CEECAT Capital Announces €135 Million First Close for Fund III, Backed by EIF and EBRD

CEECAT Capital, a private equity firm focused on high-impact investments in fast-growing companies across Emerging Europe, announces the first close of CEECAT Capital Fund III at €135 million. The fund has a target size of €200 million and a hard cap of €250 million, positioning it to exceed CEECAT Capital Fund II, which closed at €154 million. The first close was anchored by cornerstone investors including the European Investment Fund (EIF), which has committed in total €40 million, part of which is supported through Romania’s National Recovery and Resilience Plan framework, and the European Bank for Reconstruction and Development (EBRD). The fund also received strong support from existing Limited Partners (LPs), alongside new commitments from family offices and institutional investors.

Anthony Stalker, Partner, CEECAT Capital, commented: “The first close of Fund III is a strong signal of continued investor confidence in Emerging Europe and in CEECAT’s strategy. Most of our existing LPs have re-upped on the back of Fund II’s performance and exit record, and they have been joined by new institutional investors and family offices. We seek to back proven local businesses in fragmented sectors and turn them into regional platforms through cross-border consolidation promoting regional scale. Capital should follow companies with a credible path to scale, not simply exposure to a single country. With EU accession gathering pace in the Western Balkans and the region’s economies converging with Western Europe, we believe the coming decade belongs to businesses that can operate across borders.”

Fund III continues the strategy CEECAT has pursued since the inception of CEECAT Fund II in 2021. The opportunity is underpinned by durable structural trends – the deepening integration of CEE economies into European supply chains, consumer convergence, renewed EU accession momentum and an exceptional STEM talent base that enables companies to compete well beyond their home markets. As in Fund II, approximately 65% of investments are expected to be majority transactions, with equity tickets of €15–20 million at final close and disciplined, balanced deployment over a five-year investment period.

With Fund III, CEECAT is adding a dedicated sector dimension to its regional coverage. Didem Ilgaz Anil will continue to lead the firm’s Healthcare sector focus across the region, Yilmaz Karakas will spearhead CEECAT’s AI and technology agenda – both in sourcing tech-enabled businesses and in accelerating digitalisation and AI adoption across the portfolio.

The firm is also broadening its geographic reach. Alongside its established markets, CEECAT Fund III will actively pursue opportunities in Poland, the region’s largest economy, as a new investment market – one where fragmented mid-market sectors offer significant scope for the cross-border consolidation at the heart of the firm’s strategy. Operating from five offices in London, Luxembourg, Bucharest, Belgrade and Istanbul, CEECAT plans additional hires across its offices and expects to open a further regional office as it builds out the team behind Fund III.

CEECAT Capital Fund II closed in 2022 and has invested in nine companies spanning technology, financial services, manufacturing, business services and retail. In early 2026, the fund completed its first exit, selling La Cocos to companies of the Schwarz Group – a clear demonstration of CEECAT’s model of backing businesses that grow beyond their original markets and attract strategic buyers. Two further Fund II exits are at an advanced stage and are expected to complete in the coming months.

This operation is funded by the European Union – NextGenerationEU with the financial backing of the Government of Romania under the Romania Recovery Equity Fund. 

About CEECAT Capital

CEECAT Capital is a private equity investment manager that has been investing in small and mid-market companies in CEE and Türkiye since 2005. Its investor base includes global financial institutions, pension funds, endowments and family offices, with a mission to create long-term value for all shareholders. CEECAT Capital promotes socially responsible growth and corporate governance, focusing on the impact of portfolio companies on their carbon footprint, diversity and involvement in their local communities. CEECAT Capital works with CEOs and management teams to develop concrete plans to effect meaningful and long-lasting change, not only in their communities but also the wider environment that they operate in. The team operates out of five offices: London, Luxembourg, Bucharest, Belgrade and Istanbul.

ABOUT EIF

The European Investment Fund (EIF) is the subsidiary of the European Investment Group specialised in providing guarantees, securitisation and equity to improve access to finance for small and medium-sized businesses and startups across Europe. It is acting as an anchor investor, co-financed through the NextGenerationEU with the financial backing of the Government of Romania under the Romania Recovery Equity Fund.

ABOUT THE EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 40 economies across three continents. The Bank is owned by 77 countries, as well as the European Union and the European Investment Bank. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.