Creon Energy Fund received its’ license from Luxembourg’s financial market authority CSSF in August 2016. In the months following, the Fund’s management started to source the first viable project ideas. Currently, approximately 40 investment projects are under review. We started with our investments in early 2019.

The transaction stream of the Fund is primarily achieved through the comprehensive and extensive network of Creon Energy in the Eurasian market, with its unique access to exceptional opportunities. The Fund team is further exploring technology companies in Europe having high probability potential across Eurasia.

ISIN number: LU1699969546 (Class C)


We are committed in our belief in the potential of Eurasia.

It is our task as The Creon Group to take a leadership role and create value in Eurasia. We invest in companies which are anxious and impatient to enter export markets by modernizing their facilities. We assist them to rescale to production, improve quality and when required, find them the relevant working partners.

  • Modernization: We co-invest to provide financing dedicated to modernizing equipment, which is generally a precondition for competitiveness in global markets.
  • Export-orientation: Many companies would like to expand their export markets, but lack customers, technology partners or financial resources. We can help find such partners and we are eager to assist when it comes to production up-scaling.
  • Diversification: Some countries rely too much on crude exports, which is a weakness in times of declining market prices. Our investments reduce this dependence.
  • Supporting SME: We can assist in a restructuring process making companies more attractive to financial institutions.
  • Green technologies: We support ideas dedicated to increase manufacturing efficiency and reduce emission as we believe in clean techas an economic driver in the future.

We are a value-adding investor
Creon Capital wants to contribute to diversification and modernization in Eurasia by investing in medium-sized chemical processing projects. Such investments are small for large corporations, but too large for SMEs without access to financial markets.


The success of a Private Equity Fund eminently depends on the network of its investment professionals. Creon Capital’s experienced and seasoned team has established structures to review dozens of teasers and business plans every week. Identifying projects with the most attractive return opportunities is a threefold approach:

1. We listen to Understand

By taking the time to listen and understand the wants and needs of our partners and clients, we are able to offer them investment and strategic strategies perfectly tuned to create value for all involved.

We are in constant contact with our partners through-out the world ensuring a timely hands-on approach. By putting collaborative relationships at the heart of our work we are able to maintain, sustain and develop new markets, suppliers and business opportunities encompassing our areas of work and expertise.

2. We analyze

Once our partners’ needs and goals are identified, we assess their project ideas. Our goal is to help our clients develop a set of practical and interlocking capabilities that reveal and maximize the profitable use of the data appropriate to their situation such as market size, export opportunities, risks and the like.

We operate with the purpose of bringing life to the mission, goals, and overall vision of our clients. Strategic planning is the foundation we build on to enhance our clients’ success whether advising manufacturers to scale-up their quantity/quality, assisting in finding the relevant technology or finding equity partners.

3. We engage

We speak the language. Though It is not easy to manage and administer a production facility in Russia and CIS countries our Moscow-based project managers do. There are also certain cultural constraints that are often encountered in business including local attitudes, language, religion, management style etc. To be successful, we need to mold our business actions in accordance with these local cultural models. Globally expanding businesses require a wide range of expertise and knowledge that operates under a variety of managers coming from different cultures. This is where our project managers excel. They have the expertise and business acumen to navigate these business waters.


As Creon Energy Fund we concentrate our investments in our core business sectors. We do it better because this is all we have ever done – downstream projects in chemical, renewable energies, new materials segments. In these areas Creon Group benefits from a vast network of industry professionals, financial specialists, potential co-investors and project partners. As a Luxembourg-based Fund manager, we can add our durable and resilient connections to investors, off-takers and technology providers in China, Russia and Europe.


We at Creon Capital believe in long-term growth in Eastern Europe and Central Asia. This boundless region, , located in between Europe and Asia, will benefit from China’s plans to re-establish the New Silk Road.  Just like in medieval times, this was a trade corridor connecting the continents.

However, Eurasia has image problems, with many regional industries stagnant. Combined with the oil-rich countries of Russia and Kazakhstan’s falling GDP-growth rates, regional corruption, and bureaucratic over-regulation, we are still inspired and enthusiastic about Eurasia because:

  • Having overcome the recession in Eurasia and with a growing political and economic stability in the Ukraine, and most CIS countries, these areas are ripe for increased global investment.
  • Russia has significantly improved ease of doing business, which is assessed by the World Bank on an annual basis. In terms of investment climate, Kazakhstan and Belarus are catching up to the EU-standards
  • Decreased oil prices due to currency devaluation have led to increased competitiveness in export markets.
  • Currency devaluation across the whole region enforces import-substitution, making exports more competitive in the global market.
  • Countries like Kazakhstan and Russia are extremely rich in raw materials, but companies tended to export the crude. Now, oil and gas are increasingly being processed and refined to finished products, providing value-adding for businesses and the economy as a whole.

As Eurasia experiences a new influx of industrialization, governments are actively supporting localization through policy-making regulations.

A new wave of industrialization is happening in Eurasia

The Creon Energy Fund will play an instrumental part in these investing trends. The lucrative project opportunities are endless in crude to products. The Creon Fund will be there creating jobs and value for economies across the region.

Senior managers from Creon Capital were part of a high-profile delegation from Luxembourg, that visited Kazakhstan from June 10. until June 13. The Grand Duchy’s prime-minister Xavier Bettel headed the group’s visit, which has been organized by the Luxembourg Chamber of Commerce. On a first stop in Astana, Luxembourg top-representatives from politics and the financial sector opened the country’s pavillon on Astana Expo-2017 until the delegation headed to Almaty, Kazakhstan’s “financial capital”. The resource-rich Kazakhstan is an important emerging market in Central Asia, which could be linking China with both Russia and Europe. With a GDP-growth rate above two percent, the territorially huge country with a population of almost 18 million people is already an important logistics hub between east and west. And along China’s “New Silk Road” it could become an industrial center as well. As a Private Equity Fund engaged in Eurasia, Creon Capital has been invited to join the delegation trip to Kazakhstan. CFO Ruslan Zaidan and Florian Willershausen (Director Business Development) used the opportunity to get in touch with partners for potential investment projects. And both top-managers shared their experience of investing in CIS countries with other members of the Luxembourg delegation. After attending the Luxembourg-Kazakhstan-Business Forum, Florian Willershausen concluded: “It’s impressing how the Kazakh authorities improved the countries climate for foreign investors in the last couple of years.” Kazakhstan could become a powerful locomotive for growth in Central Asia and an interesting investment destination for the Creon Energy Fund, said Willershausen. Max Kremer, Partner of the leading Luxembourg law firm Arendt & Medernach, mentioned financial and consulting entities engaged in Kazakhstan – among them Creon Capital.

Transparence, compliance and a profound risk management are all part of the responsibility a Fund manager has towards his investors. At Creon Capital, we put great emphasis on a sophisticated Corporate Governance, which also means to communicate constantly with our partners. As a consequence, the Creon Capital board decided to adopt the Code of Conduct compiled by the Association of the Luxembourg Fund Industry (ALFI). The ALFI Code of Conduct consists of 10 basis principles, which stipulate how Fund managers should act responsibly in terms of compliance, risk management or information policy. The principles goes far beyond the legal obligations, which have been tightened in recent years in Luxembourg. All 10 principles are underpinned by recommendations that help to implement these Corporate Governance requirements. For Creon Capital this Code of Conduct sets the baseline for all Fund operations. But in practice, we go few steps further. As part of our Fund’s Corporate Governance strategy we’re keen to implement such strict standards also for projects we are investing to. This is part of our responsibility as value-oriented European Fund-managers. Please follow this external link to read the entire Code of Conduct by ALFI: http://www.alfi.lu//sites/alfi.lu/files/files/Alfi%20guidelines%20and%20recommendations/Code-of-Conduct-2013-3-final.pdf    

Creon Capitals Chairman Dr. Fares Kilzie encourages Chinese private investors to increase their engagement in the Russian petrochemical industry. While Chinese state-owned companies and state Funds were by now invested with almost 67 bn. $ in oil and gas upstream projects in Russia, Kilzie argued, the influx of investments from Chinese private companies remains low. Kilzies advise to the numerous businessmen, who took part in the conference Russia and China: Taking on a New Quality of Bilateral Relations: Instead of being focused on upstream-projects and mere crude imports from Russia, China should diversify its FDI-flows to Russia and consider to invest in oil refining and gas processing projects. Otherwise China will suffer from low commodity prices just as the Russian economy is suffering. Generally Kilzie decided to be very honest in his assessments: Funds, banks and big corporate from the Peoples republic invest in projects with Russias oil-giant Rosneft or LNG-producer Novatek, because these projects are politically supported. Private companies simply dont know who they should contact in case of trouble. Thats why they are afraid to invest in Russia, though the prospects would be much more attractive than in countries like Pakistan. Creon Capital is keen to help both European and Chinese investors to understand the Russian market. Xin Yongzi, Vice president of China Gezhouba Group (CGGC) admitted: We have to study properly how Chinese enterprises can do business in Russia. His company belongs to Chinas Top-Five-companies investing abroad. Russia is a broad market, which is strategically important for us, Xin Zongyi underlined, but Russia is very different from China, there are several risks and challenges remaining. Creon is General Partner of the conference on the relationship between Russia and China, which takes place in Moscow from May 29th until May 30th. The Russian International Affairs Council hosts this event for the third time, many high-ranked politicians and businessmen followed the invitation beyond them Valentina Matvienko, Chairman of the Federation Council of the Russian Federation. More than 50 representatives from China flew to Moscow, among them top-managers of companies such as CNPC, Sinopec and CGGC. For more information please contact: Florian Willershausen Director Business Development, Marketing and Communications Creon Capital S.à.r.l. T (GER) +49 151 162 44 591 T (RUS) +7 968 783 84 12 T (LUX) +352 621 235 126 E willershausen@creoncapital.lu   Creon Capital-Chairman Fares Kilzie (r.) evaluates the Chinese investment activities in Russia. The panel discussion on investment prospects in the world’s largest country was part of a conference on Russian-Chinese relations. Creon sponsored this event in Moscow, which has been visited by more than 200 entrepreneurs, scientists and politicians from China, Russia, EU and the US.
(pictures: Andrej Miller for Creon Capital)

Russia and China seem to be natural partners for each other. The first country is the largest gas and the second-largest crude-oil producer in the world. The latter is badly in need of raw resources and supplies for its rapidly growing export industries. Trade relations between both countries are growing indeed, though both sides activities in terms of direct investments remains limited. Cultural difference’s might be one reason for that, but probably even more it might be a lack of information: Merely few investors outside Eastern Europe are aware of the advantages the Eurasian Economic Union (EAEU) provides, a Russian initiative to increase trade-volumes of this region. Conversely, the Russians are rather unfamiliar with Beijing’s trade-developing initiative – the Silk Road Economic Belt (SREB). How could both projects be linked together? What could be done to enhance the economic cooperation between these two potential economic powerhouses? Creon Capital actively supports the dialogue between Russia and China. In September the investment firm is going to host an exclusive event in Beijing that will be attended by high-ranking decision-makers of leading chemical companies from both countries. From May 29th until May 30th, Creon Group will be hosting an international conference on China together with the Russian International Affairs Council (RIAC) and the Russia-China Friendship Organization. “Russia and China: Taking on a New Quality in Bilateral Relations” is the topic of the conference in Moscow. Dr. Fares Kilzie, Iris Arbel and Florian Willershausen will contribute to the event with their presentations. Follow this link, if you would like to register yourself for the conference in Moscow. For more information please contact: Florian Willershausen Director Business Development, Marketing and Communications Creon Capital S.à.r.l. T (GER) +49 151 162 44 591 T (RUS) +7 968 783 84 12 T (LUX) +352 621 235 126 E willershausen@creoncapital.lu

The Luxembourg Private Equity and Venture Capital Association (LPEA) welcomes Creon Capital as a new member. With more than 120 participating companies, the LPEA plays a crucial role for the PE-industry in Luxembourg. LPEA gets involved in discussions about the Grand Duchy’s investment framework, the association promotes Luxembourg as a financial hub both at home and abroad and is actively engaged in its further development. Creon Capital appreciates Luxembourg as a favorable location for PE companies, providing them a stable tax-regime as well as a predictable, flexible and multi-lingual jurisdiction to operate. LPEA provides its members a dynamic and interactive platform to discuss manifold topics of current importance for the PE-industry. Creon Capital will regularly contribute to its working groups. Our company is keen to share its expertise about investment-prospects in Eastern Europe and Asia, but also to provide assessments of current political issues such as the effects of reciprocal sanctions between Russia and Europe. …more about LPEA