CEECAT Capital hits €135M first close on Fund III for emerging Europe
What's the deal? CEECAT CapitalDealroom has a profile for this one. Try Dealroom →, a private equity firm focused on fast-growing companies in emerging Europe, has announced a first close of €135 million for its CEECAT Capital Fund III. The fund targets €200 million, with a hard cap of €250 million.
Who backed it? The close was led by anchor investors including the European Investment Fund (EIF), which subscribed a total of €40 million — part of it channelled through Romania's National Recovery and Resilience Plan — and the European Bank for Reconstruction and Development (EBRD)Dealroom has a profile for this one. Try Dealroom →. Existing limited partners, new family offices, and institutional investors also committed capital.
What's the endgame? As with Fund II, about 65% of Fund III's investments will target majority stakes, with equity tickets of €15–20 million per deal at final close and a five-year investment period. The firm plans to back proven local companies in fragmented sectors and build them into regional platforms through cross-border consolidation.
Where's it expanding? Beyond its existing markets, Fund III will pursue opportunities in Poland, the region's largest economy, as a new investment market. CEECAT — which runs five offices in London, Luxembourg, Bucharest, Belgrade, and Istanbul — plans new hires and expects to open another office in the region.
Why now? Most existing investors renewed their commitments on the back of Fund II's performance and exit results, the firm said. In early 2026, CEECAT completed its first exit from the fund, selling La CocoşDealroom has a profile for this one. Try Dealroom → to companies in the Schwarz GroupDealroom has a profile for this one. Try Dealroom →.
The signal: If closed near its cap, Fund III would surpass the €154 million raised by Fund II, signalling continued investor appetite for emerging Europe. "Capital should flow to companies with a credible path to expansion, not just chase single-country exposure," said partner Anthony Stalker (translated from Romanian), pointing to accelerating EU accession in the Western Balkans as the region converges with Western Europe.
Read more: zf.ro
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