Ivanishvili’s Main Holding Shifts Ownership Directly to Spouse Ekaterine Khvedelidze, Dropping Cayman EntityThe Co-Investment Fund, which serves as the primary manager of Bidzina Ivanishvili's assets in Georgia, is altering its legal structure.
Based on filings submitted to the Public Registry on August 24, several of the fund's major entities were re-registered directly under the name of Ekaterine Khvedelidze, replacing the Cayman Islands-registered GCF LP.
Although Ekaterine Khvedelidze was already the ultimate beneficial owner of GCF LP in the Cayman Islands, under the new structure, she will hold ownership of the fund's assets through a locally registered Georgian entity.On August 24, applications for ownership changes were registered for:
- Axis Towers* Galleria Holding (operator of the "Galleria Tbilisi" shopping center)* Mtkvari Holding (owner of the "Mtkvari HPP" hydro project)
- * Agro Holding (owner of the greenhouse venture "Planta")Ekaterine Khvedelidze became the 100% owner of each of these companies.
Previously, the Co-Investment Fund held its Georgian assets through offshore entities registered in the Cayman Islands and Luxembourg. However, a gradual restructuring process began in late 2024. In January 2025, the local entity GCF Georgia was established for this purpose, leading to the direct transfer of several key assets into Ekaterine Khvedelidze's name.
