and with a broader product shelf.
- NN Investment Partners: European asset manager (part of Goldman Sachs Asset Management) with strong CEE presence given NN Group's central European insurance heritage. Offers comparable emerging-markets equity and multi-asset funds through similar distribution channels.
- Franklin Templeton: Global asset manager with established emerging-markets equity and CEEMEA funds. Larger, more diversified peer offering broader EM exposure but with less CEE-specific specialization than Trigon.
Direct peers
- Ashmore Group: London-listed specialist emerging-markets fund manager with dedicated EM equity and multi-asset franchises. Most direct global comparable to Trigon's active EM/CEE equity strategy in terms of investor type (institutional, Ucits) and active bottom-up research approach.
- Conning & Company: Specialist asset manager focused on insurance and emerging markets fixed income and equity, with strong CEE research capabilities. Highly comparable niche-manager positioning with institutional mandates and global distribution.
- Erste Asset Management: Vienna-based asset manager with a strong CEE fund franchise (ERSTE-SPARINVEST, designated distributor for Trigon). Operates UCITS funds covering Czech, Hungarian, Romanian, Polish, and broader CEE equity and multi-asset strategies, directly competing with Trigon for institutional and retail CEE flows.
- Raiffeisen Capital Management: Austrian investment company owned by Raiffeisen Bank Group, managing CEE-focused equity, bond, and mixed funds. Distributions and fund structures (including Austrian and Luxembourg-domiciled UCITS) are highly comparable to Trigon's, serving both institutional and retail investors across CEE.
Regional players
- OTP Fund Management: Hungarian asset manager within OTP Bank Group, operating CEE-focused equity, bond, and mixed UCITS funds primarily for Hungarian and regional institutional/retail investors. Comparable product set and regional concentration to Trigon.
- PKO TFI: Polish asset manager and part of the PKO Bank group, one of the largest CEE fund managers by AUM. Direct regional peer serving Polish and broader CEE institutional and retail investors with UCITS and local-domiciled funds.
Emerging players
- Amber Capital: Independent London-based emerging and frontier markets specialist manager running several EM equity strategies. Comparable boutique positioning with active value-driven approach and similar institutional client base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Trigon Capital social profiles
Digital presenceTrigon Capital compliance and trust
Trust signalCompliance3 records
Trigon Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Trigon Capital leadership team
Management profileNumber of profiles
Profiles4 records
Trigon Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
Trigon Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Trigon Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Trigon Capital
What does Trigon Capital do?
Trigon Capital manages two public UCITS funds — the Trigon New Europe Fund (Central and Eastern European equities) and the Trigon Dividend Fund (global multi-asset dividend strategy) — and also offers discretionary institutional mandates with a minimum size of EUR 50 million. Products are run via an active, bottom-up value investing process leveraging 30+ years of regional research and 250+ company visits per year, distributed across 9+ European countries through bank platforms, transfer agents, and 30+ international fund platforms.
Is Trigon Capital a public or private company?
Trigon Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Trigon Capital founded?
Trigon Capital was founded in 1994.
Where is Trigon Capital based?
Trigon Capital is headquartered in Tallinn, Estonia, in the Europe region.
How does Trigon Capital make money?
Four revenue lines are on record. UCITS Fund Management Fees are the primary driver. The others are performance Fees, institutional Discretionary Mandate Management and principal Investments.
Who are Trigon Capital's main competitors?
Broad incumbents on record are Schroders, NN Investment Partners and Franklin Templeton. Direct peers are Ashmore Group, Conning & Company, Erste Asset Management and Raiffeisen Capital Management. Regional players are OTP Fund Management and PKO TFI. Amber Capital is listed as an emerging player.
Does Trigon Capital have an API?
No public API is recorded for Trigon Capital.
What industry is Trigon Capital in?
Trigon Capital's product category is Emerging Europe Investment Management. Its primary akta.pro industry code is FSAAAJAA, Multi-Asset Mutual Funds & UCITS (Balanced/Allocation Funds). Its NAICS code is 523940 and its SIC code is 6282.