About TF Capital

A Cross-Border

Investment Platform

Think First Capital One is a Polish ASI investing in scalable companies across North Macedonia and the Western Balkans, combining EU regulatory standards with regional expertise.

Our Vision &

Mission

Think First Capital One 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 EU-aligned 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.

€11.6M

Equity Options Secured

€100M

Target AUM by 2030

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/2015/001

Investment Advisory License

Investment committee oversight
Structured reporting practices

Audit partner:

Compliance Standards

KYC / AML processes
ESG-aligned exclusions

Legal advisory:

LEADERSHIP TEAM

Meet Our

Experts

A diverse team of investment professionals with decades of combined experience

Kiril Panov

CEO – TFC Growth 1 Poland

Jovan Despotovski

CEO – TF Capital North Macedonia

Nikola Klopchevski

Managing Partner

Dragan Lazarov

Chief Legal Officer (CLO)

Damian Andrzejewski

Fund Operations Manager

Zlatka Zdraveva

Executive Assistant

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 has contributed to major foreign direct investment projects through TIDZ, supporting over €200M in investments and strengthening international capital flows 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

Financial Partner

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

APOD

Development Partner

Operational partner providing structured support across portfolio development and execution.

DSBJ

Co-Investor

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

Żyglicka i Wspólnicy

Strategic Partner

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

New Moment

Strategic Partner

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

 Our Journey

Moments of

Excellence

october 2025

Foundation

Polish ASI structure established to enable cross-border investment across the Western Balkans.

november 2025

Portfolio Pipeline Secured

€11.6M in pre-negotiated equity options secured across selected high-growth companies.

november 2025

Platform Growth Target

Targeting €100M AUM by 2030 through disciplined investment selection and value creation.

november 2025

Public Market Readiness

Long-term strategy oriented toward institutional credibility and potential public-market pathways.