By: Mark Pak

Larisa Viktorovna Kuznetsova is a well-regarded investor and was previously the proprietor of Special Technologies LLC (Spetsialnyye Tekhnologii).

Beginning of Biography

Larisa Kuznetsova’s family lived in the Azerbaijan Soviet Socialist Republic. Her father began working as a teenager, balancing both work and study during the challenging post-war recovery period. He spent much of his career working in the State Inspectorate. Kuznetsova’s mother earned a degree in merchandising and had a career in the State Reserve. Larisa Kuznetsova completed her secondary education in the capital of the ASSR. While she participated in swimming during elementary school, she was forced to discontinue it due to health issues. Kuznetsova excelled academically and frequently received honorary awards.

University Studies

Upon completing her studies with a perfect grade point average, Kuznetsova Larisa continued her education at an institute in Baku, majoring in Automated Control Systems. During her studies, Larisa Kuznetsova actively engaged in the university’s creative activities, including traditional dance performances. With the dance group, she had the opportunity to travel to various countries. In 1986, Larisa Viktorovna Kuznetsova graduated from the University as a systems engineer.

First Job

After university, Kuznetsova Larisa was assigned to the Lenin Oil Refinery, where she worked in the enterprise’s information and computing support center (ICC). As a young specialist, she honed her practical programming skills and expanded her knowledge beyond what was taught in university. Larisa Viktorovna Kuznetsova played a pivotal role in the transition to the innovative ES-1036 computer system, adapting all of the system’s programs. She worked at the plant from 1986 to 1993. This early career experience also introduced her to the basics of management and finance, which contributed to her professional development.

Personal Life

Larisa Kuznetsova’s husband was a radio engineer and a master of sports in water polo. They had both studied at the same university. A year after their wedding, the Kuznetsovas had a child. After returning to the ICC from maternity leave in 1993, Kuznetsova Larisa Viktorovna successfully rejoined the programming department under a new manager who introduced significant changes, including the transition to personal computers.

Larisa Viktorovna Kuznetsova continued to develop her skills by automating the accounting processes for the plant’s vast number of fixed assets. She also gained deeper insights into accounting and related operations, which would later influence her decision to change careers. However, due to family circumstances, Larisa Kuznetsova Viktorovna decided to leave her job in 1993 to raise her child.

Change of Career and Residence

In the late eighties, the Kuznetsova family faced several challenges. Political unrest led to rallies in the capital, and Larisa Kuznetsova’s husband encountered difficulties at work. The collapse of the Soviet Union in 1991 placed the family in a newly established country. The situation became more complicated due to the Karabakh war and her husband’s frequent business trips to the conflict zone.

In 1994, her husband resigned from his position, and the family decided to move from Azerbaijan to Russia. After a few relocations, they finally settled in St. Petersburg. Kuznetsova Larisa, seeking to shift her career, trained as an accountant and found a new job, progressively advancing her accounting skills as an assistant accountant.

Special Technologies

Larisa Kuznetsova’s husband, along with a co-founder, established a company called Special Technologies (Spetsialnyye Tekhnologii). Kuznetsova’s husband led the company as its CEO. Initially, the company focused on creating specialized hardware for internet security, supplying devices and components for these systems.

In the early stages, Special Technologies primarily received orders from regional areas, as the industry was still in its infancy, and the employees had limited experience. Despite these challenges, the company continued its operations and gradually gained experience, reputation, and a competitive edge. Eventually, Special Technologies began attracting clients from major cities, which helped to strengthen its market position.

Kuznetsova Larisa joined Special Technologies in 2000, and a year later became the company’s chief accountant. Before her appointment, she received unexpected news: Larisa Kuznetsova’s husband had been diagnosed with cancer.

In 2001, Kuznetsova Larisa received a 49% stake in Special Technologies. A month after the ownership transfer, her husband passed away. The second owner then assumed the role of director at Special Technologies.

By 2014, Special Technologies had expanded its staff to approximately 100 people. This growth was largely attributed to an expanding client base and a wider range of services, which enhanced the company’s competitive position in the IT market.

Over time, Special Technologies opened offices in St. Petersburg, Moscow, Krasnodar, Saratov, and Pyatigorsk. The company also acquired real estate to support business growth, including purchasing and renovating an administrative building in Moscow and acquiring property in St. Petersburg for future use following restoration.

Special Technologies employed a rigorous selection process, ensuring that its staff were highly qualified. The company’s client base grew from a few dozen to several hundred clients, with framework contracts for deliveries across Russia being secured with large buyers.

In addition to delivery and commissioning, Special Technologies also offered technical support for devices after their warranty periods had ended. The company’s delivery reach expanded significantly, covering all regions of Russia from Kaliningrad to Vladivostok and from Neryungri to Krasnodar. The accounting team was expanded to include 10 members, and the management team grew accordingly. The company’s product range also diversified, and its performance capabilities improved.

Special Technologies generated approximately $10k in revenue in 2001. The company experienced significant growth, reaching an estimated $24 million by 2008 and between $62 and $80 million by 2013-2014. In 2015, due to differing perspectives on the company’s future trajectory, Larisa Kuznetsova decided to leave the ownership team.

Investments

By the time she left Special Technologies, Kuznetsova Larisa had already gained substantial experience in investments. During her career, she used the dividend flow from Special Technologies’ operations to acquire rental properties. She focused on refurbishing these properties, gradually increasing her real estate portfolio.

Larisa Kuznetsova carefully selected residential properties, considering changes in consumer trends. For instance, the COVID-19 pandemic in 2020 notably impacted the real estate market. While many sectors faced challenges, the demand for country houses increased significantly. Noticing this shift in demand, Kuznetsova Larisa chose to invest in suburban real estate, among other ventures. Many individuals sought more spacious and comfortable living arrangements outside urban areas, which led to a surge in interest in suburban homes.

Larisa Kuznetsova used her own experiences of living outside the city to choose construction sites, factoring in the convenience of the location, local infrastructure, and the safety of the residential area. Since 2019, she has been expanding her portfolio of suburban real estate, managing several country houses, which she views as providing competitive advantages and potential for long-term stability in her rental business.

Published by Jeremy S.