Multi-asset investment fund

Dorovia Capital operates a multi-asset investment strategy through Dorovia Capital LLP, with Dorovia Holding Ltd acting as General Partner. This open-end fund reflects the vision of a new generation of investors, combining academic rigour with a forward-looking perspective on financial markets.

Managed by students and young professionals, the fund is built around strong convictions about the future of investing. This translates into a natural focus on innovation, with exposure to technology-driven sectors, as well as a firm commitment to sustainable investing. Dorovia Capital qualifies as an Article 8 fund under the SFDR, promoting environmental and social characteristics as part of its investment philosophy.

Our Approach

Portfolio Construction

The portfolio is designed to balance growth, stability, and diversification through a clear and disciplined allocation. It is composed of approximately 40% equities, providing long-term growth potential, and 30% fixed income, contributing to stability and income generation.

The remaining allocation is dedicated to diversification across a broader range of asset classes, including commodities, alternative strategies, and digital assets such as cryptocurrencies. A small portion of the portfolio is also held in cash (around 5%) to maintain flexibility and allow for opportunistic positioning.

In addition to this long-term allocation, the fund incorporates a tactical layer, enabling adjustments based on market conditions and emerging opportunities.

Active Management & Expertise

Dorovia Capital follows an active management approach, combining fundamental analysis with real-world insights. A key differentiating element is the integration of merger arbitrage strategies, developed in close collaboration with Dorovia’s M&A advisory team. This allows the fund to identify and act on opportunities arising from corporate transactions and market inefficiencies.

The investment process is supported by a structured framework of research, internal review, and mentorship, ensuring both discipline and continuous learning. This combination of youthful perspective, professional standards, and practical exposure defines Dorovia Capital’s unique positioning.

This content is provided for informational purposes only and does not constitute an offer or solicitation to invest.

Examples of Analyses

First, a sample financial analysis produced by our Research team. Second, an analysis produced by our M&A team to support our merger arbitrage strategy.

Financial Planning & Analysis (FP&A)

Dorovia Capital’s Financial Planning & Analysis (FP&A) division supports companies in understanding, structuring, and projecting their financial performance. Many businesses—particularly SMEs—face critical financial questions without having the right tools to answer them: when will the company become profitable, how is cash evolving, or how should future growth be financed.

Our role is to bring clarity to these challenges. Acting as an external FP&A team, we help companies build a structured financial vision, enabling better decision-making at every stage of their development—whether it is day-to-day management, a fundraising process, or a strategic transition.

FP&A division at a glance

Our Approach

Our work begins with a detailed analysis of the company’s business model. We assess key drivers such as pricing, cost structure, margins, and sales volumes, while also benchmarking the company against its competitive environment.

Based on this analysis, we develop a comprehensive financial model, typically delivered as a structured Excel file. This model includes revenue projections, cost forecasts, profit and loss statements, cash flow analysis, and profitability thresholds, along with different scenarios. It becomes a central tool for managing the business and anticipating future performance.

In addition, we provide investor-ready materials that clearly present the assumptions, methodology, and conclusions. These documents follow the standards used in banking, private equity, and venture capital, allowing companies to confidently engage with external stakeholders.

Our Value Proposition

Dorovia Capital aims to make high-quality financial expertise more accessible. Services such as financial modelling, FP&A advisory, or fundraising preparation are typically provided by consulting firms or investment banks at a high cost.

We offer a tailored and cost-effective alternative, giving companies access to the same level of financial structuring and strategic insight. Our approach combines technical rigour with a strong pedagogical dimension, ensuring that our clients not only receive the right tools, but also fully understand how to use them.

Mergers & Acquisitions (M&A)

Dorovia Capital’s M&A activity initially emerged from its investment operations, with a focus on merger arbitrage strategies developed for the fund. Building on this foundation, the division has progressively expanded into advisory by working on live M&A mandates in collaboration with La Boutique PME, a network of independent M&A professionals.

Through this partnership model, Dorovia Capital contributes to transactions in exchange for a share of fees, gaining exposure to a wide range of deals from small to mid-cap. As a growing activity within the organisation, the M&A division is involved across multiple stages of the transaction process, including deal sourcing, preparation of investment memoranda (IM), and the development of business plans (BP) in coordination with the FP&A team.

This positioning offers a unique bridge between academic training and real-world execution, providing hands-on exposure to one of the most selective fields in finance. The division remains open to forming additional partnerships with industry professionals as it continues to expand.