About Think First Capital I

A Cross-Border

Investment Platform

Think First Capital I is a private equity investment platform investing in scalable companies across North Macedonia and the Western Balkans, combining institutional governance standards with regional expertise.

Our Vision &

Mission

Think First Capital I is built to connect institutional capital with scalable companies in the Western Balkans—through disciplined investment execution and long-term value creation.

Our approach combines institutional governance standards with hands-on regional expertise, supporting founders through growth, operational maturity, and expansion.

We invest with a structured horizon and clear outcomes, building a platform designed for institutional credibility and public-market readiness.

Think First Capital I is the private equity investment platform of Think First Capital. NOVARIS ASI is a regulated Polish Alternative Investment Company and one of the capital channels through which eligible investors may participate in selected investment opportunities originated and structured by Think First Capital I.

10M

Target Deployment – Portfolio I

100M+

Long-Term AUM Ambition

Regulatory & Compliance

Licenses &

Certifications

Operating within a regulated framework and aligned with institutional governance, reporting, and compliance standards.

Polish ASI Structure

Alternative Investment Company (ASI) framework
Jurisdiction: Poland

Registration number PLZASI00467

Compliance Standards

Defined sector restrictions and responsible-investment criteria.

LEADERSHIP TEAM

Meet Our

Experts

A diverse team of investment professionals with decades of combined experience

Kiril Panov

Chief Executive Officer

Damian Andrzejewski

Fund Operations Manager

Jovan Despotovski

Lead Advisor

Zlatka Zdraveva

Executive Assistant

Dragan Lazarov

Managing Partner

Nikola Klopchevski

Managing Partner

Todor Levkov

Senior Banking Advisor

Relevant Institutional Experience

Proven leadership across public investment platforms, innovation funding, and large-scale foreign direct investment initiatives.

The team brings significant experience from leading public investment initiatives in North Macedonia, including the Fund for Innovation and Technological Development (FITR), where assets under management were scaled to €85M and approximately 400 startups were supported.

Additionally, the team led and negotiated major foreign direct investment projects through TIDZ, successfully facilitating and securing over 400M+ in international investments into the region.

  Strategic Partnerships

Our

Partners

We collaborate with trusted partners across legal, financial, operational, and strategic domains to ensure institutional standards and scalable execution.

Grant Thornton

CFO Support & Financial Advisory

Audit and financial advisory partner supporting governance, reporting, and compliance standards.

APOD

Organisational Development

Operational partner providing structured support across portfolio development and execution.

STAGGE

Investment Strategy & Investor Access | Poland

Business development and fundraising partner supporting cross-border capital engagement.

Żyglicka i Wspólnicy

Legal & Regulatory | Poland

Legal and regulatory advisory partner ensuring compliance with Polish and EU investment frameworks.

New Moment

Marketing & Communications

Strategic communications and brand development partner supporting positioning and market presence.

 Our Journey

Moments of

Excellence

october 2024

Foundation

Initial discussions and preliminary platform architecture, identification of the target company pool, and definition of the investment process and criteria.

october 2025

Preparatory work

Advanced structuring and preparation of the investment platform ahead of capital deployment, with the Polish ASI established in organization.

january 2026

Portfolio Pipeline Secured

€10M investment pipeline secured through pre-negotiated positions across seven selected high-growth companies.

july 2026

Polish ASI Registration

Polish Alternative Investment Company entered in the KNF Register of ASI Managers (no. PLZASI00467) — an important cross-border capital-formation milestone.

Join Our Team

Career Opportunities

Be part of a dynamic team shaping the future of private equity in the Western Balkans

There are no available opportunities at the moment.

Don’t see the right role?

We’re always looking for exceptional talent. Send us your resume and we’ll keep you in mind for future opportunities.