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THFAO: A Trailblazing Investment Odyssey

Founder of The Horvat Family Office (THFAO), Darko Horvat, embarked on his illustrious business journey in 1989 while pursuing his studies in Electrical Engineering in Ljubljana, marking the genesis of his entrepreneurial saga.


During the early 90s, Darko laid the cornerstone for diversification and established a robust holding company structure.

Investing and Developing Human Capital

Notably, the organisation pioneered investments in Human Capital, revolutionising success paradigms by sponsoring employee MBAs and facilitating continuous executive education. This visionary move cultivated a pool of talented professionals, elevating both individuals' careers and contributing significantly to Slovenia's economic landscape.

Institute for International Business Studies (IIBS)

In 1994, Darko founded the Institute for International Business Studies (IIBS), a groundbreaking joint venture with a consortium of 13 American universities. This initiative introduced full-time and part-time MBA programmes in Italy and Slovenia, empowering over 100 Slovenian graduates, many of whom were sponsored by THFAO’s business endeavors.

M&A and Investment Advisory Services

Simultaneously, the office set up a JV with EPIC (European Privatisation and Investment Corporation) to provide cross border M&A and investment advisory services, facilitating international corporations' entries into Slovenia and CEE, a pioneering step in the regional investment landscape.

Global Expansion and Multifaceted Investments

Marking a global footprint, THFAO expanded investments internationally, diversifying into the tech sector in Israel, Europe, the USA, and Asia.

These strategic moves included acquisitions of Israel’s largest conglomerate and a move into the consolidation of the Serbian Pharma industry, showcasing a versatile investment portfolio with a strong focus on technology, finance, and natural resources.

Moving to London

Since establishing the office in London in 2002, THFAO’s investment strategy has focused on special situations, investing in various industry sectors, high-tech advancements and, in the last five years, AI and Industry 4.0 across Europe, the USA, and the Middle East. With over 100 investments and co-investments across its portfolio, the office emphasises innovation, entrepreneurship and cooperation with brilliant teams and individuals.

Beyond the Commercial
Philanthropy and Recognition

Beyond entrepreneurial triumphs, THFAO’s commitment extends to philanthropic initiatives. Establishing foundations supporting underprivileged youth in Slovenia and promoting peace initiatives in Israel.

Awards and Leadership

Acknowledging Darko's visionary leadership, he was honoured as a Young Global Leader by WEF Davos and received an Honorary Doctorate from Haifa University. THFAO’s businesses earned a place in the BSC Hall of Fame by Kaplan and Norton Harvard University.

Continued Investment Strategy 
Commitment to Investors

In the year 2000, Aktiva DZU accomplished a significant milestone by acquiring Atena Fund Management, solidifying its position as the largest privatisation fund management company in Slovenia with a remarkable 15% market share. This acquisition marked a pivotal moment in the Slovenian privatisation process, as Aktiva DZU emerged as the most successful investor by initiating public takeover bids of listed closed-end investment funds under its management. Over EUR 150 million was disbursed to all minority shareholders, benefiting more than 120,000 Slovenian citizens, ensuring fair market value for their investments. Aktiva DZU upheld its commitment to investors by enabling them to sell their shares, fulfilling a public promise and cementing its reputation as a trustworthy and reliable entity in the financial landscape.


Prominent in Pharma

THFAO made strategic moves by acquiring control of Hemofarm, a pharmaceutical company, with the aim of solidifying its position as a market leader through organic growth, acquisitions, and expansions into new markets and manufacturing facilities. This strategic vision bore fruit within four years, establishing Hemofarm as a prominent player in the industry. Despite challenges, THFAO demonstrated resilience and adaptability in navigating the complexities of the investment landscape.

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