Investing Worldwide

Capital with industrial roots.Vision without borders.

FJA Holdings is the private family office of the Zhukov family, built on three decades of industrial entrepreneurship and a successful strategic exit. We invest patient capital globally across direct opportunities, real assets, private and public markets.

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Patient
We invest on a generational horizon
Decisive
Principal-led decisions, direct accountability
Owner-minded
Capital shaped by operating experience
Global reach
We follow conviction across markets
Heritage · Source of wealth

Built from the ground up, investing for generations.

FJA Holdings’ capital was formed through the founding, growth and strategic sale of Alutech, a business founded by the family in 1996 and built into a leading European full-cycle aluminum manufacturer.

Over three decades, Alutech grew from a single plant into a vertically integrated industrial group and one of the leading aluminum companies in Eastern and Central Europe, operating six manufacturing facilities and one of the region’s largest international sales networks that reaches customers in 65 countries through 25 distribution hubs.

Alutech moved up the value chain by transforming commodity aluminum extrusion into a portfolio of branded, value-added engineered products.

In 2018, the company was sold to a strategic international partner, with the owner’s option exercised in 2022, establishing the family’s investable capital.

That operating history continues to shape how the family allocates capital: patiently, selectively and with a practical understanding of business fundamentals.

1996
Founded
2018
Exit to strategic partner
6
Manufacturing plants
>€500m
Revenue at exit
25
Distribution hubs
65
Countries supplied
People

The family behind FJA Holdings

A first-generation industrial founder and a next-generation investment principal, connected by the same owner’s discipline.

Alexey Zhukov

Alexey Zhukov

Founder & Chairman · First generation

Alexey founded Alutech in 1996 and built it over three decades into a leading, vertically integrated aluminum manufacturer in Eastern and Central Europe, moving the business up the value chain from commodity extrusion to branded, engineered products. He led its sale to a strategic international partner in 2018. His hands-on experience running a capital-intensive industrial business continues to shape the family’s approach to risk, operations and long-term ownership.

Kirill Zhukov

Kirill Zhukov

Director of Investments · Next generation

Kirill is Director of Investments, having built the family office from the ground up following the family’s liquidity event, establishing its governance, investment policy and manager network. He owns investment themes and leads partnership dialogue across funds, direct investments and global markets, with a mandate to institutionalize the platform for multi-generational, permanent capital. He holds a degree in economics from the University of Chicago, is a CAIA charterholder, and served as a Grenadier in the Swiss Special Forces.

Approach

An owner’s approach to capital

We invest with the discipline of operators and the patience of long-term owners. Each thesis below reflects both how we think and what we bring to the companies we back.

We build to last, and measure success by the standing we pass to the next generation.

Owner’s edge

Our experience as business owners is the edge we bring. Having built and operated a capital-intensive industrial business across cycles, we understand value beyond the financial model and support management as principals, not passive capital.

Industrial & financial network

We have built an industrial and financial network across EU & UK, the GCC and the USA. It lets us open doors and provide portfolio companies with real operational and financial support: from managers and operating partners to allocators and financial institutions.

Horizon longer than a fund

Our time horizon is longer than a fund. With no fixed fund life or investment period, we can support portfolio companies through every stage and market condition, staying engaged through growth, capital decisions and difficult moments rather than managing to an exit date.

Concentration & conviction

We prefer concentration and a limited number of opportunities we can underwrite deeply. Principals are directly involved in decision-making, which lets us give clear answers and move fast when conviction is high.

Portfolio

Three ways we allocate capital

FJA Holdings combines direct family-led investments with access to specialist private-market managers and a diversified public-markets portfolio.

Direct Deals Actively looking for opportunities

Family-led investments

Family-led investments in sectors where operating experience, long-term ownership and principal-led judgment drive value creation.

IndustrialsReal EstateIndustrial Tech
Private Markets Fully allocated

Access through our network

Access to specialist private-market managers through the family’s global network, with a preference for focused strategies and disciplined underwriting.

Venture & GrowthPrivate CreditReal Assets
Public Markets Fully allocated

Global equities & fixed income

Diversified exposure across developed and emerging markets, complemented by high-conviction themes where appropriate.

Global EquitiesFixed IncomeEM Exposure
Our focus

Situations where we can be the right partner

We invest permanent family capital, with no fund clock and no forced sale, in opportunities where operating judgment and international relationships can support long-term value creation. Sellers deal directly with the family members who decide, and the name, site and team stay in place.

Core geographies

US & Canada Priority

EU, UK & Switzerland

GCC

Selected EM

Industries
IndustrialsCore area
Actively looking for opportunities

Industrial businesses we understand

B2B industrials and infrastructure services, including manufacturing, industrial services and businesses that build, maintain and repair infrastructure, together with aluminum processing and metals manufacturing where the family’s operating experience applies directly.

Focus
B2B industrialsInfrastructure servicesManufacturingAluminum processingMetals manufacturing
Industrial Tech
Open to opportunities

Technologies adjacent to what we know

Industrial software, hardware and emerging technologies adjacent to the sectors we know.

Focus
Industrial software / hardwareEmerging technologies
Real estate
Fully allocated

Develop, hold and selectively exit

Residential, industrial and logistics assets in markets where we have local conviction, practical visibility and long-term capital appetite.

Focus
ResidentialCommercialIndustrialLogistics
Active opportunities

Deal criteria

We focus on established businesses with resilient economics, clear organic growth levers, a credible buy-and-build or consolidation angle, and ownership situations where patient capital can be an advantage. Target EBITDA is USD 1 to 20m, with larger deals considered alongside co-investors.

Two pathways
1
B2B Industrials & Infrastructure Services
Manufacturing, industrial services and businesses that build, maintain and repair infrastructure.
Target EBITDA USD 1 to 10m
2
Aluminum Processing & Metals Manufacturing
Core industrial sectors with an advanced engineering component where the family has direct operating experience.
Target EBITDA USD 10 to 20m
Geography
US & Canada, EU, UK, Switzerland
US and Canada are our priority markets, where we have conviction, reach and long-term capital appetite. We also consider businesses in the EU, the UK and Switzerland.
Strategy
Established businesses
Five years of positive free cash flow, built under the same management team. Majority or influential minority positions alongside founders, families and partners who stay aligned.
Situation
Healthy business
Recurring or repeatable revenue, resilient demand, no single customer above roughly 25% of revenue and EBITDA margins of 15% or above. Turnarounds, distressed sales, carve-outs from larger groups, start-ups and businesses without a consistent record of profit fall outside our mandate.
Partnership
Alignment of interests
Continuing management stays invested through rollover or co-investment. We pay fairly for quality, keep leverage conservative after closing and reinvest cash flow in capacity, people and product.
Materials

Materials & insights

Selected materials (our family office presentation, investment memos and research) are shared on request where there is a clear fit.

PDF

Family Office Presentation

A concise introduction to FJA Holdings, its heritage, mandate and approach to long-term capital allocation.

Request material
PDF

Investment Memos

Selected internal perspectives on sectors, themes and opportunities where the family office is developing conviction.

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Research

Research & Ideas

Market notes, investment themes and research materials prepared to support dialogue with selected partners.

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Start a conversation

Share an opportunity.

We welcome selective dialogue with founders, families, fund managers, advisors and operating partners where there is a clear strategic fit. Inquiries are reviewed directly and treated with discretion.

Emailcontact@rinburg-corp.com
LinkedInlinkedin.com/company/fja-holdings