“People often think charity starts with giving. In reality, it starts with securing the ability to give – consistently, responsibly and for as long as the problem exists,” – Kateryna Biloruska, a Cyprus-based private investor and philanthropist.
Charity is often framed in emotional terms: generosity, compassion, solidarity. Yet across Europe, including in Cyprus, many charitable initiatives with strong missions and public support quietly disappear after only a few years. The reason is rarely a lack of relevance. More often, it is financial fragility.
Kateryna Biloruska, a Cyprus-based private investor and philanthropist, argues that this pattern reflects a deeper misunderstanding of how sustainable charity actually works. “Compassion can start a charity, but it cannot keep it running,” she says. “If funding is unpredictable, even the most meaningful programmes eventually stall.”
Why charities struggle to survive
According to Biloruska, the traditional charity model – reliant on one-off donations, annual fundraisers and sporadic grants – is ill-suited to long-term social challenges. Education, youth development and social inclusion require consistent engagement over decades, not funding cycles measured in months.
“Charity cannot be built on uncertainty,” she notes. “If you want to support people consistently, you need predictable capital.”
As governments face fiscal pressure and social needs grow more complex, private philanthropy is increasingly expected to fill gaps. In this environment, she argues, financial sustainability is no longer optional — it is foundational.
From generosity to investment discipline
Rather than treating philanthropy as a standalone activity, Biloruska approaches it as the outcome of disciplined capital management. Her charitable commitments are funded not through ad-hoc giving, but through a structured investment framework designed to generate long-term stability.
At the centre of this approach is a clear separation between capital preservation and growth. Her assets are divided into two portfolios – a core portfolio and a satellite portfolio – each with a distinct mandate and risk profile, managed through Castling Capital company.
“Combining long-term capital preservation with higher-risk investments under one structure creates confusion and weak governance,” she explains. “Separation brings clarity.”
The role of the core portfolio
The core portfolio functions as a financial anchor. Diversified across public market assets and managed with professional advisers, its purpose is stability, capital preservation and predictable returns. This backbone enables long-term planning and ensures that ongoing commitments – including philanthropic ones – are not exposed to short-term volatility or market cycles.
Flexibility through the satellite portfolio
The satellite portfolio is built for flexibility. It allows for thematic investments, innovation and more hands-on involvement, while operating within clearly defined strategic boundaries.
This separation enhances accountability and transparency. Each portfolio is evaluated against its own objectives, strengthening risk management, governance and strategic coherence.
Over time, this structured approach expanded beyond the management of Biloruska’s personal capital. Through Castling Capital Group, she began collaborating with other investment firms, family offices and high-net-worth individuals.
The motivation, she says, is practical. “Markets have become more complex, and access to quality opportunities is uneven. Often capital is available, but insight and experienced judgement are not.”
These collaborations allow for the exchange of expertise across asset classes and geographies, improving decision-making and access to specialised opportunities that may be difficult to source independently. In this environment, philanthropy becomes embedded in a professional investment ecosystem.
Where investment meets purpose
The satellite portfolio is intentionally thematic, focusing on areas where capital can generate returns while supporting broader societal objectives.
One of those areas is Cyprus itself. As a resident, Biloruska views the island as an emerging technology and financial hub. Investing locally, she argues, strengthens the surrounding ecosystem both economically and socially.
Another pillar is technology and innovation, particularly deep tech, artificial intelligence and cybersecurity — sectors shaping future infrastructure and productivity.
Education technology occupies a central place in her thinking. Education, she believes, remains one of the most effective tools for addressing poverty, inequality and long-term social mobility. “Ed-tech sits naturally at the intersection of impact and financial logic,” she says.
The portfolio also includes infrastructure and selective private equity exposure – capital-intensive areas that underpin economic development but require patience, professional execution and long investment horizons. All opportunities are reviewed through an investment committee process to ensure discipline and alignment.
This investment structure directly supports Biloruska’s charitable work. As chair of the Kateryna Biloruska Foundation, she oversees initiatives focused on education, youth and social development in Cyprus and beyond.
The Foundation’s programmes are designed around long-term outcomes rather than short-term funding availability – a model made possible by stable financial backing.
“People often think charity starts with giving,” she reflects. “In reality, it starts with securing the ability to give – consistently, responsibly and for as long as the problem exists.”
A shift in how philanthropy is understood
As public finances remain under pressure and social challenges become more complex, Biloruska believes the future of effective philanthropy lies in institutional thinking.
The most impactful charities, she argues, will increasingly resemble professionally funded organisations rather than fundraising campaigns – built on strategy, discipline and endurance.
For those seeking to make a lasting difference, the message is clear: before generosity can change lives, it must first be made sustainable.
