Makar Paseniuk
Profile Verified by The Marque
Last Updated: 22 Sep 2026
Founding Partner
Kyiv, UA
Profile Verified by The Marque
Last Updated: 22 Sep 2026
THE MARQUE
In Their Own Right
Biography
In his role as Founding Partner at ICU with offices in Kyiv (Ukraine), Limassol (Cyprus) and Dubai (UAE) , Makar has led the development of an independent, multi-strategy investment group specialising in emerging and frontier markets worldwide, with a focus on distressed and emerging market debt, private equity, and venture capital.
In his role as Founding Partner at ICU, Makar has led the development of a leading independent asset management, corporate advisory and private equity in Ukraine. Makar has played a pivotal role in building a US$500 million business and completing over US$5 billion transactions in M&A, equity & debt capital markets and debt restructuring.
Makar played a key role in the listing of Industrial Dairy Company on the Warsaw Stock Exchange in May 2011, despite the economic crisis in Ukraine at that time. Some of the landmark transactions that Makar and his team worked on include the takeover of Allseeds Group, the private placement of shares of Telecom operator Data Group; the placement of bonds of banks Credit Agricole, ProCredit Bank, Swedbank; the debt restructuring of industrial enterprises - Azovmash, Donetskstal and Mriya agroholdings.
Among the landmark transactions Makar advised on were the restructuring of more than US$2.5 billion of Ukraine's external debt, Ukraine's first IPO on London's AIM market in 2005, the country's first IPO on the Warsaw Stock Exchange in 2006, and the 2007 Warsaw Stock Exchange listing of Kernel, which was recognised as the Best IPO in Central and Eastern Europe
Previously, Makar was Managing Director and Head of Corporate Finance in the London financial market at ING where he worked for over a decade in both london and Ukraine. He is a CFA Institute Charter Holder and graduated from the International Christian University with a BS in Business Admin.
The Record
Background
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2009 — Present
Founding Partner
ICU
ICU is an independent asset management, and investment advisory firm specialising in the emerging markets of Central and Eastern Europe. Founded in 2009 by senior investment professionals from ING, ICU is Ukraine's leading asset manager with over $500m in AUM. The group's current strategy includes significant allocations to venture capital, alternative energy and distressed debt
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1998 — 2009
Managing Director & Head of Corporate Finance
ING
Makar started working as an equity analyst when he joined ING in 1998, mainly covering the energy sector. He quickly rose to become the head securities management in Kyiv. From 2003 to 2006, Makar worked in the corporate finance department in London where he supervised customer transactions from the CEE region. In 2006, he moved back to Kyiv as MD of ING Bank Ukraine and Head of Corporate Finance.
In The News
Newsfeed
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14 June 2024 · Interfax-Ukraine
Ukrainian Bar Association holds First Investment Forum
Read more -
24 February 2023 · Wealth DFM Magazine
Marking one year of war: Ukrainian economic successes and plugging the financing gap
Read more -
26 July 2021 · EUbusiness
Emerging economies set to grow in short term, says Makar Paseniuk, co-founder of ICU
Read more
In Frame
Gallery
Formative Years
Education
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Stanford Graduate School of Business
Executive Leadership Development
2018 — 2019
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Kyiv National Economic Univesity
Master of International Economics
2015 — 2017
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CFA Institute
Charter Holder
2000 — 2003
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International Christian University
Bachelor of Science in Business Administration
1996 — 1999
Areas Of Focus