Khomutynnik began his career in 1991, when he joined the State Enterprise
Specialized Department of Reclamation and Mechanization of Construction. From 2001 to 2003, he was the CEO of CJSC
Spetsodjag. From January 2002 to August 2019, he was the owner, and since September 2019, the chairman of
Cascade Investment Fund. He is also an owner of the insurance company
Brokbusiness. In 2014, he was considered as the wealthiest and youngest MP and was a close associate of
Viktor Yanukovych. According to his 2014 declaration, he earned UAH 293.8 million. In 2015, he declared UAH 167 million in income and UAH 354 million in bank accounts. In the rating of the magazine
The New Voice of Ukraine 100 richest Ukrainians, published in October 2019, his assets were estimated at $478 million (an increase of 23% compared to 2018); that was the 13th place in the rating. Khomutynnik was a business partner along with
Pavel Fuks in a Ukrainian gas company called Ukrnaftoburinnya, usually associated with
Ihor Kolomoyskyi. Until 2019, the main focus of Khomutynnik's Ukrainian business was energy and the agricultural sector. However, from 2020 to 2023, Cascade Investment Fund exited the companies
Kernel,
JKX Oil&Gas and
Ukrnaftoburinnia, now Cascade is focusing on real estate, funds and venture companies in Europe. In 2019, Khomutynnik acquired a stake in
Dmitry Firtash's Dresdenco Investments, after an approval by Antimonopoly Committee of Ukraine.
Oil and gas business Vitaliy Khomutynnik used to own shares in
MC Ukrnaftoburinnya PJSC, the second largest private gas production company in
Ukraine in terms of production volume, he sold his stocks of Ukrnaftoburinnya. He sold 19.97 percent stake in
JKX Oil & Gas in 2020.
Agricultural business In October 2015, Khomutynnik acquired a 5% stake in Ukraine's largest oil processor,
Kernel Holding (as of 2021, the company has a landbank of 514,000 hectares). In November 2017, Cascade Investment Fund, owned by Khomutynnik, increased its stake in Kernel Holding S. A. from 5% to 6.59%. In 2023 Kernel Holding announced the delisting of the company from
Warsaw Stock Exchange In 2018, the Antimonopoly Committee of Ukraine allowed
Ukroagro Alliance Ltd and
Kma Group Ltd to acquire a stake in the authorized capital of
Dnipro Agro Alliance Ltd, which is located in the Dnipro region and covers more than 50 thousand hectares. Since 2021 one third of the shares in
Kernel Agro Holding owned by
Cascade Investment Fund have been sold in publicly announced shares buy-back. The rest were sold during delisting.
Venture capital business Since 2019, Khomutynnik has been focusing on
venture capital investments.
Cascade Investment Fund, headed by Khomutynnik, makes investments of up to $10-15 million each. The company operates on the principle of investment diversification.
Cascade Investment Fund invested in various sectors of the Ukrainian economy, later invested in public companies, and in 2019 created a venture capital division, which accounted for 10% of the portfolio (as of 2021). In 2020,
Playco, a mobile game start-up (which is dedicated to creating games that can be played without downloading and launched via a link on any platform), raised $100 million in a funding round and became a
unicorn. Playco's value is estimated at $1 billion. == Political career ==