CalErin Group is a leading Investment Management & Advisory firm leveraging years of experience and expertise in corporate finance to successfully realise value in the companies under its management with a primary focus on the Balkans, CEE and other emerging markets.
Whether we’re advising companies we’ve invested in, managing companies on behalf of investors, or advising selected corporations with their growth strategies, CalErin Group is focused on identifying the intrinsic value in each company, producing consistently strong earnings, and realising exceptional returns on capital invested.
Our aim is to ensure investors realise value in their investments by achieving targeted earnings growth, strong yields and increased capital growth.
Over the last 15 years CalErin Group’s team has worked and represented its clients on five continents and in more than 35 countries. Our clients’ organizations include government authorities, multinational corporations, family offices, private equity funds, American universities, commercial development organizations and international banks and finance agencies.
CalErin Group’s approach is to prepare and shape companies in order to find the right balance between sustainable growth while also preparing the company for the future. CalErin Group has the expertise and experience in determining the right type of capital and investment needed. At the same time we are able to access the investor community through our extensive network and extensive database and we can identify opportunities both off-market and on.
Given CalErin Group’s corporate structure and global client base, we currently have the capabilities to invest in a wide array of industries across the Balkans, CEE, and other select emerging markets, with investment levels ranging from € 1 million to € 1 billion-plus.
Leadership team
CalErin Group’s management & advisory team are made up of corporate leaders, former diplomats as well as an extensive team of corporate finance & advisory specialists with the highest level of technical skills.
Our team has the ability to formulate effective business and investment strategies, produce company valuations, undertake advanced financial modelling, conduct risk assessments, put together effective deal structures, manage M&A; negotiations.
CalErin’s team can position and prepare companies for specific events, bringing a wealth of industry and sector experience, while at the same time tailoring the right solutions which allow businesses to prosper and grow organically.
Having run a variety of businesses we understand the growth life-cycle of businesses and have overcome the challenges and hurdles faced in order to achieve a consistently growing sustainable business.

Ambassador Michael Ussery, Chairman, CalErin Advisory board
US AMBASSDOR MICHAEL USSERY
Since 1992, former U.S. Ambassador Michael Ussery has led major investments, business development and humanitarian projects in East Europe, the Mid-East, Asia and the Caribbean. Ussery is a Founder of numerous companies and non-profit organizations operating internationally, and he has been a strategic advisor to leading corporations. In the 1990s he was a political-business adviser to the Trump Company. Today, Ussery is Chairman of Mongolia Holdings, a U.S. public stock company, and he is Vice Chairman of Kima Communications and its subsidiary, Coast to Coast Communications. Ussery also is on the Board of Directors of Safi Apparel, a U.S. Military contractor in Afghanistan. Since 2007 Michael Ussery has been Chairman of the Advisory Board of the CalErin Group, a UK Investment management & advisory company. Other companies he advises include San Leon Energy, World Perspective, Statpoint Technologies, Patriot Group Security, Pax Mondial Security, and the Nazarene Fund (refugees). He holds a current U.S. Government security clearance for his work on Navy Seal Training Exercises and State Department Counter-Terrorism and Counter-Narcotics. Michael Ussery has served previously on the boards of Terocelo, D’Sal Inc., Safe Security and Dignity Products, and as Chairman of the Advisory Board of the Romania Moldova Direct Fund (RMDF) that he co-founded and led the highly successful turnaround of Rompetrol and several other companies. From 2000 through 2014 Ussery was a Global Adviser to General Dynamics. He was appointed by the Governor of Virginia as Commissioner of the Vint Hill Economic Development Authority 2001 – 2007.
In international education, Michael Ussery is Chairman and President of the Council for American Universities Abroad (CAUA), planning and organizing American universities overseas. CAUA planned the American University of Mongolia and universities for Romania, Jordan and Albania. Previously, Ussery was Chairman and President 2002 – 2006 of the Coordinating Council for International Universities that planned the American University of Afghanistan and provided education advisory services to the government of Japan.
Ambassador Ussery was a spokesman for the U.S. Committee on Refugees & Immigration 2008 – 2010 for a campaign to end the global practice of “warehousing” refugees. He was the pro bono American Opening Speaker 2010 at the prestigious annual “Beijing Forum” on sustainable international development. Michael Ussery was appointed by President Reagan on December 22, 1988 to be U.S. Ambassador to Morocco, at that time the youngest U.S. Ambassador. He was re-appointed by President Bush and confirmed unanimously 98 – 0 by the U.S. Senate, serving at post until January 1992, leading an embassy of 800 personnel and 10 federal agencies based in four cities. Ussery served as a political appointee at U.S. Department of State 1981 – 1992, including Deputy Assistant Secretary of the Near East and South Asia Bureau; Chairman of the twelve-agency Libya Task Force during the U.S.-Libya confrontation, White House Liaison for the Department, and Director for Congress and the Media in the International Organizations Bureau. In 1988 he left State to serve as Senior Adviser to Campaign Manager Lee Atwater in the Bush – Quayle Campaign, returning to State late 1988 to serve as Ambassador. In the fall of 2000 he was a volunteer Field Manager in Arkansas for the Bush – Cheney Campaign. Ussery began his career in political management in Georgia and South Carolina, and he came to Washington as Chief of Staff to U.S. Congressman Carroll Campbell. He is a graduate of Newberry College, where he has been honored as Commencement Speaker.

David Keavney is the co-founder and Chairman & CEO of CalErin Group, an Emerging market alternative investment specialist. David is also the CEO & managing partner at CalErin Advisory, an Emerging markets advisory firm. CalErin Advisory’s management have worked with clients on five continents and in more than 35 countries with organizations including government authorities, multi-national corporations.
David Keavney is the co-founder and Chairman & CEO of CalErin Group, an Emerging market alternative investment specialist.
He has extensive experience in private equity, venture capital and real estate, in industries ranging from energy, information technology, financial services, defence, healthcare, telecommunications, pharmaceutical and luxury resort development.
David is also the CEO & managing partner at CalErin Advisory, an Emerging markets advisory firm. CalErin Advisory’s management have worked with clients on five continents and in more than 35 countries with organizations including government authorities, multi-national corporations, private equity funds, international universities, commercial development organizations and international banks and finance agencies.
David has helped guide numerous companies on strategic planning, business development, market entry and currently advises several prominent fortune 1000 companies.
David has helped guide numerous companies on strategic planning, business development, market entry and currently advises several prominent fortune 1000 companies.

Daniel Dobrev
Daniel Dobrev is the Director for International Business development, at CalErin Group, an Emerging market alternative investment specialist.
Daniel is also a partner at CalErin Advisory, an Emerging markets advisory firm. CalErin Advisory’s management have worked with clients on five continents and in more than 35 countries with organizations including government authorities, multi-national corporations, private equity funds, international universities, commercial development organizations and international banks and finance agencies.
Daniel Dobrev is a former diplomat, who has held leading positions during his assignments in Austria, Croatia, Italy, Montenegro and Albania. He was Economy Advisor and Chief of Bulgarian Trade and Commercial Offices of the Bulgarian Ministry of Economy abroad.
Daniel Dobrev has extensive experience in EU matters, management of EU funds and in facilitation of other international financial donors. He has achieved significant results in promoting not only Bulgarian businesses, but also international companies, for which he was awarded with highest state honors by the relevant authorities.
At the Bulgarian Ministry of Economy, at the State Agency for IT & Communications he managed international projects involving a number of countries in the fields of IT, Business Development and Education. He completed successfully such projects like ‘IT Secure Protocol Implementation’, ‘EU practice in IT education’ and ‘GPS implementation in State Infrastructure’, cooperating with parties in Greece, Italy, Germany and other countries.
His successful track record includes in-depth knowledge of the Balkan countries markets, the investment process and phases of development, law frame, administrative procedure and business mentality, dealing with high ranked state administrators, public figures and international organizations. He has facilitated numerous American, Austrian, German and Bulgarian companies in their entrance onto new markets, such as Blackstone Inc., Arcora, Silverstone Energy, Finance Engineering Ltd., Tokuda Hospitals and others.
Global network
CalErin’s relationships and extensive network ranging from corporate leaders, company owners, as well as regional and state power brokers, allow CalErin to identify opportunities that otherwise wouldn’t be available, while at the same time providing a seamless and transparent entry or exit from any given market.
Over the last 15 years CalErin Group’s team has worked and represented its clients on five continents and in more than 35 countries. Our clients’ organizations include government authorities, multinational corporations, family offices, private equity funds, American universities, commercial development organizations and international banks and finance agencies.
- 15 Years
- 5 Continents
- 35+ Countries
The Calerin philosophy
CalErin believes there are an abundance of opportunities available to investors across the Balkans, CEE, and other emerging markets, over a variety of asset classes and strategies. CalErin is a Western managed firm based in the Balkans, CEE, and other emerging markets – this local knowledge and experience puts us in a unique position, where we can evaluate Investment opportunities as well as highlight any hidden risks much more easily than other Investment & Advisory firms.
The emerging markets are complex and therefore it is important for Investors to partner with firms that can leverage their network and experience while reducing the risks. This makes any collaboration between our Investors and CalErin’s investment professionals much more synergistic.
CalErin believes our experienced team will enable our Investment partners to have access to superior analysis, which ultimately leads to a clearer understanding of the various facets in a given opportunity.
All investment opportunities present certain challenges as well as risks, however these can be mitigated through intensive risk management in order to address the issues at hand either relating to an individual investment, as well as the overall portfolio.
CalErin’s entire investment process necessitates complete transparency, so that individuals, institutions, governments who trust us with their capital and geopolitical strategy, can be certain we are fulfilling our obligations while protecting their interests at all costs.
CalErin believes there are an abundance of opportunities available to investors across the Balkans, CEE, and other emerging markets, over a variety of asset classes and strategies. CalErin is a Western managed firm based in the Balkans, CEE, and other emerging markets – this local knowledge and experience puts us in a unique position, where we can evaluate Investment opportunities as well as highlight any hidden risks much more easily than other Investment & Advisory firms.
The emerging markets are complex and therefore it is important for Investors to partner with firms that can leverage their network and experience while reducing the risks. This makes any collaboration between our Investors and CalErin’s investment professionals much more synergistic.
CalErin believes our experienced team will enable our Investment partners to have access to superior analysis, which ultimately leads to a clearer understanding of the various facets in a given opportunity.
All investment opportunities present certain challenges as well as risks, however these can be mitigated through intensive risk management in order to address the issues at hand either relating to an individual investment, as well as the overall portfolio.
CalErin’s entire investment process necessitates complete transparency, so that individuals, institutions, governments who trust us with their capital and geopolitical strategy, can be certain we are fulfilling our obligations while protecting their interests at all costs.
All investment opportunities present certain challenges as well as risks, however these can be mitigated through intensive risk management in order to address the issues at hand either relating to an individual investment, as well as the overall portfolio.
CalErin’s entire investment process necessitates complete transparency, so that Individuals, Institutions, Governments who trust us with their capital and geopolitical strategy, can be certain we are fulfilling our obligations while protecting their interests at all costs.