Board of Directors
Richard is the Founder and President of VR Capital Group. He is based in London and leads the investment activities of the firm. A seasoned investor with deep experience in emerging markets, Richard previously was a co-founder and Partner at emerging markets investment bank, Renaissance Capital, where he served as Head of Fixed Income Trading. Previously, he was a Managing Director at Credit Suisse in New York and subsequently in Moscow. He graduated from Yale University, magna cum laude, in June 1987, with dual B.A. degrees in history and economics. He is father to three boys and passionate about introducing them to the outdoors and an active lifestyle.
Sergey Makhin is a Senior Portfolio Manager and joined VR Capital Group in July 2014. He is based in London. Mr. Makhin has helped lead credit investments in the former Soviet Union as well as VR’s renewable energy investments. Mr. Makhin joined VR from Citigroup, where he worked from 2004 in Moscow, New York and London and held various positions including as a senior loan restructuring transactor and Emerging Markets credit strategist. He earned a degree in finance from the St. Petersburg University of Economics and Finance in 2003. Mr. Makhin also earned an M.B.A. from the London Business School in 2015.
Emile du Toit
Emile du Toit is the Chief Financial Officer and joined VR Capital Group in June 2007. Mr. du Toit is based in London and leads VR’s accounting, finance and audit functions. Prior to being named CFO in January 2014, Mr. du Toit served as Finance Manager. Mr. du Toit was a VR account manager at Admiral Administration in the Cayman Islands. Mr. du Toit also worked in South Africa at Nedbank (2003-2005) as a Group Financial Accountant and PriceWaterhouseCoopers in the audit group (1998-2002). He earned a Bachelor of Commerce (Honors) in accounting from the University of South Africa in 2005 and qualified as a CPA (SA) in 2006.