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Capital with Vision

Elinoa Capital

A private investment firm and strategic partner for investors entering high-growth emerging markets.

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Our Story

10 years in finance.
A friendship even longer.

Elinoa Capital was born from a shared conviction: that the best investments come from trust, transparency, and a deep understanding of markets others overlook.

Our founders saw opportunity where others saw risk — in emerging economies with strong fundamentals and untapped potential. They combined their networks, skills, and experience to build a firm that doesn't just invest capital, but builds lasting partnerships.

Based in Tbilisi and Belgrade. Built on honesty. Driven by vision.

Trust

The foundation of every partnership we build

Transparency

Honest communication at every stage

Vision

Seeing potential where others see risk

Our Approach

Strategic Investment Philosophy

We invest in markets in transition — where development is rapid, fundamentals are strong, and potential is untapped.

"Today, your advisor. Tomorrow, your investment partner."

10-15%
Target Annual Returns
5-15
Year Hold Period
5
Strategic Markets
Why These Markets

Emerging Economies with Proven Growth

We focus on markets that combine strong macroeconomic fundamentals, favorable investment climates, and significant untapped potential. Here's why Georgia, Serbia, and Cyprus consistently outperform.

🇬🇪

Georgia

  • GDP Growth (2024) 9.4%
  • FDI Inflows $2.3B
  • Tourism (2024) 5.09M visitors
  • Ease of Business #7 globally

Ranked 3rd globally for lowest tax burden. Double-digit growth post-pandemic. EU candidate status driving reforms and investor confidence.

🇷🇸

Serbia

  • GDP Growth (2024) 3.9%
  • FDI Inflows $4.5B
  • Credit Rating BBB- (S&P)
  • Public Debt 38% GDP

Investment grade rating achieved in 2024. Hosting Expo 2027. Strategic EU accession path driving infrastructure investment and reforms.

🇨🇾

Cyprus

  • Property Growth (2024) +13.9%
  • Rental Yield 5-7%
  • Foreign Buyers 56% of market
  • Transactions (2024) €5.6B

EU member with favorable tax regime. Permanent residency via €300K investment. Limassol and Larnaca leading Mediterranean growth.

Track Record

Real Investments. Real Returns.

A snapshot of our active portfolio

Rental Portfolio, Tbilisi

6 residential units — Georgia

6
Units Acquired
1.9x
Expected ROE
Active
Status

We identified high-demand rental units in Tbilisi's growing residential market. With strong tenant demand from young professionals and expats, these properties generate consistent cash flow while appreciating in value.

Strategy: Buy-and-hold rental income with long-term capital appreciation. Expected 1.9x return on equity at exit.

Alliance Centropolis, Batumi

4 rental units — Georgia

150%
ROI to Date
300%
Expected ROI
2027
Completion

Acquired 4 years ago during early construction phase at Alliance Centropolis — Batumi's landmark mixed-use development on the Black Sea coast. Early entry secured significant pricing advantage before the project gained international recognition.

Result: Already achieved 150% ROI on paper. With completion in 2027 and Batumi's tourism boom, we project 300% total return on investment.

Our Portfolio

Where We Invest

From premium residential developments to award-winning hospitality concepts — a glimpse into our investment portfolio across emerging markets.

Batumi Seaside Development

Alliance Centropolis

Batumi, Georgia
Biograpi Tower

Premium Residential

Tbilisi, Georgia
Georgian Restaurant

Georgian Supra

Belgrade, Serbia
Batumi Skyline

Black Sea Coast

Batumi, Georgia
Restaurant Interior

HORECA Investment

Belgrade, Serbia
Biograpi Tower Exterior

Biograpi Living

Tbilisi, Georgia
Commercial Office Space

Commercial Properties

Mixed-Use Development
Praline Pastry

Praline Pastry

Tbilisi, Georgia
Luxury Apartment

Luxury Interiors

Premium Residential
Outdoor Terrace

Urban Living

Lifestyle Spaces
Modern Building

Modern Architecture

Tbilisi, Georgia
Investment Focus

Where We Deploy Capital

We focus on two interconnected sectors that drive growth in emerging markets: Real Estate and Hospitality.

Real Estate

  • Commercial Properties
  • Residential Development
  • Long-Term Rentals
  • Unique Apartments
  • Land with High Growth Potential

Hospitality & HORECA

  • Hotels & Resorts
  • Restaurants & F&B
  • Catering & Events
Our Markets

Strategic Presence

Active in high-growth emerging markets across the Balkans, Caucasus, and Eastern Mediterranean.

Tbilisi

Georgia

Batumi

Georgia

Belgrade

Serbia

Larnaca

Cyprus

Limassol

Cyprus
Advisory Services

Full-Service Partnership

Beyond capital deployment, we provide comprehensive consulting services for investors seeking guided entry into our markets.

Investment Consulting

  • Market Entry Strategy
  • Company Formation & Legal Structure
  • Tax Optimization & Planning
  • Financial Modeling & Investment Planning
  • Market Research & Feasibility Studies
  • Due Diligence & Site Selection
  • Ongoing Partnership & Co-Investment

HORECA Consulting

  • Concept Development & Feasibility
  • Menu Engineering & Pricing Strategy
  • Brand Identity & Marketing Plan
  • Financial Projections & Break-even Analysis
  • Company Formation & Tax Structure
  • Vendor Sourcing & Supply Chain Setup
  • Launch Support & Performance Optimization
Get in Touch

Let's Build Together

Whether you're exploring investment opportunities or seeking a strategic partner for market entry — we're ready to talk.

info@elinoacapital.com