the foundations

Turning on the future.
we create value. Here, now, together.



Our Mission

We create value by applying our local skills and international experience to market opportunities. We ensure careful selection of diversified targets and active management of portfolio companies' strategic choices. We achieve results through well aligned interests between our investors and us and meaningful relationships with reputable local partners.

Our relentless effort, focus and business acumen uniquely qualify us to increase the value of the individual companies from the portfolio, with the ultimate goal of delivering superior returns for our investors. We partner with entrepreneurs and management teams in order to fuel the growth by providing them with the capital and other resources they need.


About Us

The Foundations 1.0 SEE (TF1 or the Partnership) is an investment partnership set to acquire significant shareholdings (majority or minority with controlling rights) in a diversified set of companies. TF1 will be actively involved in their turnaround, growth and financing decisions underwriting business plans and supervising operational strategies’ implementation.

Diversification over sectors of specific expertise (also over number, strategy, company stage, etc.), hands-on involvement in the investees and vintage year cash-flow in TF1 portfolio are the fundamentals of the Partnership's set-up, decreasing the investment risk and reducing the sensitivity to economic cycles.

TF1 invests in businesses with:

  • leadership which demonstrates vision, commitment, strong management skills and integrity,
  • ability to build upon or achieve market leading positions,
  • strong growth potential, and
  • a market which expands in a rapid and predictable way.

TF1makes investments of EUR 2-7.5mn in unlisted Small and Medium Enterprises (SMEs) with bias for the Services sector. Focus sub-sectors* are those benefitting from sustainable macro growth drivers including:

  • The move to outsourcing e.g. facilities management, data centres & IT, HR,etc.
  • Regulation/de-regulation e.g. cleantech, professional services,
  • Internet enablement e.g. e-payment services, e-commerce.

Investments in other sectors can be selectively considered.


Investment Process

Our approach is based on a strong and efficient decision-making and a well-paced due diligence process driven by bottom-up analytics and thoroughly documented...

romania and moldova

Target Market

Romania has the 7th largest population among the EU member states. With a FDI stock per capita of only EUR 2,800, (or less than 60% of the newly admitted members average), Romania provides numerous opportunities to invest...

complementary services

Investment Advisory

Such services include identification and assessment of investment targets or capital providers, agency or mediation during negotiations, deal structuring, support for due...


Investment Process

The key elements of our investment process are:

  • Focus on selective sectors
  • Risk mitigation by blending high-growth investments with stable, cash-flow generating investments;
  • Innovation and flexibility;
  • Execution rigor and pricing discipline;
  • Effective portfolio administration by results-driven dialogues with management;
  • Strong local market knowledge, facilitating early identification of potential investment targets.

TF1 believes that its rigorous process promotes strong management practices and is contributing to successful investment performance over the years through:

  • Early identification of critical issues and risks;
  • Frequent exchange of information and ideas between the deal team and other senior colleagues;
  • Ongoing assessment of the investment premise; and,
  • A well-documented process which provides strong risk controls.


Target Market

Romania has the 9th largest territory (roughly 238,400 sq km) and the 7th largest population (with c. 20 million people) within European Union. Its capital is Bucharest, the 6th largest city in the EU (with 1.9 million people). As per World Bank classification, with a GDP of EUR 142.2bn and a GDP per capita of EUR 7,126 in 2013, Romania is an upper-middle income country.

TF1 believes that growth capital investments in Romanian SMEs will continue to be a source of superior returns due to:

  • Latin behavior, which favors consumption over savings,
  • High demand of growth capital (as most of the SMEs are already highly-leveraged while funds active on the market are targeting mostly larger-scale buyouts),
  • Low relative degree of sophistication and of competitive intensity of the private equity sector (compared to the other EU countries and the rest of the world),
  • Private equity investments in economic downturns have historically shown significantly higher returns than the others (EVCA reports).

Moldova is a fast growing market with 3.6mn inhabitants sharing language and consumer habits with Romania, creating significant potential for leveraging synergies; the country has a significant unfulfilled demand for growth capital (net FDI flow estimated for 2013 - only EUR 150mn) and, high aspirations for EU convergence.


Investment Advisory

Mackenzie Capital Advisory SRL provides, on an exclusive basis to TF1, advisory services including: identification and assessment of investment targets deal structuring, support for due diligence, assistance with senior finance, searching for and selection of exit options. In doing so, it bases on its wide network of business contacts, extensive experience, knowledge of the local market and excellent reputation.

In the current market conditions, more than ever, proper assessment of viable opportunities is a key success factor, regardless of industry sectors and sizes.

In addition of private equity services to The Foundations 1.0 SEE, Mackenzie Capital group companies provide a wider range of investment and management advisory services for other sectors and clients (real estate, financing, etc.) . Additional information is available at

Team Record

Company and Principals

Mackenzie Capital Advisory and TF1belong to a new generation of private equity teams in Romania, filling the gap between business angels and buyout funds, aiming to partner with entrepreneurs throughout expansion phase. Its managing partners are briefly described below

Sorin Panturu



  • Accelerated Development Program at University of Chicago - Booth School of Business;
  • EMBA from ASEBUSS in cooperation with University of Washington, Seattle;
  • 15 years of international investment expertise (Colliers International, country manager at TK Development, founder/principal at Mackenzie Capital);
  • Originated and advised on over 100 Mil EUR of direct investments;
  • Over 40 Mil EUR of third party equities managed or under management;

Razvan Mosoiu



  • EMBA from ASEBUSS in cooperation with University of Washington, Seattle;
  • 15 years senior management of IT & technology multinationals (Compaq, Hewlett-Packard);
  • 4 years partner at Mackenzie Capital Group –management consultancy company
  • previously was PSG Country Manager at Hewlett-Packard Romania;

Kevin Bone

The Foundations GP Managing Partner

  • Economics Diploma – Chuo University, Tokyo
  • 7 years of Fund Management expertise most recently as sole GP for a Coller Capital backed secondary fund
  • 15 years of operational experience (of which 10 as CEO) across various sectors, in 6 countries and for companies with operations in more than 40 countries
  • 7 years of successful principal and angel investing (including 4 in Romania)
  • More than 70 debt, equity and advisory deals led with an aggregate value in excess of €8bn

Valeriu Ionescu

Senior Advisor of The Foundations 1.0 GP

  • EMBA from ASEBUSS in cooperation with University of Washington, Seattle;
  • Board member, then CEO of Constanta Port Authority (APC)
  • +17 years of SEE private equity and investment banking, and board level representation

+40 21 232 18 44/99