CEECAT Capital has held a €135m first close for its third fund, drawing cornerstone commitments from the European Bank for Reconstruction and Development (EBRD) and the European Investment Fund (EIF). The EBRD is committing up to €40m, while the EIF has committed a total of €40m, part channelled through Romania’s National Recovery and Resilience Plan framework. Most existing limited partners returned, with new commitments from family offices and institutional investors.

“The first close of Fund III is a strong signal of continued investor confidence in Emerging Europe and in CEECAT’s strategy,” said Anthony Stalker, a partner at the firm. “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.” Fund III will focus on companies in Bulgaria, Croatia, Romania, Serbia, Slovenia, and Türkiye. It will back established local businesses in fragmented sectors and build them into regional platforms through cross-border consolidation.

Around 65% of Fund III’s investments are expected to be majority transactions, with equity tickets of €15m to €20m at final close. The fund will also promote corporate governance, responsible business conduct, green investment opportunities, and a gender-inclusive approach. Didem Ilgaz Anil will lead the healthcare focus, while Yilmaz Karakas will drive the artificial intelligence and technology agenda. CEECAT is adding Poland as a new investment market and plans further hires and another regional office.