Spire Capital Partners, the first entirely new Polish private equity fund launched in over ten years, has successfully closed fundraising for its debut vehicle at €90 million. The fund secured commitments from a blend of institutional and private backers, including the European Investment Fund (EIF), the Polish Development Fund (PFR), the European Bank for Reconstruction and Development (EBRD), and a range of Polish family offices and individual investors.
Spire Capital was founded in 2021 by industry veterans Krzysztof Konopiński, Arkadiusz Podziewski, and Łukasz Wierdak, who together bring over four decades of private equity experience.
Who will they invest into?
New Polish fund is targeting profitable small and medium-sized companies — primarily in the software, e-commerce, and tech-enabled services sectors—across Poland and Central and Eastern Europe. Typical investments will range from €5 million to €20 million for majority or significant minority stakes, shared My Company Polska.
The fund positions itself in a gap between early-stage venture capital and large buyout funds, focusing on businesses with established market positions, positive cash flows, and strong growth potential. Beyond capital, Spire offers hands-on operational and strategic support in areas such as corporate strategy, recruitment of key executives, sales and marketing, and M&A execution.
“By deciding to cooperate with Spire, entrepreneurs gain not only funds for development but, above all, operational and strategic support,” commented Łukasz Wierdak, Partner at Spire Capital. “As a result, they have a chance to dynamically increase the scale of operations, which translates into a significantly higher value of shares sold in the future.”
To date, Spire has already invested about 25% of the fund’s capital in Chocolissimo, Bioseco, Mooveno and Neo Hospital. It aims to ultimately hold 10–12 portfolio companies.
In the meantime, the firm has also celebrated a successful exit from Thulium, a Polish SaaS customer service software provider. Spire invested in Thulium in May 2022 and sold its stake in July 2025 to SALESmanago, achieving what can be described as “highly satisfactory” returns.
EBRD: “They are professional investors that can prepare profitable startups for the next stage“
The fund received strong support from a wide range of investors, including Polish family investment firms and individual investors, who together with the Polish Development Fund account for 45% of the fund’s capital. Other institutional investors include, among others, the EIF and EBRD.
“The closure of the first fund in the current, demanding geopolitical and macroeconomic environment proves that investors see our investment strategy as attractive,” says Arkadiusz Podziewski, Partner at Spire Capital. “Our goal is to be an active, long-term partner for founders and management teams that have the potential to become leaders of their markets.”
EBRD’s Director of Equity Funds, Anne Fossemalle, highlighted the fund’s unique role in the Polish market:
“There is no capital available to companies that are already profitable but need a professional investor to prepare them for the next stage of growth. Spire will help fill this gap in funding between the early stages of development and mature buy-out investments and will use its technological experience to support business growth.”
New investments are planned for late 2025
Looking ahead, Spire plans to announce new investments in late 2025, positioning itself to capture what its partners see as a decade-long opportunity to create value in CEE’s SME segment.
“We believe that the coming decade will be a unique period for creating value in the segment of smaller and medium-sized enterprises in Central and Eastern Europe,” says Krzysztof Konopiński, Partner at Spire Capital. “We have an experienced team and a clearly defined strategy. We are well prepared to generate attractive returns for our investors, but above all increase the value of the owners of the companies we work with on a daily basis.”
