Our Team


Dejan Kalinikov, Managing Director.

Mr. Kalinikov has more than 10 years of professional experience with private equity investments working for SEAF, and is currently also engaged as a Managing Director of SEAF Macedonia II fund. In the period 2009 – 2011, he served as a Chief Operating Officer and member of the Board of Directors of the telecommunications operator One (part of Telekom Slovenije Group), and as a President of the Board of Directors of One to One (formerly Germanos). His professional experience includes positions in Lucent Technologies, Macedonian Business Resource Center, and several Macedonian IT companies. Mr. Kalinikov was a member of the task force for creation of the National Strategy for Information Society in the Republic of Macedonia, member of the National ICT Committee, member of the Listing Committee of the Macedonian Stock Exchange and member of the National Committee for Entrepreneurship and Innovations. As a former President of the Board of Directors of AmCham in Macedonia, Mr. Kalinikov continues to serve in AmCham as an ex-officio member of the AmCham Board of Directors. Mr. Kalinikov was also member of the Board of Directors of the Macedonian National Foundation for Organ Transplantation, and is active member of the Board of Directors of the Institute of Directors.

Mr. Kalinikov received his B.Sc. in Electrical Engineering with concentration in Computer Science at the Faculty of Electrical Engineering at the University of Sts. Cyril and Methodius in Skopje, Macedonia. As a Ron Brown Fellow (a fellowship presented by the US State Department to top performing young professionals in Eastern Europe), he completed the MBA program at the Emory University in Atlanta, GA. As a result of his academic achievements, he received the American Marketing Association Award and was admitted in the prestigious business students’ scholastic association, Beta Gamma Sigma. Mr. Kalinikov is fluent in English and the Slavic languages spoken in the Balkans.


Tatjana Veljkovich, Senior investment officer. 

She is a financial consultant specialized in liquidity management, with more than 20 years’ work experience in the domain of accounting and finance out of which 10 years’ work experience in the investment sector working for SEAF in Macedonia. Her previous work experience includes working as financial consultant in Macedonian Business Resource Center (MBRC), a USAID sponsored project in the Republic of Macedonia, and working as an independent financial consultant and outsourced CFO for several local start-up companies. Ms. Veljkovich was a CFO at the second largest telecommunication provider in Macedonia in the period between 2009 and 2011. She was a state advisor for business climate at the Cabinet of the Vice Prime Minister of the Government of Macedonia in charge of economic affairs in the period between 2011 and 2016. Currently Ms. Veljkovich is also engaged as a senior investment officer in SEAF Macedonia II Fund.

Ms. Veljkovic holds a BA degree in business economics from the University St. Cyril and Methodius in Skopje, Republic of Macedonia. Ms. Veljkovich speaks English and Slavic languages spoken in the Balkans.


Maja Zafirovska, Investment analyst.

Maja Zafirovska, Investment analyst. Ms. Zafirovska joined SPMG at the beginning of 2007. During her time in SPMG she took part in various projects, assisting in seeking potential investment candidates, conducting due diligence and working on various financial models. Prior to SPMG, Ms. Zafirovska spent 4 years in Teknox Machinery, the Caterpillar branch office in Skopje, where she worked in the finance and administration department.

Ms Zafirovska holds a BS degree in Food Processing from the Faculty of Food Technology, University of Sts. Cyril and Methodius. Ms. Zafirovska speaks English and the Slavic languages spoken in the Balkans.

Elena Ovnarska

Elena Ovnarska, Chief Accountant.

Elena Ovnarska, Chief Accountant. Ms. Ovnarska began working as a Chief Accountant in SPMG shortly after the establishment of SIF. Prior to SPMG, Ms. Ovnarska spent more than 6 years as a Chief Accountant at Datapons–one of the leading Macedonian printing companies. Between 2000 and 2001 she worked at Vero, the second largest supermarket chain in Macedonia, as an assistant to the Finance Director.

Ms. Ovnarska holds a BA in Economics from the University of Sts. Cyril and Methodius in Skopje and is a M.Sc. candidate in Accounting and Audit from the same university.

Part-time associates:

SPMG has a broad network of part-time associates and advisors in the domains of marketing, law, auditing, and various industries.

Orce Nikolov No. 188-2/4
1000 Skopje, Macedonia

Tel.: (+389 2) 3217 026; 3217 027
Fax: (+389 2) 3217 025
e-mail: info@spmg.com.mk