Last Updated on August 9, 2025
The sudden death of Georgian oligarch Badri Patarkatsishvili in 2008 at his Surrey estate left behind one of the most enigmatic fortunes of the post-Soviet era. In the years that followed, his family quietly set up a London-based firm, Bili Capital, to manage billions in assets, keeping operations discreet while fending off opportunists seeking a share of the inheritance.
For over a decade, the family office maintained a low public profile. That has now begun to change. Bili Capital has recently disclosed over two dozen fund investments with some of the world’s most influential financial institutions — including BlackRock Inc., Ares Management Corp., and Vanguard.
A Shift in Leadership
In a quiet but significant move, Badri’s widow, Inna, transferred her ownership stake over the past year, paving the way for her son-in-law, Evgen Khunyak, to become the sole owner of Bili Capital. This marks the first time control has passed entirely to the next generation — a symbolic shift for one of London’s largest yet most private family offices, reportedly managing more than $1 billion in assets.
From the Wild ’90s to Wall Street
Patarkatsishvili’s path to wealth began in the chaotic early 1990s, when he partnered with fellow oligarch Boris Berezovsky in ventures like the car dealership LogoVaz and later teamed up with Roman Abramovich to form the oil giant Sibneft. While Berezovsky was the public face, industry insiders describe Badri as “the muscle” — the discreet dealmaker with deep influence in Georgia’s business and political spheres.
In 2001, Abramovich bought out their stakes for more than $1 billion, shortly before relations with the Kremlin soured. Berezovsky later sued over the deal, losing in one of the most high-profile legal battles in London before his death in 2013.
A Portfolio That Balances Secrecy and Reach
Bili Capital’s recent disclosures reveal that the wealth of this Georgian oligarch is now tied to a diverse mix of global investments. Beyond Wall Street funds, the firm holds stakes in Andreessen Horowitz’s venture funds, Fortress Investment Group, a Georgian theme park, a mineral water company, and luxury real estate servicing ultra-wealthy residents of Miami’s Fisher Island.
Industry experts believe this transparency signals a strategic shift. “By showing the scope of their investments, they’re inviting more visibility — and possibly more deals,” says David Hawkins of Cliveden Advisory, a consultancy serving ultra-high-net-worth families.
Legal Battles and Asset Recovery
The years after Patarkatsishvili’s death were marked by complex legal disputes. The family fought off claims from distant relatives and former partners, including a $3 billion lawsuit from Berezovsky, who alleged that hidden offshore assets rightfully belonged to him. By some estimates, the family has recovered at least $2 billion in assets, although that represents only part of Badri’s fortune at the time of his death.
Building a Public Image
Founded in 2008, Bili Capital is led by CEO Sergey Ershikov and CFO Ilya Demidov, both with past experience at Russia’s Alfa-Bank. Registered in Jersey, the firm benefits from low-tax policies and minimal disclosure requirements. In addition to financial holdings, past job postings suggest the office manages luxury assets like yachts, European properties, and a private car fleet.
Recently, the company has been developing a branding strategy, perhaps signaling a more open phase in its history. On its website, the “Meet the Family” section features Inna with her daughters — Liana, an art production entrepreneur, and Iya, a human rights activist — alongside Evgen Khunyak, now the sole owner.