An experienced local team with shared values

We have been investing into Emerging Europe for more than 20 years. Our team of 20 professionals, based in Estonia and Poland, share the same investment principles and corporate values.

Passion for investing, professionalism, flexibility, trust and ambition for constant improvement unite our team and act as the guiding principles to the way we approach asset management.

Partners and Investment Managers

Kristel Kivinurm-Priisalm

Founder, CEO

Managing Partner

Read more

Valdur Jaht

Founder, co-CIO

Partner & Investment Manager

Read more

Peter Priisalm

Founder, co-CIO

Partner & Investment Manager

Read more

Rain Leesi, CFA


Investment Manager

Read more

Today Avaron has one of the largest teams dedicated to Emerging Europe investments comprising of 20 professionals based in Estonia and Poland. Using quantitative and qualitative screens we have narrowed the 6,000 companies listed in Eastern Europe down to 250 that form our internal investment universe and on which we conduct our proprietary analysis. Our team assesses companies’ business models, management quality, development plans, financial standing and outlook based on their public disclosure and continuous company meetings and management interviews.

In recent years extensive effort has been put on in-house analysis of the sustainability aspects of each company. We believe investing successful in Emerging Europe relies on in depth understand of the local business environment and regional sector trends achieved by long term experience on these markets.

Research Team

Piotr Jurga, CFA
Senior Analyst

Reino Pent
Senior Analyst

Maksim Miruškov, CFA

Silver Schmeiman

Mark Böttner

Support Staff

Maarja Härsing-Värk
Head of Back-Office & Operations

Ingrid Kõrgema
Chief Compliance Officer, Head of Compliance, Legal & Risk

Maarja Kõrvek
Senior Back-Office Specialist

Jaanika Jutt
Back-Office Specialist

Svetlana Jegorova
Operations Specialist and Accountant

Investor Relations

Georg Holger Timmi
Head of Investor Relations

Kevin Kalle Kell
Investor Relations Associate

Luisa Müür
Investor Relations Specialist