Three Tuns Capital RAIF F.C.I.C. PLC

Registration

C 439913 / RAIF143

Jurisdiction

Cyprus

Status

Members Voluntary Winding Up

Overview

Three Tuns Capital RAIF F.C.I.C. PLC (C 439913 / RAIF143) is the successor Cyprus fund vehicle to the dissolved Corinth Capital RAIF (HE 409232 / RAIF31) [CySEC RAIF register, RAIF143]. The fund operates two sub-funds — TTT Venture Capital Fund I and TTT Venture Capital Fund II — and is currently undergoing members voluntary winding up as of May 2025.

A significant distinction between this fund and its predecessor is the complete replacement of the board of directors. None of the six directors who served on the Corinth Capital RAIF (Waldheim, Weinmann, Matsas, Fekkas, Baechler, Stefanou) serve on this fund [Cyprus Department of Registrar]. The new directors, Georgiou and Sparsis, represent what appears to be a clean break from the Corinth-era governance structure. This board replacement occurred in the context of CySEC's revocation of the Corinth Fund Management AIFM license in October 2022 and the subsequent dissolution of the Corinth Capital RAIF in January 2023.

The "Three Tuns" branding follows the same rebranding pattern observed across the UK entities, where Corinth-branded companies were renamed to Three Tuns-branded companies. The transition from "Corinth Capital RAIF" to "Three Tuns Capital RAIF" mirrors the UK renamings (e.g., CCG Capital Group to Three Tuns Capital Group, Corinth Investment Holdings to Three Tuns Consulting) and represents a continuation of the corporate identity cycling pattern documented across the network [CySEC register; Companies House records].

The members voluntary winding up — a process initiated by the directors and shareholders rather than by creditors or regulators — means that both Cyprus fund vehicles are now shut down or in the process of winding down [CySEC register; Cyprus Registrar]. The Corinth Capital RAIF was dissolved in January 2023, and its successor is now also being wound up. This effectively ends the Corinth/Three Tuns fund management operations in Cyprus, a jurisdiction where the group's AIFM license was revoked after only 7.5 months. Investors in both the Corinth-era and Three Tuns-era funds face potential losses, and the winding-up process should produce accounts that detail the funds' assets and liabilities.

Key Facts

• Registered as C 439913 in Cyprus, RAIF143 in CySEC register [CySEC RAIF register]
• Sub-funds: TTT Venture Capital Fund I and TTT Venture Capital Fund II [CySEC RAIF register]
• Currently in members voluntary winding up as of May 2025 [CySEC register]
• New directors (Georgiou, Sparsis) represent a clean break from Corinth-era governance [Cyprus Registrar]
• None of the 6 Corinth Capital RAIF directors serve on this fund — complete board replacement [Cyprus Registrar]
• Successor fund to Corinth Capital RAIF (RAIF31, dissolved Jan 2023) [CySEC register]
• Both Cyprus fund vehicles are now shut down or winding up [CySEC register]

Directors & Officers

• Georgiou — Director (post-Corinth appointment)
• Sparsis — Director (post-Corinth appointment)

Timeline

• January 2023 — Corinth Capital RAIF dissolved — predecessor fund
• Circa 2023 — Three Tuns Capital RAIF established as RAIF143 with new directors
• May 2025 — Members voluntary winding up initiated

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