BlackPeak Capital has secured €125 million in commitments at the first closing of its second Southeast Europe growth equity fund, bringing the investment vehicle closer to its €150 million fundraising target.
The private equity firm, which specialises in growth investments across Southeast Europe, announced the first close of BlackPeak Southeast Europe Growth Equity Fund II SCSp (BPSEEF II), a Luxembourg-domiciled fund targeting a maximum size of €200 million.
The firm expects to complete the fundraising process with a final close in 2027.
European Development Institutions Anchor the Fundraising
The new fund has attracted commitments from several investors that previously backed BlackPeak’s first Southeast Europe growth equity fund.
Returning investors include the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), Erste Asset Management and the International Finance Corporation (IFC), a member of the World Bank Group focused on private-sector development.
The EIF has committed €35 million to the fund, comprising €10 million through the Romania Recovery Equity Fund and €25 million under the Bulgaria Recovery and Resilience Plan.
The EBRD has pledged €30 million, while the IFC has committed €20 million.
New Investors Join the Fund
BPSEEF II has also secured backing from several new investors, expanding its investor base beyond those involved in the previous fund.
Among the new participants are HBOR, the Croatian Bank for Reconstruction and Development, and Universal Pension Fund “Doverie”, Bulgaria’s largest pension fund.
The fund has additionally attracted commitments from private investors across the region.
Fund Targets Growth Companies Across Southeast Europe
BlackPeak Capital plans to invest between €7 million and €20 million per transaction in fast-growing businesses, with Bulgaria, Romania, Croatia, Slovenia and Serbia identified as its primary investment markets.
The fund will also consider opportunities in other parts of Central and Eastern Europe, including Poland, Hungary, Slovakia, the Baltic states and additional Western Balkan markets.
Its investment strategy will involve acquiring significant minority or majority stakes in companies.
BlackPeak intends to work alongside business founders, providing funding, industry connections and operational expertise to support their expansion.
E-Commerce, Healthcare and Digitalisation Among Investment Themes
BPSEEF II will pursue opportunities across several sectors and investment themes, including e-commerce, healthcare, digitalisation and sustainability.
Rather than concentrating on a single industry, the fund intends to support established leaders and promising businesses within specialised market segments.
BlackPeak expects to build a portfolio of between 10 and 12 companies, with investments spread across different countries, industries and end markets.
The fund is scheduled to begin making its first investments in early 2027.
First Fund Invested in 11 Companies
BlackPeak’s first Southeast Europe Growth Equity Fund, BPSEEF I, began operations in 2021 and closed with total commitments of €126 million.
During its investment period, the fund backed 11 companies and completed 16 additional acquisitions involving its portfolio businesses.
It has already returned a significant portion of its invested capital through several transactions.
These include the sale of euShipments.com to Austrian Post and two partial exits from GenePlanet and Wiser Technology.
BlackPeak Capital’s Leadership and Regional Presence
The BlackPeak Capital team includes three managing partners: Ivailo Gospodinov, Rossen Ivanov and Niklas Pichler.
Across its three funds, the firm has raised more than €280 million in cumulative commitments.
BlackPeak Capital maintains offices and local teams in six cities: Sofia, Bucharest, Zagreb, Belgrade, Ljubljana and Vienna.
