The Marque The Marque

Makram Azar

Founder & CEO

Full Circle Capital

London, UK


Makram Azar
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Makram Azar’s Biography

Makram Azar is the founder of Full Circle Capital, a private investment and advisory firm partnered with leading UHNW families, institutional and sovereign investors. The firm focuses on direct principal investments delivering attractive risk-adjusted returns across the full spectrum of private equity including venture capital and buyouts. Investments span the UK, Europe, North America, and the Middle East, with an emphasis on technology, media, telecom, consumer markets, and sustainability.

Makram also serves as a Director of the Board of CMB Monaco, a leading private bank based in Monaco.

Until August 2023, Makram was CEO of Golden Falcon Acquisition Corp, a NYSE-listed SPAC targeting TMT and Fintech sectors in Europe, Israel, the Middle East, and North America.

Previously, Makram was Chairman of Banking EMEA and Barclays Bank PLC MENA, before transitioning to become Senior Advisor. He joined Barclays from Kohlberg Kravis Roberts & Co. (KKR), where he was Managing Director and Head of MENA. Before KKR, he spent 18 years at Lehman Brothers, holding roles including Global Head...
Makram Azar is the founder of Full Circle Capital, a private investment and advisory firm partnered with leading UHNW families, institutional and sovereign investors. The firm focuses on direct principal investments delivering attractive risk-adjusted returns across the full spectrum of private equity including venture capital and buyouts. Investments span the UK, Europe, North America, and the Middle East, with an emphasis on technology, media, telecom, consumer markets, and sustainability.

Makram also serves as a Director of the Board of CMB Monaco, a leading private bank based in Monaco.

Until August 2023, Makram was CEO of Golden Falcon Acquisition Corp, a NYSE-listed SPAC targeting TMT and Fintech sectors in Europe, Israel, the Middle East, and North America.

Previously, Makram was Chairman of Banking EMEA and Barclays Bank PLC MENA, before transitioning to become Senior Advisor. He joined Barclays from Kohlberg Kravis Roberts & Co. (KKR), where he was Managing Director and Head of MENA. Before KKR, he spent 18 years at Lehman Brothers, holding roles including Global Head of Sovereign Wealth Funds and Chairman of Media Investment Banking EMEA.

During his 35-year career in the banking and investment industries, Makram has executed over 230 deals across various geographies and sectors, including high-profile, multi-billion-dollar transactions in technology, media, telecoms, consumer, retail, hospitality, and natural resources, serving multinational corporations, sovereign funds, and governments.

Makram holds a Master’s in Management and Finance from HEC Paris, and a BA in Applied Economics from Paris-IX Dauphine. He actively supports philanthropic initiatives worldwide.
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Makram Azar’s Background

Full Circle Capital
Founder & CEO
Jan 2019 - Present
Full Circle Capital provides financial and strategic advice to key partners and select clients within its network, leveraging its global reach and experience across a broad range of sectors and geographies. The FCC team is comprised of highly skilled investment professionals with cumulative experience of over 55 years across more than 250 transactions exceeding $450 billion in value.
 
Golden Falcon Acquisition Corporation logo Golden Falcon Acquisition Corporation logo
Golden Falcon Acquisition Corporation
Chief Executive Officer
Dec 2020 - Sep 2023
London, UK
Golden Falcon Acquisition Corp. (GFX.U) was a Special Purpose Acquisition Company founded by Makram Azar and Scott Freidheim to pursue a business combination with companies in the TMT and FinTech sectors headquartered in Europe, Israel, the Middle East, or North America.
 
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Current Board Positions

CMB Monaco
Director
May 2024 - Present
Monaco, MC
CMB Monaco (Compagnie Monégasque de Banque) is a prestigious private bank in Monaco, offering tailored wealth management, investment services, and personalised financial solutions to high-net-worth individuals and institutions globally. CMB Monaco is part of the Mediobanca Group.
 

Philanthropy

HEC Paris
Grand Donateur
Paris, FR
Established in 1881, HEC Paris is a selective international business school that offers programmes such as MSc, MBA and EMBA, as well as a Master in Management programme, PhD and executive education programmes.
 
HEC UK House
Donor
London, UK
HEC House UK officially opened its doors in March 2023. In addition to being home to the HEC UK Office team, this is also a hub for the entire HEC community to connect, exchange ideas, and collaborate on new projects.
 
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Media

A complete guide to the future of the IPO
Quoted
May 2021
Quartz's field guide to IPOs contains everything you need to know about special purpose acquisition companies (SPACs), investors, direct listings, retailers and more.
 
SPACs: links between European gems and Wall Street capital
Mentioned
Mar 2021
This French article sheds light on European SPACs, including Golden Falcon Acquisition Corporation which raised $345 million in its initial public offering on the New York Stock Exchange.
 
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Interviews

London's SPAC market 'will take time' to grow, top banker says
Interviewed
Nov 2021
In an interview with Matei Rosca, Finance Reporter for Politico, Makram comments on the UK’s efforts in developing its market for Special Purpose Acquisition Companies.
 
Massive Opportunities For SPACs in Europe, Says Azar
Interviewed
May 2021
Makram talks to Francine Lacqua on Bloomberg Surveillance Early Edition about opportunities for Special Purpose Acquisition Companies in Europe.
 
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Features

Ex-Barclays chair Makram Azar increases Spac to $300m amid surging demand
Dec 2020
Makram's latest venture, special purpose acquisition company Golden Falcon Acquisition Corp, which launched in 2020, increases its value to $300 million.
 
Former Barclays Europe chair Makram Azar unveils $250m Spac
Dec 2020
Financial News announces Makram's new SPAC venture, Golden Falcon Acquisition Corp.
 

Press Releases

Suncor Energy invests in carbon capture technology company Svante
Mar 2021
Vancouver, CA
Svante Inc. and Suncor announce an agreement providing carbon capture company Svante with an extra $25 million in growth capital.
 
Svante Raises $75 Million to Decarbonize Cement and Hydrogen Production
Feb 2021
Vancouver, CA
Svante Inc. announce the closing of a $75-million Series D equity transaction, the world's biggest private investment in point source carbon capture yet.
 

Makram Azar’s Education

HEC School of Management
Master's Degree, Management & Finance
Dauphine Université Paris
BA Applied Economics

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