Ecosystem Radar

IFC Eyes €20M for BlackPeak’s SEE Growth Equity Fund II

IFC is considering investing up to €20 million in BlackPeak Capital’s SEE Growth Equity Fund II, a new regional private equity vehicle with a €150 million target. The fund is designed to back SMEs and lower mid-market companies across Southeast Europe, with Bulgaria among its core markets.

BulgariaSoutheast EuropeRomaniatechnologybusiness servicesCroatiaSME financing

BlackPeak Capital team ©BlackPeak Capital

FTS Insights official • This is a regional capital formation story as much as a fund announcement. For Sofia and the wider Southeast European ecosystem, the signal is that a Bulgaria-based manager is positioning itself to raise larger institutional backing and deploy it across multiple markets. The inclusion of IT and business services also makes the move relevant beyond finance, especially for companies looking for growth capital outside the earliest startup stages.

Key Takeaways
  • Institutional capital is still a major unlock for private equity fundraising in Southeast Europe.
  • Regional fund managers from Bulgaria are seeking a broader cross-border role.
  • Growth-stage SMEs remain a core opportunity set across SEE markets.
  • The fund thesis combines sector breadth with a clear geographic concentration in four markets.
Why this matters
  • A proposed IFC ticket can help a regional fund reach first close in a market where fundraising remains limited.
  • The target companies sit in a financing gap between small startup rounds and larger buyout capital.
  • BlackPeak is being positioned as a Bulgaria-rooted manager with regional reach across Southeast Europe.
  • The fund’s sector focus includes IT and business services, which connects the story to the digital economy.

ORIGINAL ARTICLE

May 22, 2026

IFC mulls investing 20 mln euro in Bulgaria's BlackPeak SEE Growth Equity Fund II

by Radina Veleva

Read coverage on SeeNews

Article Summary

According to SeeNews, IFC is weighing an equity commitment of up to €20 million to BlackPeak Capital’s SEE Growth Equity Fund II. The vehicle is structured as a closed-end private equity fund and is targeting a total size of €150 million.

The fund is aimed at SMEs and lower mid-market companies in Southeast Europe. IFC said it will predominantly invest in businesses in Bulgaria, Romania, Serbia and Croatia, while also covering other markets in the region.

The fund will be managed by Luxembourg-registered BlackPeak General Partner II SARL and advised by Bulgaria-based BlackPeak Advisors. Its strategy is generalist, with a stated focus on IT, niche manufacturing, business services, and retail and consumer.

IFC said its support would be important for the fund’s first close and overall fundraising target. It also noted that fundraising in Southeast Europe has historically been limited, accounting for about 6% of Europe’s overall fundraising between 2020 and 2024.

Key Highlights

  • IFC is considering an equity commitment of up to €20 million.
  • SEE Growth Equity Fund II has a target size of €150 million.
  • The fund will mainly back SMEs and lower mid-market companies in Bulgaria, Romania, Serbia and Croatia.
  • The vehicle will be managed by BlackPeak General Partner II SARL and advised by BlackPeak Advisors in Bulgaria.
  • Focus sectors include IT, niche manufacturing, business services, retail and consumer.

Takeaway

If the commitment goes ahead, it would mark an important signal for regional private equity in Southeast Europe: larger institutional backing is available, but still selective, and fund managers need a clear cross-border strategy to attract it.

Read the full coverage on SeeNews(en)

About SeeNews

SeeNews delivers fact-based news and analysis for businesses, governments and investors in Southeast Europe, and publishes the SEE TOP 100 rankings.

https://seenews.com

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