Evgeny Vostretsov, CFA, FRM, CAIA, Finance Expert in New York, NY, United States
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Evgeny Vostretsov, CFA, FRM, CAIA

Verified Expert  in Finance

Finance Expert

New York, NY, United States
Toptal Member Since
February 28, 2017

A hedge fund analyst and a former CFO of a startup, Evgeny performed deep-dive research on 15+ public equities and evaluated 30+ private equity and mezzanine debt transactions. Before getting an MBA from Chicago Booth, Evgeny founded an online retailer that sold across 11 time zones. He has advised on $5B+ valuations while at E&Y. He enjoys freelancing to help clients with evaluating investments, financial modeling, capital raising, and M&A.

Career Highlights

Hedge Fund Analyst
Caro-Kann Capital

Education Highlights

Master of Business Administration (MBA) Degree
University of Chicago, Booth School of Business
Bachelor's Degree
Novosibirsk State University

Certification Highlights

Certified Financial Risk Manager (FRM)
GARP | Global Association of Risk Professionals

Case Studies

Work Experience

Long & Short Equity Investment Analyst

2018 - PRESENT
Alpha Wave Global
  • Led research on Semiconductors and Industrials sectors; analyzed companies in semiconductors/WFE, aerospace, automotive, capital goods, chemicals, construction, and housing sub-sectors.
  • Designed a process for managing knowledge on new technologies, companies, and end markets; refined new idea research and position maintenance process to stay updated on developments across covered industries.
  • Built a network of industry advisors; leveraged the technical background to forge relationships with subject matter experts.
  • Mentored and managed four junior analysts and interns; trained to identify key drivers of value and red flags for long and short opportunities; oversaw junior analysts' contribution to research on companies in the industrial sector.
  • Evaluated enabling technologies for leading-edge foundry/logic; recommended investment in ASM, maker of single-wafer ALD tools that benefit disproportionately from Node.js transition; position returned 150% and 100% versus SOX.
  • Refuted a widely publicized short thesis; recommended the stock after extensive fact-checks disproved each short thesis point; the investment resulted in a 2.5-time return over a two-year holding period.
  • Identified the company with an unviable business model valued as if it could attack large TAM; investigated unit economics of the business to gain conviction; recommended a short position that declined 95% in 14 months.
  • Spearheaded the research on the implications of COVID; evaluated scientific news on transmission, variants, and vaccines.
Focus areas: Investing, Value Investing, Investment Ideas, Investments, Equity Investment, Investment Funds, Investment Thesis

Hedge Fund Analyst

2017 - 2018
Caro-Kann Capital
  • Developed a long thesis supported by a detailed financial model of a European specialty retail company. Demonstrated that the increased expenditures on acquiring new customers were the sole source of the decline in quarterly earnings.
  • Investigated the circular ownership of two interconnected conglomerates and formulated investment recommendations on the stocks based on a 40% discount on the net asset value.
  • Examined a distressed software company's business and capital structure and developed a thesis for a "short" recommendation on the stock.
  • Disproved a "long" thesis on a small-cap media company stock and convinced the portfolio manager against holding it two months before the stock lost 40% of its value.
  • Analyzed the trends in the telecommunications sector using both primary (industry experts) and secondary (research reports) methods to inform recommendations on current portfolio positions and new investments.
Focus areas: Valuation Modeling, Valuation Multiples, Valuation Analysis, Equity Valuation, Equity Research, Financial Modeling, Investment Thesis, Value Investing


2017 - 2017
Patriot Capital
  • Examined opportunities to invest in mezzanine debt in more than 20 leveraged buyout (LBO) transactions with $20 to 200 million transaction values.
  • Developed an investment thesis for investing $109 million in convertible debt in a $160 million LBO of an automotive parts manufacturer based in Michigan.
  • Prepared a memorandum for the investment committee on a debt investment in an add-on acquisition by a private equity-backed company in the metal fabrication industry.
  • Formulated a thesis and presented a memo for the initial approval of financing for a $41 million LBO of a leading distributor of fittings and associated products in the U.S.
  • Assessed an opportunity to invest in a convertible debt in a more than $70 million transaction of a simultaneous merger of two staffing companies and LBO of NewCo by a private equity sponsor.
Focus areas: Investment Monitoring, Liquidity Coverage Ratio (LCR), Private Equity, Private Equity Valuation, Private Company Valuation, Investor Presentations, Investment Thesis, Leveraged Buyout (LBO), Mergers & Acquisitions (M&A), Credit Risk, Credit Investing

Private Equity Associate

2017 - 2017
NextGen Growth Partners
  • Prepared LBO models, composed LOIs, and led the correspondence with sellers and bankers for seven prospective transactions.
  • Developed a thesis on clinical trial services and clinical trials site management industries by building a list of more than 100 potential targets with $1 to 10 million EBITDA and coordinated communications with the owners, resulting in advancing with three viable prospective targets.
  • Formulated a process to source proprietary deals; developed industry thesis and brought in more than ten potential acquisition targets.
  • Built projections and the LBO model for the potential acquisition of a fresh produce wholesale company with $145 million in annual sales; developed a value-creation plan and a list of potential add-on acquisitions.
  • Introduced a structure for a deal and contingent consideration that best aligns interests of the private equity firm and sellers of the company for a $12 million prospective transaction, resulting in signing an LOI and proceeding to the due diligence stage.
Focus areas: Private Equity Valuation, Private Company Valuation, Investment Memoranda, Investment Thesis, Return Analysis, Leveraged Buyout (LBO), M&A (Buy-side), M&A Modeling, Mergers & Acquisitions (M&A), Private Equity

Business Consultant

2014 - 2016
  • Planned a real estate redevelopment for a children’s entertainment center and developed a financial model for the project; optimized features of the center to maximize profitability—resulting in $500,000 in savings for a client.
  • Designed new subscription-based business model and a business plan for an online B2B platform for jewelry businesses; presented the service to jewelry retail chains and enabled a client to secure $30,000 in subscription contracts for the pilot version of the service.
  • Identified an opportunity to save $40,000 annually for a restaurant chain by improving their supply chain management.
  • Consulted a new brokerage company on its financial plan and established operating procedures—saving $60,000 on IT solutions.
Focus areas: Management Accounting, Cost Reduction & Optimization, Cost Management, Business Advisory, Operational Finance, Business Planning, Financial Planning & Analysis (FP&A)

Business Valuation Consultant

2014 - 2014
Ernst & Young
  • Developed financial models and client deliverables for valuations of companies in the software and oil & gas sectors and of private-public partnership projects.
  • Verified valuations of 20 companies totaling more than $15 billion in value for IFRS accounting statements.
  • Researched discrepancies between the valuation of a company based on Bloomberg data and those based on EY template spreadsheet with Capital IQ data; prevented a $100 million valuation error for an M&A transaction.
  • Coached colleagues and worked with them on the valuation of option contracts of more than $100 million in total value.
Focus areas: Private Company Valuation, Valuation Modeling, Financial Modeling, Purchase Price Allocation, Mergers & Acquisitions (M&A), Equity Valuation, Valuation Multiples, Transaction Modeling, M&A Modeling, Asset Valuation, Valuation Analysis, Valuation, Transaction Advisory

CFO/COO | Co-founder

2012 - 2014
Consescus-Web LLC
  • Founded an online clothing retail company; collaborated with a team of three people to partner with a clothes manufacturer and generated $600,000 in revenues in the first year of operations.
  • Built a financial model for internal projections and external financing efforts that resulted in raising $200,000 in private debt to finance working capital needs during the early stages of the startup.
  • Implemented a client relationship management system and increased average lifetime revenue per customer by 40%.
  • Analyzed the correlation of sales to marketing activities and external factors using a regression model and increased sales by 20% year-on-year with the same marketing budget, by optimizing the marketing expenditure.
  • Established the budgeting procedures and led the initiative to automate budgeting and control procedures in an ERP system.
  • Hired and supervised a sales team with in-depth expertise in clothes industry to obtain more than 15 loyal wholesale customers.
Focus areas: Marketing Plans, Strategic Planning, Customer Lifetime Value, Management Accounting, Budget Controls, Revenue & Expense Projections, Operational Finance, Pricing Strategy, Finance Strategy, Financial Planning & Analysis (FP&A)


2012 - 2012
  • Audited the inventory and PP&E sections for clients in the industrials sector.
  • Executed procedures for an inventory section audit of the Transpolar division of Norilsk Nickel; ensured consistency with IFRS concerning a $900 million business division.
  • Designed a new inventory year-end cut-off test based on the analysis of data from three overlapping databases to be consistent with accounting standards and the client’s new accounting policy.
  • Presented calculations and proposed a correcting accounting transaction of $12 million that was accepted by the client’s accounting department.
Focus areas: IFRS Adjustments, IFRS Audit Planning, Management, Audits
2016 - 2018

Master of Business Administration (MBA) Degree in Analytic Finance, Economics, Entrepreneurship, and General Management

University of Chicago, Booth School of Business - Chicago, IL, USA

2012 - 2015

Chartered Financial Analyst (CFA) in Finance

CFA Institute - USA

2013 - 2013

Chartered Alternative Investment Analyst in Alternative Investments

CAIA Association - USA

2008 - 2012

Bachelor's Degree in Physics and Computer Science

Novosibirsk State University - Novosibirsk, Russia


Chartered Financial Analyst (CFA)

CFA Institute


Certified Financial Risk Manager (FRM)

GARP | Global Association of Risk Professionals


Chartered Alternative Investment Analyst (CAIA)

CAIA Association