David Amaryan
Profile Verified by The Marque
Last Updated: 22 Sep 2026
Founder & CEO
Yerevan, AM
Profile Verified by The Marque
Last Updated: 22 Sep 2026
THE MARQUE
In Their Own Right
Biography
David Amaryan is the Founder and Chief Executive Officer of Balchug Capital, a leading Armenian investment firm. An entrepreneur and philanthropist, he has established Balchug as a trusted investment partner for global corporations executing complex transactions across the region and in international emerging markets. Today, Balchug’s portfolio spans landmark assets in real estate, banking, and manufacturing and has AUM of over $2 billion.
David began his career on Wall Street before moving into investment banking in Moscow, gaining deep expertise across U.S. and CIS markets. His disciplined approach and commitment to rigorous compliance with local and international regulations have positioned Balchug as a credible intermediary for cross-border transactions. Under his leadership, the firm has evolved from event-driven and value investing in liquid emerging market securities to a private equity strategy focused on real assets. Prior to founding Balchug, David was at AllianceBernstein, Citigroup, and Troika Dialog.
Through Balchug, David has successfully engaged U.S. financial institutions, high-profile funds, and international banks, earning recognition as one of the leading figures in the regional and international investment landscape.
Beyond business, David co-founded the Amaryan Charitable Foundation with his brother Vardan in 2023. The Foundation supports initiatives in Armenia across education, youth development, humanitarian relief, sports, and culture.
A lifelong martial artist, David has competed in professional jiu-jitsu and founded Checkmat Academy in Moscow.
He holds a BSc in Finance and International Business from Miami University.
The Record
Background
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2010 — Present
Founder & CEO
Balchug Capital
Balchug Capital is an international investment firm headquartered in Armenia. Originally a hedge fund operating in emerging markets, Balchug is looking at a broader geographic expansion of its private equity drive.
In The News
Newsfeed
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24 April 2025 · Yahoo! Finance
Armenian investment firm Balchug Capital confirms deal to acquire Goldman Sachs Bank in Russia
Read more -
31 January 2025 · Financial Times
Sale to Armenian investment fund comes almost three years after US investment bank pledged to leave
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30 November 2023 · Yahoo! Finance
David and Vardan Amaryan establish Amaryan Charitable Foundation in Armenia
Read more
Formative Years
Education
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Miami University
BSc in Finance and International Business
Areas Of Focus