Sofia-based BlackPeak reaches €125m first close for Fund II

Sofia-based private equity firm BlackPeak Capital has reached a first close of €125 million for its "BlackPeak Southeast Europe Growth Equity Fund II." The fund is targeting a total size of €150 million, with a hard cap of €200 million; the final close is expected in 2027.

Founded in 2014, BlackPeak invests growth capital through both minority and majority stakes. Its core markets include Bulgaria, Romania, Croatia, Slovenia, and Serbia. The firm typically invests between €7 million and €20 million per transaction. According to Vestbee, BlackPeak has raised over €280 million in capital commitments across three funds and maintains offices in Sofia, Bucharest, Zagreb, Belgrade, Ljubljana, and Vienna. Its predecessor fund reached a total size of €126 million.

The investor base includes several anchor investors that also participated in the firm’s first fund. The European Investment Fund (EIF) has committed €35 million, the EBRD €30 million, and the IFC €20 million; Erste Asset Management is also listed as an investor. As EU-Startups reports, the predecessor fund has already returned a significant portion of the invested capital to investors – including through the sale of euShipments.com to Austrian Post and through partial sales of its stakes in GenePlanet and Wiser Technology. BlackPeak plans to make the first investments from the new fund in early 2027. In the "Close Index" data, the €125 million figure represents the highest value to date for a fund whose management company is based in Bulgaria, Romania, Croatia, Slovenia, or Serbia. It is followed by the "Invenio Partners Fund III" (€75 million) and the "LAUNCHub Ventures Fund III" (€65 million). This comparison includes only funds that have been recorded since January 2025.