The Georgian Co-Investment Fund (GCF) is a private equity fund. Established in 2013, the Fund invests across sectors and industries which significantly contribute to the development of the Georgian economy.

History

The fund was established in 2013. In 2016, GCF announced that it would be launching eight large-scale investment projects in Georgia. The projects are worth $574 million and include: Hotel Shekvetili, Hotel at Erekle II Square, Hotel at Erekle II Square, Hotel Freedom Square, Hotel Sololaki, Hotel Ganmukhuri, the Magnolia recreational complex, and the Tabori project. In 2019, Mr. Bachiashvili became the Head of Advisory Committee, and Mr. Ebralidze became the CEO of Georgian Co-Investment Fund. MR. Ebralidze served over five years as a Managing Director of Hospitality and Real Estate Sector of Georgian Co-Investment Fund. In 2023, Bachiashvili was charged with misappropriation of cryptocurrency and alleged

money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...

. Bachiashvili invested in mining of Bitcoin cryptocurrency in the summer of 2015 using money “personally raised” by him. The mining services were provided by a foreign firm to an enterprise owned by Bachiashvili under a one-year contract valued at $6.3 million, including a $5 million share by the investor. The operation generated 24,661.85 bitcoins throughout a year, resulting in the profit of 8,253.13 bitcoins, which were appropriated by Bachiashvili in 2017 and with only $536,900 paid to the investor as their share of the profit. The amount of appropriated bitcoins equalled over $39 million.

References

{{Reflist, 30em Financial services companies of Georgia (country) Private equity portfolio companies Companies based in Tbilisi Financial services companies established in 2013 2013 establishments in Georgia (country)