Audited Financial Statement of Balchug Capital for the year ended 31 December 2024
August 5, 2025
Balchug Capital 2025
markets specialist investors
Who we are
Balchug is a private equity firm focused on real assets in emerging markets.
Balchug Capital is headquartered in Yerevan, Armenia. It was founded in 2010 by David Amaryan, who serves as Chief Executive Officer and oversees all investment activity.
The firm invests globally and has offices in the Middle East (Dubai) and Asia-Pacific (Hong Kong) as well as the CIS.
The firm upholds the highest standards of responsible business conduct, guided by core norms and values of professional ethics. Its operations reflect a rigorous adherence to legal and regulatory frameworks, including fair competition, equitable labor practices, diligent tax compliance, anti-corruption measures, and the safeguarding of human rights and environmental integrity.
What we do
We seek high quality assets that are undervalued and/or distressed due to corporate, geopolitical or other events and shocks.
While our strategies are adapted to each market, discipline is at core of our approach, which is standardized and based on clear guidelines. Deep local knowledge, high quality internal research and absolute compliance with the strategy and risk management guidelines offer our investors stable, risk adjusted, uncorrelated returns.
News & views
Investments
Balchug’s portfolio spans landmark assets in real estate, banking, and manufacturing and has AUM of over $2 billion.
Corporate Social Responsibility
At Balchug Capital, we believe in giving back to the community and fostering positive change. Our Corporate Social Responsibility (CSR) efforts are channeled through the Amaryan Charitable Foundation, established by our CEO, David Amaryan, and his brother, Vardan Amaryan.
The foundation is dedicated to empowering individuals and communities through initiatives in:
- Education
- Sports
- Culture
- Youth Development
We believe in the power of community and the potential of every individual. Discover how the Amaryan Charitable Foundation is making a difference in Armenia by supporting impactful initiatives in these key areas. For more information about the Foundation and its projects, please visit the Foundation’s website.
✦ Contacts
Yerevan 0010, Vazgen Sargsyan Street 10, Piazza Grande Business Center
