VIG
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The Ground Team

Nine domains. One operating system.

VIG is not a management team layered on top of outsourced contractors. Nine domain leads own every phase of a project from land memo to notarial exit. Below: how the nine domains map to the four operating stages, who runs which decision, and — in their own words — how six of them think about the work.

Sofia, Bulgaria · Founder-led · No outsourced construction

The nine-domain operating map

Which domain owns which decision, at which stage.

Each stage is owned by a VIG group entity. Each entity is staffed by domain-specialist leads, not a single manager with delegated authority. The map below shows where each operational decision actually lives.

01 · Source

VISTATE

  • ·Land acquisition
  • ·Deal origination
  • ·Sponsor relationships

Lead

Irina Stoyanova, Oleg Klein

02 · Build

VIDESIGN + VIBRIX

  • ·Architecture & design
  • ·Construction execution
  • ·Permitting & zoning

Lead

Ventsislav Krastev, Vaklina Dobrinova, Ivan Zapryanov

03 · Manage

VIG

  • ·Capital structuring
  • ·Investor reporting
  • ·Research & underwriting

Lead

Natalia Stoyanova, Aneta Manova, Simeon Georgiev

04 · Exit

VIGROW

  • ·Sales execution
  • ·Legal transfer
  • ·Exit counsel

Lead

Gergana Daskalova, Irina Stoyanova

Six deep profiles

In their own words.

The rest of the team is on the strategy page. Six of the nine domain leads expand below — how they think, what they watch, and what they refuse to do.

Oleg Klein

Oleg Klein

Founder & Chief Executive Officer

15+ years

Capital structure · Ecosystem design · Investor relations

LinkedIn
The decision that defined VIG was not buying the first plot. It was refusing to be a fund manager who outsourced construction. Every problem a Bulgarian residential investor has ever been burned by comes from a handoff between two companies that do not share a P&L. We removed the handoff.

In their own words

I am an economist who builds. VIG exists because the Bulgarian residential market is a market where the capital is abundant, the buildings are good, and the operators who can genuinely take a plot from land memo to notarial exit without a single bad handoff are fewer than you would expect. When I started VIG I had one rule that has not bent: if we cannot own the decision, we do not sell the outcome. That rule has cost us deals. It has also cost us zero investor redemptions. I speak to every investor at the Private Investor tier and above personally before they commit capital. Not because I enjoy it — because any problem in Bulgarian real estate that is going to show up in year three is a problem I can smell in the first call. The rest of the team builds. My job is to pick the right plots, structure the capital correctly, and make sure nothing in the pipeline sneaks past the filter.

Prior experience

  • Economist — structured private capital vehicles across CEE
  • Built VIG as a platform, not a fund — vertical integration as the thesis
  • Direct investor conversations the primary IR channel
Aneta Manova

Aneta Manova

Director of Investment Development

Financial Services Economist, Birkbeck, University of London

Product structuring · Tier design · Onboarding

LinkedIn
The fastest way to lose an investor is to treat onboarding as paperwork. We treat it as the first project. If we cannot answer your tax, residency, and transfer questions clearly in the first conversation, we are not ready for your capital — regardless of ticket size.

In their own words

My job is to make sure the path from "curious about Bulgaria" to "wiring capital to a VIG SPV" is clear, compliant, and free of surprises. I studied financial services economics because I wanted to understand how capital actually moves between jurisdictions, not just the textbook versions. That degree turns out to matter more for investor onboarding than most people think — the Bulgarian diaspora investor in Frankfurt is not the same investor as the UK-resident pension-age allocator, and the same product structure can feel different to each. I spend most of my time where investors meet the structure: tier design, onboarding experience, tax memo accuracy per jurisdiction, and making sure the first subscription feels as legible as the tenth. I also run the investor-profile process on the onboarding side, because the profile is how we make sure we are matching the right product to the right investor — not the other way around.

Prior experience

  • Designed the Starter / Private / Professional Investor tiering
  • Built the onboarding flow: profile, call, diligence pack, documentation
  • Liaison for non-BG investor onboarding (UK, DACH, diaspora)
Irina Stoyanova

Irina Stoyanova

Director of Business Development

Led €120M integrated resort delivery · Secured €50M financing

Deal origination · Sponsor relationships · Exit channels

LinkedIn
Every investor asks "how do you source deals". The real question is "why do sellers come back to you". The answer is that we close on the original terms. In Sofia real estate, that is less common than it should be.

In their own words

I came to VIG from the other side of the table — delivering large mixed-use projects with bank financing. What I learned from that side is that the operators sellers and banks want to work with are the ones who do not re-trade, do not move goalposts, and do not surprise anyone with a last-minute request. Every single one of those behaviours is an option VIG does not exercise. My job on the business-development side is to keep that reputation intact in every deal we pursue, because the compounding value of being known as "the operator who closes clean" is the real moat in a mid-sized market like Sofia. I run sponsor and co-investor conversations, land seller relationships, and the bank-financing side of the capital stack. The rest of the team could underwrite every deal perfectly — if sellers do not come to us first, none of that underwriting matters.

Prior experience

  • End-to-end delivery of a 120M-euro integrated Bulgarian resort
  • Secured 50M-euro construction and mezzanine financing from Bulgarian and regional banks
  • Cross-border banking relationships across CEE
Gergana Daskalova

Gergana Daskalova

Chief Legal Officer

22 years · Sofia Bar Association

SPV structure · REIT frameworks · Cross-border compliance

LinkedIn
Everything an investor disputes five years after subscribing was decided in language drafted before they signed. My job is to draft as if every clause will be litigated, so that none of them are.

In their own words

I have been practising real-estate law in Bulgaria since before Bulgaria joined the EU. That length of context matters because the rules have changed twice in that period, and the good practice has changed with them — most operators are still running on the pre-AIFMD version of investor documentation. At VIG I lead all investor-facing documentation: SPV articles, subscription agreements, shareholder rights, milestone-release schedules, and the cross-border notarial process that most non-BG investors are genuinely encountering for the first time. I also own the regulatory-roadmap work. The path from "private fund and project SPVs today" to "authorised AIF tomorrow" is a legal process, not a marketing one, and getting the sequence right is what keeps us credible both to regulators and to the investors trusting us with capital today. I answer investor legal questions directly — no filter.

Prior experience

  • 22 years of Bulgarian real-estate transactional practice
  • REIT structuring experience across Bulgarian and EU frameworks
  • Cross-border compliance for non-resident investor structures
Natalia Stoyanova

Natalia Stoyanova

Head of Finance & Private Capital

Corporate banking (Raiffeisenbank) · Private investment fund management

Capital stack · Fund economics · Investor reporting

LinkedIn
If I cannot walk a qualified investor through our waterfall on a napkin in three minutes, the waterfall is wrong. Simplicity is a finance decision, not a marketing decision.

In their own words

I look at VIG's capital stack the way a bank credit officer looks at a borrower: what would I need to see before I was comfortable? That discipline is why VIG caps leverage below a hard ceiling, commits first-loss equity, and keeps every SPV financially isolated. My day splits roughly three ways — building and maintaining the underwriting model for each active and candidate project, owning the quarterly reporting cadence to investors, and running the conversations that investors want to have about fund-level economics, fees, and carry. I came out of corporate banking because I wanted to be on the operator side of the table after ten years of being on the underwriting side. I am the named investor-facing contact for financial and compliance counsel — any question about fees, waterfall, hurdle, or carry lands with me, and I answer in writing.

Prior experience

  • Corporate banking at Raiffeisenbank — project-finance origination and underwriting
  • Private-fund management experience before joining VIG
  • Named investor-facing contact for financial and compliance counsel
Ventsislav Krastev

Ventsislav Krastev

Chief Operating Officer

MSc Engineer · Full-chain construction command

Construction command · Site execution · Milestone discipline

LinkedIn
A project is never behind because of one big reason. It is always behind because of thirty small decisions that nobody wrote down. My job is to write them down.

In their own words

I am an engineer by training and a builder by instinct. At VIG I own site execution — every active project, every milestone, every line item between permit-in-hand and notarial transfer. The memory that shapes how I run construction is that most residential projects in Sofia that fail do not fail because the market moved; they fail because a thousand small decisions get made in the wrong order. Milestone-controlled capital release is how we force discipline into that process: money moves when evidence moves, not when a contractor says a milestone is close. I run a weekly site-to-finance rhythm with Natalia so that what happens on the ground and what shows up in the report are the same thing. Investors see what I see, lagged by two weeks at most. Nothing is softened; nothing is spun.

Prior experience

  • MSc Engineering — full-stack construction background, ground up
  • Full-chain construction command across Sofia residential projects
  • Oversight of VIBRIX (construction) and VISTATE (land) execution

Personal statements drafted by VIG editorial for review by each named person before production publication; each profile may be revised or replaced by the individual's own text.

External & independent counsel

Who audits the work.

Internal leads are named above. The table below names the advisors, auditors, and valuers engaged — or scheduled to be engaged — to provide independent oversight of VIG's operating discipline.

Legal Counsel (internal)

Gergana Daskalova, CLO

22 years Bulgarian real-estate practice. Sofia Bar Association.

Investor Counsel (internal)

Natalia Stoyanova, Head of Finance & Private Capital

Named contact for financial and compliance counsel.

Independent Auditor

To be appointed ahead of VIG AIF registration

External audit engagement scheduled alongside AIF registration.

Independent Valuer

To be appointed

Third-party valuation engagement scheduled alongside AIF registration.

Independent auditor and valuer appointments are scheduled alongside VIG AIF registration. Names will be published here on engagement.

Want to speak with one of us?

Every Private Investor and Professional Investor conversation starts with a founder or domain-lead call, not a sales call.