CEECAT Capital announces EUR 135 mln 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, has announced the first close of CEECAT Capital Fund III at EUR 135 million. The fund has a target size of EUR 200 million and a hard cap of EUR 250 million, positioning it to exceed CEECAT Capital Fund II, which closed at EUR 154 million.

The first close of CEECAT Capital Fund III was anchored by cornerstone investors including the European Investment Fund (EIF), which has committed a total of EUR 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.

Fund III continues the strategy CEECAT has pursued since the inception of 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 EUR 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, while 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, 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.

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