BlackPeak Capital Research
Investment Thesis
BlackPeak Capital is a Sofia-based private equity firm, founded in 2014, that invests growth equity in Southeast and Central Europe. It describes itself as generalist by design: it prefers sectors with high growth or consolidation potential and clear exit routes, and backs the leading companies in their niches. Broad themes named for Fund II are e-commerce, healthcare, digitalisation and sustainability. It favors export-oriented companies with a niche position on regional or global markets, or clear domestic market leaders. The strategy is minority growth deals with a strong buy-and-build focus: Fund I completed 16 add-on acquisitions across its portfolio.
Stage Focus
This is not a venture firm. It invests in established, high-growth companies with proven business models, run by founders who have already built a successful business. Capital goes mainly into capital increases for the next phase of growth, with structured finance (mezzanine, convertible debt) or buy-out components used to fit the founders' needs.
Check Size
- Fund II: EUR 7-20 million per transaction.
- The Entrepreneurs page still states EUR 5-20 million.
- Takes significant minority or majority stakes.
Lead Tendency
The firm takes significant minority or majority positions and describes itself as an active partner with board involvement (partners sit on the boards of Walltopia, Resalta, Software Group, Humanita and IPS). Whether it leads rounds alongside other investors is not stated, so lead tendency is recorded as unknown.
Recent Activity
- 9 November 2026: announced a EUR 125 million first close of BlackPeak Southeast Europe Growth Equity Fund II (BPSEEF II). Target is EUR 150 million, hard cap EUR 200 million, final close expected in 2027. First investments from Fund II are expected at the beginning of 2027, so the firm is between funds until then.
- 28 November 2025: Austrian Post signed to acquire a 70% stake in euShipments.com, the first exit of Fund I. Austrian Post holds an option on the remaining 30% within four years. BlackPeak invested in 2022 and reports 10x revenue growth since.
- Fund I has also had two partial exits, GenePlanet and Wiser Technology.
- Pitchbook lists a latest investment on 23 April 2026 in Fasal Wood (Fasal Bio on the firm's site).
Portfolio Highlights
The site lists 23 companies across Bulgaria, Croatia, Romania, Serbia, Slovenia and the US: Fasal Bio (wood-based composites, Croatia), Alcatraz (facial biometric access control, US), Affinity (elderly care, Romania), Kafeterija (specialty coffee chain, Serbia), Security Smart Systems, Leanpay (BNPL), Wiser Technology (software services), GenePlanet (preventive genetic tests), Telelink Infra, euShipments.com (exited), Verdino (plant-based foods, Romania), Walltopia (climbing walls), Bulpros (IT services), Software Group (fintech), IPS (off-grid power systems), Resalta (ESCO), Excitel (Indian ISP), Rigana, Pulsio, Humanita (textile recycling), Astral Holidays, Vetcloud and Majio. Fund I invested in 11 companies; the site groups companies under the BGF and BPSEEF I funds.
Team
- Rossen Ivanov, Managing Partner: co-founded the firm in 2014; earlier co-founded Entrea Capital, worked at McKinsey and the EBRD; Harvard MBA.
- Ivailo Gospodinov, Managing Partner: co-founder; ex-Raiffeisen Investment Bulgaria and Entrea Capital.
- Niklas Pichler, Managing Partner: joined 2019 from Mezzanine Management (Accession Mezzanine Capital).
- Kiril Ivanov, Partner: founding team member; M&A background from Raiffeisen Investment and Entrea.
- Angel Stefanov, Partner: founding member; ex-Raiffeisen Investment, LSE MSc.
- Virgil Chitu, Romania Lead: joined 2023 from Citi; leads a deployment of up to EUR 40 million in Romanian SMEs.
- Valentina Kostova and Marko Dabic, Investment Managers; Petya Revalska, Investment Associate; Stefan Alexandru Iozu, Investment Analyst.
- Advisory board: Sylvia Gansser-Potts, former EBRD Managing Director for Central and South Eastern Europe.
- Offices in Sofia, Bucharest, Zagreb, Belgrade, Ljubljana and Vienna.
Decision Process
Investment Committee. The process runs pre-screening, initial assessment with a summary term sheet, internal and third-party due diligence, then final Investment Committee approval and documentation, followed by monitoring and exit work.
Founder Preferences
Visionary founders with an unquestionable reputation and integrity, who have already built a successful business, are ambitious, take risks and stay open to new ideas. Value-add areas include strategy, regional expansion, add-on acquisitions, follow-on financing, operations, financial management, digitalisation, governance, ESG and middle-management hiring.
Geographic Focus
Primary markets are Bulgaria, Romania, Croatia, Slovenia and Serbia, with opportunistic investments across wider CEE (Poland, Hungary, Slovakia, the Baltics, other Western Balkan markets).
Investors and Fund Size
Limited partners include the European Investment Fund (EUR 35 million into Fund II), the EBRD (EUR 30 million), the IFC (EUR 20 million), Erste Asset Management, HBOR and Universal Pension Fund Doverie. Fund I closed at EUR 126 million in 2022. The firm reports over EUR 280 million in cumulative commitments across three funds and is a certified B Corporation.
Relevance to F4
BlackPeak is a growth-equity firm focused on Southeast Europe. It is not a match for pre-seed or seed US startups. It could matter only for later-stage companies with SEE operations.