OSIGURAJ SE Kristijan Buk, Mario Staroselčić

Guest Kristijan Buk, Mario StaroselčićHosted by Marijana MatkovićMay 3, 2026

Kristijan Buk, Mario Staroselčić

About this episode

What you'll hear in this conversation

Pension funds are often seen as conservative giants, their portfolios dominated by safe, if unexciting, government bonds. But what happens when these funds turn their attention to dynamic, local businesses — a rapidly growing craft brewery, for example, or a burger chain? Kristijan Buk and Mario Staroselčić, Chairman and Board Member respectively at AZ Mandatory and Voluntary Pension Funds, discuss two recent investments that showcase this shift: a substantial re-capitalization of the established Imperial Riviera tourism group, and a strategic investment in The Garden Brewery, which immediately led to Garden acquiring 50% of Submarine burgers. They reveal the meticulous due diligence required for even the smallest investments, the rigorous corporate governance standards they impose, and how their role extends beyond capital to become a partner in elevating a company's operational maturity. This conversation offers a rare look into the decision-making process of a major institutional investor, and what it takes for a local business to attract and thrive with such a partner.

Insights from the conversation

What to take from this episode

The investment in Garden Brewery, immediately followed by its acquisition of 50% of Submarine, shows how pension funds can build local ecosystems. They are not just looking for stable giants; they are backing growth stories that aggregate to create larger, more impactful domestic entities.

Evaluating a 20-million-kuna project with the same rigor as a 40-million-euro project is standard practice, according to the guests. The size of the check doesn't change the due diligence; fiduciary duty demands the same meticulous scrutiny, no matter the scale of the investment.

As a condition of their investment, Garden Brewery had to implement specific corporate governance rules, even though their existing standards were already high. An investment from a major fund is not just capital; it's an upgrade path for internal controls, forcing even well-run companies to raise their operational bar.

The fund's role as a shareholder involves placing professionals on supervisory boards who then challenge and approve management's proposed plans. A large investor is not there to run the day-to-day; they are there to professionalize oversight and ensure robust strategic planning.

The Garden Brewery team explicitly told the fund, 'I've learned a lot from you' during the preparation process. The most valuable contribution of a sophisticated investor isn't just the capital; it's the process itself, which forces internal clarity and raises the company's operational maturity.

Providing Imperial Riviera with 200 million euros in capital capacity for expansion aims for the company to become one of the top five tourism companies in Croatia. Investing in established players isn't about maintaining the status quo; it's about providing the scale capital needed to consolidate market leadership and drive national sector growth.

The host raises the common concern that pension funds have limited opportunities beyond state bonds. The real work, then, isn't just picking the best of what's available, but actively cultivating a domestic market robust enough to absorb significant private capital.

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