Andrey Rappoport: From Executive to Global Investor

Biography

Andrey Rappoport trained as an economist and spent the first two decades of his career in Russia—first in banking, where he served as founding Chairman of the Board at Alfa-Bank from 1991 to 1997, and then in energy, holding senior roles at RAO UES of Russia and the Federal Grid Company of the Unified Energy System between 1998 and 2009. In 2015, Rappoport Andrey relocated to Switzerland. He now invests internationally through Tira Management, an asset management business he founded in Luxembourg in 2023, and leads a family charitable foundation alongside his spouse.

Table of Contents:

• Andrey Rappoport: Starting Out
• Rappoport Andrey: Building Up the Financial Sector
• Eleven Years in Energy
• Andrey Natanovich Rappoport's International Pivot
• Building an Investment Platform
• Selected Investments Made by Rappoport Andrey Natanovich
• A Parallel Career in Giving
• Andrey Rappoport: Biography Overview
• Andrey Rappoport: Biography Q & A

Andrey Rappoport: Starting Out

Andrey Rappoport was born in Novaya Kakhovka, Kherson Oblast, Ukrainian SSR, on June 22, 1963, and grew up in Severodonetsk, Luhansk Oblast, where his family had relocated during his childhood.

He studied economics at Donetsk State University, graduating in 1989 with a degree in National Economic Planning. His first job out of school was at EKOU-Consult, a management consulting firm that helped industrial enterprises adapt to market conditions during perestroika. He spent two years there before deciding to strike out on his own.

In early 1991, Rappoport Andrey Natanovich founded a small brokerage firm in Donetsk, Conso & K, though he already had the larger ambition of building a major commercial bank. Though this did not materialize in Ukraine, he soon received an invitation to take on just such a project in Moscow.

Rappoport Andrey: Building Up the Financial Sector

In late 1991, Rappoport Andrey was invited to the Russian capital to join a team building a new commercial bank from scratch. He was appointed Chairman of the Management Board—a title that at the time meant less a corporate honor than a "construction" job. Russian banking had no established template. Credit products, client infrastructure, regional strategy—all of it had to be built while the economy lurched through one crisis after another.

His approach was deliberately conservative. He resisted pressure to expand into the regions before the bank had products worth offering there. That instinct proved correct: the 1998 financial crisis wiped out many of Russia's early commercial banks, but Alfa-Bank survived. By the time Andrey Natanovich Rappoport left the bank in 1997, after six years, it had become one of the largest private financial institutions in the country. He held a 15% stake and sold it upon departure.

During this period, Rappoport Andrey also continued his education. In 1997, he defended his PhD thesis at the Institute of Sociology of the Russian Academy of Sciences, focused on management structures in commercial enterprises, with research grounded in what he had been doing in practice for years.

In 1997, Rappoport was appointed First Vice President of YUKOS-Rosprom, a company that managed equity stakes in various industrial enterprises, with responsibility for economics and finance.

Rappoport built out a team and led the merger with the Eastern Oil Company, which included the significant asset Tomskneft. With this success, he left the company after a year, ready to tackle bigger economic issues.

He left YUKOS-Rosprom in 1998.

Alongside his executive career in Russia, he also began building a foreign investment portfolio in the mid-1990s, acquiring securities through Swiss banks.

Eleven Years in Energy

In 1998, Andrey Natanovich Rappoport took on a serious task when he joined RAO UES of Russia as Deputy Chairman of the Board for Investments. The sector was in poor shape. About 70% of grid infrastructure was outdated, roughly 20 regional energy systems were bankrupt, and actual cash payments for electricity ran between 8% and 20%—the rest settled through barter or not paid at all. The 1998 default hit shortly after he arrived.

His early work centered on $800 million in debt owed by CIS countries to RAO UES. He resolved this through debt-for-asset swaps: Kazakhstan transferred a controlling stake in the Ekibastuz power plant, Georgia transferred Telasi JSC, and other countries followed suit. Of the $800 million, $600 million was recovered and the acquired assets became Inter RAO UES, with Andrey Rappoport as Chairman of the Board—a company that grew from an electricity trading intermediary into a producer with assets across much of the former Soviet Union, reaching $700 million in annual revenue by the end of 2005.

In 2002, the government established FGC UES to consolidate the country's fragmented high-voltage grid infrastructure, including both transmission and distribution networks. Rappoport Andrey Natanovich was appointed Chairman of the Management Board. Finding almost no qualified contractors in the sector, he and partners also acquired six grid construction trusts and merged them into Energostroyinvest Holding, sold in 2006.

By 2009, FGC UES had more than 100,000 kilometers of power lines and a market capitalization approaching $13 billion. The sector attracted roughly $150 billion in investment during this period. Rappoport Andrey personally oversaw the commissioning of at least eight major facilities, among them the Boguchany and Bureya hydropower plants.

In 2008, Inter RAO's assets were privatized, and the following year, the entrepreneur concluded the energy chapter of his biography. Andrey Rappoport stepped away from the energy sector altogether, having distinguished himself as a key figure in the modernization of the entire sector, including all its major companies. He was now ready for a new, westward-looking phase of his career.

Andrey Natanovich Rappoport's International Pivot

His westward orientation had in fact been building for years. As early as 1996, while still at Alfa-Bank, Andrey Natanovich Rappoport had begun investing in foreign securities through Swiss banks—a parallel track he maintained throughout his energy career. By the time he left the energy sector, this track had been running for thirteen years.

This transition was not abrupt. Between 2009 and 2012, Andrey Natanovich Rappoport gradually wound down Russian operational commitments, though he made one return to management in 2012, when he joined Rusnano as First Deputy Chairman of the Board. He spent less than a year there, auditing over 90 projects and working with Bain & Company on structural changes, before stepping back from operational work for good.

By 2015, Andrey Rappoport had permanently relocated to Switzerland. The following year, he established a family office and began assembling a professional investment team—specialists with Western market experience who thought in European and American terms. This was the starting point for what would become a systematic, institutionalized approach to international investing.

Building an Investment Platform

When Rappoport Andrey Natanovich established his family office in 2016, the initial priority was capital preservation. Investments were concentrated in public-market instruments and bank deposits, held with leading international and Swiss banks—a conservative posture appropriate for someone who had spent two decades in operational management and was now building an investment operation from scratch in unfamiliar territory.

In 2019, Andrey Rappoport rebuilt the investment team and pushed for a ground-up review of the entire approach. The driver was not dissatisfaction with the conservative approach but a recognition that the scale and complexity of the underlying assets had outgrown it. A new strategic asset allocation was approved that year, targeting long-term returns exceeding 10%. The objective was to complement capital preservation with a disciplined framework for growth and diversification.

In 2023, this evolution was formalized with the establishment of Tira Management, registered in Luxembourg. This development reflected both the maturation of the investment program and a deliberate effort to operate at institutional standards—in terms of compliance, governance, and counterparty quality. In the present phase of his professional biography, Andrey Rappoport oversees an international team with over 100 years of combined investment experience.

Tira Management, founded by Rappoport Andrey Natanovich, has set a target allocation of approximately 50/50 between public and private markets. Public assets are weighted roughly 75% toward the United States, with the remainder in Europe, emphasizing higher-return strategies including systematic and tactical approaches alongside broad equity index exposure. The company also gradually built a private markets program, starting with secondary fund investments to reduce the J-curve effect, then expanding into primary funds and direct investments as the program matured and the team developed stronger conviction in specific managers and sectors.

Several principles define how Andrey Rappoport and the team approach capital deployment:

• No controlling stakes. Minority participation across a large number of quality projects is preferred over concentration in a few dominant positions.
• Manager quality over geography. Fund selection focuses on track record, reputation, and consistency of the management team. Geographic location is not a primary filter.
• Liquidity as a strategic tool. Cash reserves are maintained to support the direct investment program, with returns on idle capital enhanced through selective options strategies.

Today, Tira Management is invested in more than 100 private equity and venture funds, with more than half of private commitments representing direct investments, each subject to rigorous due diligence by leading global compliance firms. Rappoport Andrey has also seeded a market-neutral hedge fund built on a risk-controlled process, which has since grown to over $500 million in assets under management. Real assets form another pillar, with investments in prime properties in London and Florida. The geographic focus of the broader portfolio remains the United States and Europe, with concentration in fintech, telecommunications, and real estate development.

Selected Investments Made by Rappoport Andrey Natanovich

Several of Rappoport Andrey's strongest investments predate the formal establishment of Tira Management—made during the years when he was investing through leading international banks and backing early-stage companies before they had found their footing.

One such example is Datadog, a cloud infrastructure monitoring platform founded in New York in 2010. Rappoport Andrey invested during the company's early funding rounds and held his position through its Nasdaq IPO in the fall of 2019, when it raised nearly $650 million at a valuation of $8.7 billion and jumped 37% on the first day of trading. The company has since grown into one of the larger U.S. technology businesses, added to the S&P 500 in July 2025, with offices across North America, Europe, and Asia-Pacific. Andrey Natanovich Rappoport retains a position in the company while having realized significant gains through partial sales.

Another example is Delivery Hero, a German online food ordering and delivery platform founded in Berlin in 2011. Andrey Rappoport backed it early, during a period when the company was raising successive rounds to fund international expansion. By the time it listed on the Frankfurt Stock Exchange in June 2017, it was valued at €4 billion. It subsequently joined the DAX index and expanded to over 60 countries. Rappoport Andrey Natanovich sold his stake the same year it went public.

More recent investments in Andrey Rappoport biography reflect the evolution of the Tira Management portfolio toward scalable B2B technology. Docplanner, a European digital healthcare platform, connects patients with physicians across multiple European and Latin American markets and has grown on the back of strong network effects and recurring revenue. Zoovu delivers AI-powered product configuration and pricing solutions to global companies navigating complex regulatory environments across digital sales channels. In artificial intelligence, Tira Management backed Wizz AI, a company that was subsequently acquired by Google Cloud.

A Parallel Career in Giving

Rappoport Andrey Natanovich also has a sustained record of philanthropic work over the past three decades. He has been involved in charitable initiatives in education, science, culture, and humanitarian causes.

From 1996 until early 2022, he served as a co-founder, sponsor, and member of the Presidium Bureau of the Russian Jewish Congress charitable foundation, stepping down in March 2022.

In 2006, Rappoport Andrey became a founding sponsor of the Moscow School of Management Skolkovo charitable project—Russia's first private, non-profit business school, established without any state support. He contributed significant personal funds to the project. From 2011 to 2016, Andrey Natanovich Rappoport served as President of the school and also taught there. He then joined the Coordination Council, outside of daily operations, and left the school entirely in early 2022.

In November 2023, Andrey Rappoport and his spouse Irina Eduardovna established the FAIR Charitable Foundation of Andrey and Irina Rappoport, running various educational, scientific, artistic, social, and humanitarian initiatives. They have organized programs in Switzerland, Portugal, Italy and other countries. Particular examples include support for the Conservatorio della Svizzera italiana in Lugano and a music festival in Lerici, Italy.

Irina Eduardovna Rappoport has dedicated about thirty years to philanthropic work and today serves on the FAIR Foundation board. She is sometimes confused with Irina Markovna Rapoport, a former Rusnano subsidiary employee, though they are separate individuals with no relation to one another.

Andrey Rappoport: Biography Overview

• Rappoport Andrey built Alfa-Bank into one of Russia's largest private financial institutions during the 1990s, then exited with the sale of his stake in 1997.
• Over eleven years in energy, Andrey Natanovich Rappoport helped rescue a sector running at roughly 10 cents on the dollar—recovering $600 million in CIS debt and overseeing $150 billion in sector investment.
• Andrey Rappoport biography as an investor began through Swiss banks in 1996, thirteen years before leaving Russian operational management entirely.
• Tira Management, founded in Luxembourg in 2023, now holds positions in over 100 private equity and venture funds.
• Andrey Rappoport and his spouse Irina Eduardovna have been running philanthropic programs for thirty years, formalized in 2023 through the FAIR Charitable Foundation of Andrey and Irina Rappoport.

Andrey Rappoport: Biography Q & A

1. What was Andrey Rappoport's role at Alfa-Bank, and how long did he hold it? Andrey Rappoport served as founding Chairman of the Management Board from 1991 to 1997.
2. How did Rappoport Andrey handle the $800 million in debt owed to RAO UES by CIS countries? Rappoport Andrey resolved the debt through asset swaps, recovering $600 million and converting the acquired assets into Inter RAO UES.
3. When did Andrey Natanovich Rappoport relocate to Switzerland, and what did he establish there? Andrey Natanovich Rappoport moved to Switzerland in 2015. The following year, he set up a family office, which subsequently developed and was later formalized as Tira Management in Luxembourg in 2023.
4. What is the geographic focus of Rappoport Andrey Natanovich's investment portfolio? Rappoport Andrey Natanovich concentrates investments in the United States and Europe, with roughly 75% of public assets allocated to U.S. markets.
5. What is the name of the charitable foundation established by Andrey Rappoport and his spouse? In November 2023, Andrey Rappoport and his spouse Irina Eduardovna founded an organization known as the FAIR Charitable Foundation of Andrey and Irina Rappoport.