Independent judgement, properly seated
Conviction rarely loses money. Complacency does.
The first cheque is a thesis. Every cheque after it is a test of discipline.
The Fifth Chair provides an independent voice when capital decisions need to be tested clearly: before more capital is committed, before a thesis is carried forward, or before strategy begins answering to politics.
A seat for challenge.
A seat for clarity.
A seat for independent judgement.
For VC, CVC and private capital portfolios where performance has become unclear and further capital decisions remain open. We review each position against the original thesis, current evidence and realistic options ahead: double down, hold, restructure, reduce exposure or wind down.
An independent seat on your investment committee, advisory board or decision process. We test the rationale, examine assumptions, challenge deal logic and support objective decision-making before conviction hardens into consensus.
Fractional or interim investment leadership for CVC teams, VC funds, private capital platforms, family offices and portfolio companies. We provide CIO-level judgement, investment director support, venture partner capacity, portfolio review and IC participation without the need for a full-time hire.
Independent review of the diligence already performed before capital is committed. We assess whether the commercial, financial, technical and legal workstreams support the investment case, and provide an honest verdict rather than a polished one.
Discreet second-opinion work for family offices, HNWIs and private capital allocators seeking an independent perspective before committing to a material investment decision.
No product. No commission-led agenda. Just clear, independent judgement on the decision in front of them.
Support for investment funds preparing to raise capital. We help refine the story, test the investor case, identify relevant capital pools and prepare for institutional scrutiny.
Lilia has spent more than a decade making and challenging investment decisions where the easy answer was rarely the right one.
Her career spans Big Four deal advisory, restructuring and frontline venture capital. A CFA charterholder and ACCA member, she combines the discipline of financial scrutiny with the judgement of an investor.
At KPMG, she examined, valued and stress-tested businesses through complex transactions, disputes and distressed situations. She later invested directly from the balance sheets of energy corporate venture platforms, including Shell Ventures and Taranis Carbon Ventures, sitting as a standing Investment Committee member backing, challenging and, where the evidence demanded it, reassessing investments across energy, deep tech and industrial sectors.
That combination is unusual: financial scrutiny, transaction experience and investment judgement brought to bear before and after capital is committed. Most of the market is built around deploying capital. The Fifth Chair is built for the decisions that follow.
Featured by Global Corporate Venturing as one of 16 standout women in UK corporate venture capital.
Irina serves as the independent, non-executive Chair of The Fifth Chair's Supervisory Board, providing independent oversight, challenge and governance outside the firm's executive management.
In her executive career, Irina is Vice President of M&A and Head of the XCarb® Innovation Fund at ArcelorMittal, where for almost two decades she has been responsible for acquisitions, strategic investments, partnerships and venture investments in breakthrough industrial technologies. Beyond her executive responsibilities, Irina serves on the boards of leading climate technology companies and is a member of the World Economic Forum's Global Innovation and Impact Council. She has been recognised in the Global Corporate Venturing Powerlist and is a Fellow of the Energy Institute, reflecting her contribution to corporate innovation, investment and the energy transition.
Irina acts in a personal and independent capacity. She holds no executive office, management responsibility or operational role at The Fifth Chair, and takes no part in its day-to-day activities or client engagements.
Independent judgement, properly seated
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