Sofia-based private equity firm INVENIO Partners has announced the first closing of its third fund, INVENIO Partners Fund III, to support high-growth small and medium-sized enterprises (SMEs) across Bulgaria, Romania, and Serbia.
The fund, targeting a total size of €75 million, follows the full deployment of Fund II (€53 million). Since its founding in 2014, INVENIO has focused on identifying and scaling businesses in Southeast European markets.
Investment strategy and focus
Fund III will continue the firm’s strategy of providing equity and quasi-equity investments ranging between €3 million and €10 million. The fund will target companies with proven track records and strong growth potential, particularly in sectors such as consumer and retail, healthcare, and technology-enabled business services. It will also explore selective opportunities in the broader Western Balkans.
The first closing attracted a mix of returning and new institutional investors. Anchor support was once again provided by the European Investment Fund (EIF), through the Bulgarian Recovery and Resilience Plan.
Additional commitments came from pension fund managers DSK-Rodina and UBB Pensions, alongside a first-time investment from Doverie Pension Funds.
“Fund III represents the culmination of over a decade of work building a distinctive private equity franchise in Southeast Europe,” said Elvin Guri, CEO of INVENIO Partners. “The region offers a unique combination of underserved capital markets, high-quality management teams, and strong growth dynamics.”
Team and regional presence
The senior leadership team remains unchanged, with Elvin Guri joined by Partners Stanislav Nikolaev (COO), Slavcho Parushev (Head of Portfolio Operations), and Tihomir Dyankov (CIO). The firm has strengthened its regional footprint by appointing Dan Florea as Country Director for Romania and Aleksa Todorovic as Senior Advisor for the Western Balkans.
INVENIO Partners has built a diversified portfolio spanning sectors such as healthcare, education, and consumer services. The firm continues to evaluate new investments and bolt-on opportunities across its core markets.
Marjut Falkstedt, CEO of the European Investment Fund, highlighted the continued collaboration:
“Our partnership with INVENIO reflects our commitment to supporting private equity managers in underserved European markets. Their disciplined approach and strong ESG framework make Fund III a natural continuation.”
