BlackPeak Capital reached a €125 million first close for BlackPeak Southeast Europe Growth Equity Fund II. The firm invests growth equity in fast-growing companies across Southeast Europe. Returning backers include the European Investment Fund, EBRD, IFC, and Erste Asset Management.
Fund terms
The Luxembourg-domiciled fund is targeting €150 million and has a hard cap of €200 million. It expects a final close in 2027. BlackPeak will invest between €7 million and €20 million per deal in significant minority or majority stakes.
Track record
BlackPeak's first fund closed at €126 million and invested in 11 companies. The portfolio completed 16 add-on acquisitions, and BlackPeak reports average annual revenue growth of 34%. The firm has returned capital through the sale of euShipments.com to Austrian Post and partial exits from GenePlanet and Wiser Technology.
Investment focus
The fund will focus on Bulgaria, Romania, Croatia, Slovenia, and Serbia as primary markets. It may also invest opportunistically in Poland, Hungary, Slovakia, the Baltic states, and other Western Balkan markets. BlackPeak described the vehicle as generalist, with themes including e-commerce, healthcare, digitalization, and sustainability.
The fund expects to make its first investments at the beginning of 2027. It plans to build a portfolio of 10 to 12 companies across different countries, sectors, and end markets. BlackPeak is a certified B Corporation.