SovereignWealthFunds.comJSC Development Fund of Georgia (DFG)
DFG: what it invests in
Geography Mainly domestic
DFG: how big it is, and on what basis
In US dollars: about USD 0.175B. Approximate USD conversion of separate-statement total assets, 31 December 2025
DFG: what it publishes
Published 4 · Partly 5 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
- Maximum stakeS2
- 49% (typically up to 30%)
At a glance. The Development Fund of Georgia (DFG), founded in 2011 as the Partnership Fund, co-invested with private partners in Georgian energy, industry, agriculture, logistics and tourism, always as a minority partner. Parliament repealed its law in April 2026, and the fund is now in orderly termination. Audited total assets were GEL 473.1 million at the end of 2025. S1 S3 S2
Key points
- Audited total assets of GEL 473.1 million and profit of GEL 108.0 million in 2025. S1
- Stakes were capped at 49 percent and typically near 30 percent. S2
- Parliament repealed the DFG law on 28 April 2026 by 85 votes; it lapsed on 1 May 2026. S3 S1
- The fund says the wind-down does not stem from financial distress. S1
- Its functions are set to move to Enterprise Georgia and a planned development bank. S4
Interesting facts
Mandate and goals
Until 2026 the fund aimed to diversify the economy, draw local and foreign direct investment, link Georgian firms to global value chains and build regional industrial clusters. S2
- Co-invest as a minority partner using equity, mezzanine and subordinated loans. S2
How it invests
| Industries | Energy: oil and gas, Renewables and climate, Industrials and manufacturing, Agriculture and food security, Tourism and hospitality, Transport and logistics, Real estate S5 S7 |
|---|---|
| Asset classes | Private equity, Private credit, Real estate S1 |
| Stages | Growth, Infrastructure, Real estate S2 |
| Geography | Mainly domestic. Georgia only S2 |
| Direct / through funds / co-invest | Yes / No / Yes S2 |
| Ticket size | Not published. S2 |
| External managers | No external managers S1 |
| Co-investment programme | All projects are co-investments with private partners S2 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| Not published | Nenskra hydropower plant. Reservoir hydro plant in Svaneti with K-Water; 7.38 percent stake in Nenskra Hydro JSC. S5 S1 | Joint venture or partnership | Renewables and climate | Infrastructure | Not disclosed | 7.38% |
| Not published | Aerostructure Technologies Cyclone. Aircraft composite parts plant with Elbit Cyclone; 66 percent stake. S5 S1 | Joint venture or partnership | Industrials and manufacturing | Growth | Not disclosed | 66% |
| Not published | Radisson Collection Tsinandali Estate. Exited; five-star complex with Silk Road Group. S7 | Joint venture or partnership | Tourism and hospitality | Real estate | Not disclosed | |
| 2025 | Aghobili hotel, Abastumani. 49 percent stake sold to the majority partner in August 2025. S1 | Sale or exit | Tourism and hospitality | Real estate | USD 4.1M | 49% |
Case studies
Aircraft parts plant S5 S1
- What: Co-founded the first civil aircraft composite parts factory in the South Caucasus.
- When: Before 2026
- Size: Not published
- Why: Bring advanced manufacturing and export jobs to Georgia.
- Outcome: DFG holds 66 percent of Aerostructure Technologies Cyclone JSC.
Investment process
A Supervisory Board and a Board of Directors governed the fund; liquidators are to be designated from management. S1
How to approach: No new investments; use the fund contact page. S4
Size and returns
- Headline size: GEL 473.1M (Total assets (balance sheet), as of 2025-12-31) S1
- In US dollars: about USD 0.175B. Approximate USD conversion of separate-statement total assets, 31 December 2025
- Returns: the fund does not publish a return figure.
Leadership
The fund does not publish named leaders.
Governance and transparency
- Legal basis: Law of Georgia on Development Fund of Georgia JSC, repealed with effect from 1 May 2026 S1 S3
- Oversight: Government of Georgia as sole shareholder; liquidation plan from the Ministry of Economy and Sustainable Development S1
- Audited separate and consolidated statements are posted. S6
Transparency score: 6.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
Reports
- Separate financial statements 2025: https://fund.ge/wp-content/uploads/DFG-Separate-FS-2025-ENG.pdf.pdf S1
Common questions
Is the fund still investing?
No; it is in orderly termination. S1
How large is it?
GEL 473.1 million of assets, end 2025. S1
What stakes did it take?
Minority stakes of up to 49 percent. S2
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All sovereign wealth funds in Asia · All strategic development funds · All funds in Georgia
Sources
- S1Development Fund of Georgia, Separate financial statements 2025
- S2Development Fund of Georgia, About us
- S3Parliament of Georgia, law repealing the DFG law adopted, 28 April 2026
- S4BM.ge, Parliament approves liquidation of the Georgian Development Fund
- S5Development Fund of Georgia, Ongoing projects
- S6Development Fund of Georgia, Financial reporting
- S7Development Fund of Georgia, Exited projects
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