BlackPeak reaches €125 million first close for Southeast Europe growth

By Nathan Brooks

BlackPeak Capital said it raised €125 million at the first close of BlackPeak Southeast Europe Growth Equity Fund II SCSp, or BPSEEF II. The Bulgarian private equity firm named Bulgaria, Romania, Croatia, Slovenia and Serbia as primary markets for the fast-growing companies the fund will back. It targets €150 million, with a €200 million hard cap.

Returning BPSEEF I anchor investors back BPSEEF II, according to BlackPeak. They include the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), Erste Asset Management and the International Finance Corporation (IFC). The EIF has committed €35 million: €10 million through the Romania Recovery Equity Fund and €25 million through the Bulgaria Recovery and Resilience Plan.

BlackPeak said the EBRD has committed €30 million, and the IFC has committed €20 million. The fund also welcomes HBOR, the Croatian Bank for Reconstruction and Development, Universal Pension Fund Doverie, Bulgaria’s largest pension fund, and regional private investors.

Managing Partner Ivailo Gospodinov said:

“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. We see a new generation of ambitious founders who have built leaders in their specific niches.

What these companies lack is growth capital at the scale they need and expertise to expand internationally. BPSEEF II is specifically designed to address that gap.”

BlackPeak says BPSEEF II will invest €7 million to €20 million per transaction and may also pursue opportunities across the wider Central and Eastern European region. Those markets include Poland, Hungary, Slovakia, the Baltic states and other Western Balkan countries.

BlackPeak says the fund will take significant minority or majority stakes and provide capital, a network and expertise to help founders scale into regional and global leaders. It describes BPSEEF II as generalist by design, with broad themes spanning e-commerce, healthcare, digitalisation and sustainability, among others.

BlackPeak expects a portfolio of 10 to 12 companies. It also expects to make its first investments from BPSEEF II at the beginning of 2027 and plans to hold the fund’s final close in 2027.

BlackPeak said BPSEEF I started in 2021 and reached a final size of €126 million. The €125 million first close of BPSEEF II therefore nearly matched its predecessor’s final size.

According to BlackPeak, BPSEEF I invested in 11 companies and completed 16 add-on acquisitions. Those investments delivered 34% annual revenue growth over the last five years.

According to EU-Startups, BPSEEF I had reportedly returned a significant part of the invested capital. The exits included the successful euShipments.com exit to Austrian Post and two further partial exits from GenePlanet and Wiser Technology.

BlackPeak reports that it was established in 2014 and has raised more than €280 million in cumulative commitments across three funds. It maintains an on-the-ground presence in Sofia, Bucharest, Zagreb, Belgrade, Ljubljana and Vienna.

EU-Startups previously reported BlackPeak’s €7 million investment in Croatia’s Fasal Bio. Fasal Bio develops renewable raw materials designed to replace plastics, illustrating BlackPeak’s existing regional investment activity.

Managing Partner Rossen Ivanov said:

“With BPSEEF I, we scaled our team regionally and demonstrated that our strategy of investing in minority growth deals with a strong buy-and-build focus, both regionally and globally, delivers excellent results. With BPSEEF II, we benefit from an already strong pipeline and deep insight into sectors where we believe structural growth is ahead.”

EU-Startups also highlighted four other European fund closes in 2026:

• Sofia-based LAUNCHub Ventures held a €65 million first close for Fund III, which targets €75 million, to support early-stage startups across Central and Southeast Europe.
• Warsaw-based Montis VC held a €50 million first close for a new fund focused on AI-driven energy and industrial technology.
• Paris-based French climate investor SlateVC raised €132 million at the first close of its inaugural growth fund.
• UK-based Molten Ventures secured €203 million for a growth fund backing UK and European growth-stage technology companies.

Together, the five closes represented €575 million, according to EU-Startups.

What does BPSEEF II change for founders?

BlackPeak’s terms give founders access to investments of €7 million to €20 million and allow either a significant minority or majority stake. BlackPeak says the fund pairs that capital with a regional network, international expansion support and management expertise.

Managing Partner Niklas Pichler said:

“Our goal is to help ambitious regional businesses become international leaders. We combine growth capital with practical support in entering new markets, making acquisitions and strengthening management teams. As an active partner, we work closely with founders, supporting their vision while helping them build the capabilities needed for the next stage of growth.”

BlackPeak expects first investments at the beginning of 2027 and a final close in 2027. For founders, the near-term decision is whether a significant minority or majority partnership fits the fund’s capital, network and support for acquisitions, international expansion and management strengthening.