Capital Raising
Equity and debt raises structured around your long-term strategy, not just short-term funding needs.
01
About Millstone Partners
Millstone Partnersis an independent M&A boutique specializing in the execution of mergers and acquisitions transactions and raising strategic and financial capital
Our work is defined by independence, analytical rigor, and a disciplined approach to value creation
CIS · MENACore regional focus, with selective coverage of Europe, APAC and Africa
$5–50MTypical transaction size; the upper bound is flexible
6–12 monthsTypical timeline from mandate to closing
$91MTotal raised across the four transactions shown below
What we do
Services
Sell-side M&A Advisory
The full sale process, from strategic assessment and positioning to execution and closing.
02Buy-side M&A Advisory
Buyers advised from target identification and screening to negotiation and closing.
03How we work
Our process
Five phases from first call to closing. Select a phase to see what happens.
Service execution
Step by step
Twelve steps from mandate to success fee. Press play, or tap any step.
Preparation · steps 1–7Execution · steps 8–12
How we engage
Investment mandate
Mandate
6–12months
Fundraising services under an exclusive mandate
Retainer fee · fixed monthly
Success fee
%of transaction value
Paid only on a successful closing, 6–12 months into the mandate
- Marketing materials: presentation and financial model
- Valuation and market research, if needed
- Strategic advice and deal structuring
- Investor and buyer outreach and screening
- Negotiation support and process management
- Coordination with legal, tax and diligence teams
- Investor presentation (PDF)
- Financial model with scenarios and sensitivities (Excel)
- Supporting documents and analysis
- Data room structure and document checklist
- Monthly process tracker and outreach reports
- Legal services and tax advice
- Audit
- Due diligence
- Statutory financial statements
Unless separately agreed. Third-party advisors are engaged and paid by the seller or buyer.
Why a retainer: the work starts on day one
Investment materials
200+ hours of senior work. Yours to keep, whatever the outcome.
Network access
PE funds, strategic investors, family offices and HNWIs, focused on MENA and CIS.
Investor engagement
Dozens of conversations managed so your team can run the business.
The retainer is not a deposit. It pays for work already underway. The success fee rewards the outcome.
Mandate criteria
Check if your project fits
Seven quick questions show whether your project matches the mandates we take on.
Open to a retainer plus success fee
Open to an exclusive mandate
A quick self-check. We confirm fit after reviewing your materials and speaking with you, always under an NDA.
Show the full criteria lists
| Industry | Status | Comment |
|---|
| Company stage | Status | Comment |
|---|
| Geography | Status | Comment |
|---|
- IndustryMost GICS sectors; not biotech, pharma, deeptech or crypto
- StageOperating business, growth or mature
- GeographyCIS and MENA; Europe, APAC, Africa selectively
- Size$5–50M, upper bound flexible
- TermsRetainer plus success fee, exclusive mandate
Track record
Deals
Hospitality
- Region
- Armenia
- Execution
- 2026
- Instrument
- equity
$5mlnDeal size
Metals & Mining
- Region
- MENA
- Execution
- 2025
- Instrument
- debt
$36mlnDeal size
Agriculture
- Region
- CIS
- Execution
- 2025
- Instrument
- debt
$10mlnDeal size
Hi-Tech Ventures
Execution 2023–2026 · Positions include
KlarnaSpaceXFlexportQuantum Space
$40mln
Deal size
Region
Global
Instrument
equity
Who we are
Partners
Levon Kharatian
Partner, M&A Practice
- 10+ years of experience in finance and investments
- Cross-border experience across the CIS, MENA, SEA and the US
- CFA Level III candidate
Hovsep Vasilyan, CFA
Partner, Valuation & Research Practice
- CFA Charterholder; valuation and corporate finance expertise
- Valuation support for M&A, financial reporting, tax and planning
- Extensive US market experience
New VentureBrokerage
New Venture Brokerage
Strategy partner
Millstone Partners operates in partnership with New Venture Brokerage (NVB), a licensed investment company in the Republic of Armenia. NVB provides investment solutions to individuals, businesses and financial institutions worldwide.
$132 mlnAUM
$82 mlnTotal deal volume
Contacts
Levon Kharatian
General enquiries
info@millstone.partners
Office
9 Isahakyan St, AI9 Startup Campus, 2nd Floor, Yerevan, Armenia, 0009