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# BlackPeak Capital Reaches €125M First Close of Its 2nd SEE Growth Equity Fund
- URL: https://www.therecursive.com/blackpeak-capital-reaches-eur125m-first-close-of-its-2nd-see-growth-equity-fund/
- Published: 2026-11-09T10:10:10.000Z
- Updated: 2026-11-09T10:10:10.000Z
- Description: BlackPeak Capital’s second Southeast Europe growth equity fund has reached €125 million at first close, nearly matching the full size of its predecessor.
- Author: Yoana Stanislavova
- Tags: News, CEE, BlackPeak Capital, fund closing, Investors

[BlackPeak Capital](https://www.blackpeak-capital.com/?ref=therecursive.com), a private equity firm that invests growth equity in Southeast Europe, has announced **the first close of BlackPeak Southeast Europe Growth Equity Fund II (BPSEEF II) at €125 million**. That is almost as much as the €126 million its first fund raised in total. The Luxembourg-domiciled fund is targeting €150 million, has a hard cap of €200 million, and expects to hold its final close in 2027.

BPSEEF II will invest between €7 million and €20 million per deal in fast-growing companies. Its primary markets are Bulgaria, Romania, Croatia, Slovenia and Serbia, and it may also invest opportunistically in Poland, Hungary, Slovakia, the Baltic states and other Western Balkan countries. The fund will take significant minority or majority stakes and plans to build a portfolio of 10 to 12 companies spread across different countries, sectors and end markets. As a member of the team of BlackPeak [shared on LinkedIn](https://www.linkedin.com/feed/update/urn:li:activity:7525489783054381056/?ref=therecursive.com), every opportunity will be screened against the fund's environmental and social exclusion list.

BlackPeak describes the new vehicle as generalist. It will look at e-commerce, healthcare, digitalization and sustainability, among other themes, and within each it wants to back companies that already lead their niche. The first investments are expected at the beginning of 2027.

## Building on Fund I

BlackPeak Capital was founded in 2014\. It has raised over €280 million in cumulative commitments across three funds and has teams in Sofia, Bucharest, Zagreb, Belgrade, Ljubljana and Vienna. The firm is a certified B Corporation.

The new fund follows the strategy of BPSEEF I, which started in 2021\. Over the past five years, that fund invested in 11 companies, which together completed 16 add-on acquisitions, and the portfolio grew its revenue by 34% a year on average. BlackPeak says **Fund I has already returned a significant part of the invested capital**, mainly through the sale of euShipments.com to Austrian Post and partial exits from GenePlanet and Wiser Technology.

## Who is backing the fund

Most of the anchor investors from the first fund have returned. **The European Investment Fund (EIF) has committed €35 million**: €10 million through the Romania Recovery Equity Fund and €25 million under Bulgaria's Recovery and Resilience Plan. Both instruments are co-financed by the EU through NextGenerationEU. The EBRD has put in €30 million and the IFC, the World Bank Group's private sector arm, €20 million. Erste Asset Management is also back.

Among the new investors are HBOR, the Croatian Bank for Reconstruction and Development, and Universal Pension Fund „Doverie“, Bulgaria's largest pension fund, along with a group of regional private investors.

## What the partners say

> “Five years ago we spent much of our time explaining the investment case for Southeast Europe. Today, the region remains one of the fastest growing in Europe and its success stories increasingly make that case on their own,” 

— said **Ivailo Gospodinov**, Managing Partner at BlackPeak Capital.

In his view, the region now has a new generation of founders who have built strong companies in their niches, but who lack *“growth capital at the scale they need and expertise to expand internationally.”* BPSEEF II was designed with that gap in mind, he added.

For Managing Partner **Rossen Ivanov**, the first fund gave BlackPeak the chance to grow its team across the region and prove its approach of minority growth deals combined with buy-and-build. 

> “With BPSEEF II, we benefit from an already strong pipeline and deep insight into sectors where we believe structural growth is ahead,” he said.

**Niklas Pichler**, also Managing Partner, said the firm works closely with founders and helps them with entering new markets, making acquisitions and strengthening their management teams as they prepare for the next stage of growth.